thetaOwl

MA

Mastercard IncorporatedClose $498.04EOD only
Max Pain
$495.00
Next expiry May 22, 2026
Expected Move
±$8.35
1.7% from close
Price Gap
-3.04
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.21
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects MA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
MA Theta Report
Analysis based on market close March 31, 2026

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness5.5 / 10
Sizing: Light
Primary: Sell defined-risk put spreads near OI support, targeting 30-45 DTE.
Invalidation: Close positions if price breaks below the $480 gamma flip level.
Confidence:
3 / 10
base 4; +1 for normal IV; -1 for trending GEX; -1 for low liquidity

IV Environment

IV Regime
Normal
IV vs VIX
IV 35% — Normal for a large-cap financial.
Favorable?
Yes

Term structure: Humped at 5/01 (32.6%) and 5/08 (33.6%). Elevated near-term IV (33% for 4/02) offers a slight edge for weekly defined-risk plays.

💰Normal IV provides a stable, if not rich, environment for premium selling.
⚠️IV is not depressed, so theta decay is the primary edge, not vol crush.

Pin Risk Assessment

Spot vs MP: At max pain ($500). Spot is $499.66.

GEX regime: Trending (Total GEX -$321K). Dealers are net short gamma, which can amplify price moves.

Gamma flip: ~$480.00Below ~$480, negative GEX regime suggests dealers will amplify downward moves. This is a key risk level.

OI concentrations: Major put walls at $480 (1,638 OI) and $450 (1,595 OI). Major call wall at $550 (4,053 OI).

Verdict: Unfavorable for credit sellers. Spot at max pain offers some initial support, but the negative GEX regime means pinning is less likely and trend acceleration is a risk.

Premium Opportunities

#1
put spread
Sell $480/$475 Put Spread, expiring 2026-05-15 (~45 DTE).
Targets the major OI support at $480. The 45 DTE expiration (IV 29.7%) provides a good theta decay runway while avoiding the elevated IV hump in early May. Defined risk is crucial in a trending GEX regime.
Credit: $0.85-$1.15
Max loss: $4.15
BE: $479.15
Mgmt: Close at 65% max profit. Exit entire position if MA closes below $480 (gamma flip). Assume wide bid-ask; use limit orders.
#2
call spread
Sell $550/$555 Call Spread, expiring 2026-05-15 (~45 DTE).
Places a short strike at the massive $550 call wall (4,053 OI), which is 10% above spot. The expected move for 45 DTE is ±$40.80, placing the short strike just outside the upper bound. This is a high-probability resistance play.
Credit: $0.70-$1.00
Max loss: $4.30
BE: $550.70
Mgmt: Close at 65% max profit. Roll up/out if price approaches $545. Assume wide bid-ask; use limit orders.
#3
put spread
Sell $490/$485 Put Spread, expiring 2026-04-17 (~17 DTE).
A more aggressive, shorter-duration play. Max pain for 4/17 is $520, but the 4/10 expiry shows $495 and 4/02 shows $490. This spread sells just above the nearest-term max pain levels, betting on short-term pinning despite the negative GEX. Higher risk/reward due to shorter DTE.
Credit: $0.45-$0.65
Max loss: $4.55
BE: $489.55
Mgmt: Close at 80% max profit quickly due to short duration. Exit immediately if $485 is breached. Assume very wide bid-ask; execution may be difficult.

Risk Alerts

!Trending (Negative) GEX Regime: Dealers are net short gamma. This environment favors directional moves and increases the risk of a sharp break away from current spot, reducing pinning probability.
!Low Liquidity / Wide Spreads: With only 119k total OI, bid-ask spreads will be wide, especially for multi-leg strategies. All credit estimates are theoretical; assume fills at the low end of the range.
!Upcoming Earnings (4/30): Earnings are ~30 days out. Close or roll any short premium positions well before this date to avoid IV expansion and event risk.
!Gamma Flip at ~$480: A close below this level could trigger accelerated selling due to the negative GEX feedback loop. This is the critical invalidation level for put-side credit positions.
!Unusual Put Buying in Weekly Expiries: Significant volume in deep OTM puts ($420-$435) for the 4/02 expiry (IV >70%). This may indicate hedging or speculative downside bets, adding to near-term volatility risk.
How to Use These Reports
This theta reflects the market close on March 31, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.