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MSFT

Microsoft CorporationClose $416.03EOD only

Max Pain

$415.00

Next expiry May 27, 2026

Expected Move

±$4.63

1.1% from close

Price Gap

-1.03

Distance to max pain

IV Rank

Low premium

P/C OI

0.46

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 26, 2026 close

End-of-day snapshot

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

Published Snapshot

May 26, 2026 close

MSFT Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral with downside gravity toward $368-$370 max pain pins. Confidence: 5.5/10. Strong pinning GEX (+$54.3M) and positive DEX (+71.7M shares) support mean reversion, but net premium -$159.5M and mixed flow signal institutional selling pressure.

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict (GEX pinning vs net premium selling); +1 GEX positive; +0.5 spot 1.5% from MP.

Supports: GEX +$54.3M concentrated near spot, DEX +71.7M shares (dealer long), max pain pins at $368-$370.
Conflicts: Net premium -$159.5M (bearish), P/C volume 0.60 (call-heavy but premium negative), spot above MP.

📊GEX +$2.9M at $375.00 creates pin magnet.

💰Net premium -$159.5M suggests institutional selling.

Regime Classification

Vol Regime

Normal

IV 33.7% vs VIX N/A — normal regime.

Gamma Regime

Pinning

GEX +$54.3M concentrated near spot, pinning price action.

Flow Regime

Mixed

Net premium -$159.5M with P/C volume 0.60 (call-heavy but premium negative), mixed signals.

Spot vs Max Pain

Above

Spot $372.88 above max pain pins ($368-$370), creating downside gravity.

Thesis duration: Multi-week — Max pain ladder trends rising ($368 → $390 over 20 expirations), GEX sign stable positive, flow regime consistent across expirations.

Price Range Forecast

Next 2 days

$366.62$379.15

Max pain pins and GEX pinning dominate; >$379.15 invalidates.

Next 1 week

$362.53$383.23

EM guardrails $362.53/$383.23; pin release widens range.

Next 2 weeks

$354.86$390.91

Max pain rises to $390; flow may shift.

Key Levels

Max pain pins: $368 (2026-04-06); $365 (2026-04-08); $370 (2026-04-10)

EM guardrails: 2d $366.62/$379.15; 1w $362.53/$383.23

Support: $370.00 · $367.50 · $365.00

Resistance: $375.00 · $377.50 · $380.00

Structural: Call OI wall $400-$525 caps upside; put floor $352.50-$360.

Dealer Positioning (GEX/DEX)

GEX: $+54.3M

DEX: +71.7M shares

Gamma flip: N/A

NTM gamma: Positive GEX peaks at $375.00 (+$2.9M) and $372.50 (+$1.9M); dealer hedging buys dips, sells rallies.

IV Analysis

IV vs VIX: IV 33.7% vs VIX N/A — no comparison.

Term structure: Humped — 5/1 37.7% > 4/13 25.1% (earnings pricing).

Skew: 5/1 vs 4/13 ~12 vol-pt differential (sell 37.7%, buy 25.1%).

Flow Analysis

Net premium: -$159.5M bearish; P/C volume 0.60 (call-heavy but premium negative).

Directional prints: put 370 OTM 2026-04-08 — Vol 5,913 vs OI 228 (25.9x) — likely bought for protection. call 375 OTM 2026-04-08 — Vol 8,215 vs OI 1,257 (6.5x) — likely sold for premium.

Unusual: 40 put 490 ITM 2026-06-18 — Vol 1,500 vs OI 249 (6.0x) — deep ITM put flow, hedging or collar.

Risks & Catalysts

!Gamma pin breaks below $370 (max pain gravity)

!Earnings 4/29 vol crush risk for long premium

!Net premium -$159.5M indicates institutional selling pressure

!VIX spike could break pinning.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate-Strong	$370/$365P x $380/$385C 4/13	Pin break or VIX spike.
CSP / put spread	Moderate-Strong	Sell $370/$365 put spread 4/13	Spot below $365.
Covered call	Moderate	Own stock, sell $380 call 4/13	Upside capped.
Cash-secured put	Moderate	Sell $370 put 4/13	Assignment below $370.
Long calls	Moderate-Weak	Buy $375 call 4/13	Pin and premium selling pressure.
Long puts / bear put spreads	Moderate	Buy $370/$365 put spread 4/13	GEX pinning holds.
Calendar/diagonal	Moderate-Strong	Sell 5/1 $375 call (IV 37.7%), buy 4/13 $375 call (IV 25.1%) regular calendar	Earnings vol crush.
PMCC / LEAPS diagonal	Moderate	Buy 2027-01-15 $350 call, sell 4/13 $380 call	Time decay on short leg.

Top Plays

Put Spread

Sell $370/$365 put spread 4/13

Defined risk below max pain pin with GEX support.

Credit: $0.80-$1.00

Max loss: $4.20

BE: $369.20

Mgmt: Close at 60-70% max profit; stop if spot <$365.

Defined-risk premium collection in pinning regime.

Iron Condor

$370/$365P x $380/$385C 4/13

Range-bound play within EM guardrails, GEX positive.

Credit: $1.20-$1.50

Max loss: $3.80

BE: $368.80

Mgmt: Close at 50% max profit; adjust if spot breaches $365 or $385.

Neutral traders expecting pin to hold.

Regular Calendar

Sell 5/1 $375 call (IV 37.7%), buy 4/13 $375 call (IV 25.1%)

Capitalizes on 12 vol-pt differential pre-earnings; extra time improves risk/reward vs weekly.

Debit: $2.50-$3.00

Max loss: $2.50

BE: $377.50

Mgmt: Close before earnings; stop if IV collapses.

Vol traders avoiding earnings event risk.

Watchlist Triggers

Entry Triggers

IFSpot tags $370, holds 30 min → Sell $370/$365 put spread 4/13.

IFIV term structure flattens (5/1 IV < 30%) → Enter regular calendar sell 5/1 $375 call, buy 4/13 $375 call.

Exit Triggers

EXITVIX > 35 → Exit all short premium positions.

EXITSpot > $385 → Take profit on iron condor.

Tactical Summary

Primary thesis: neutral pinning toward $368-$370 with GEX support. Invalidation: spot <$365. Regime favors short premium around the pin. Top plays: put spread for defined risk, iron condor for range, calendar for vol edge. Put spread best for premium collectors, iron condor for neutral traders, calendar for vol players.

How to Use These Reports

This directional reflects the market close on April 6, 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.