base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 58.1% from MP; +0.5 VIX 18
Term structure: Steep contango; front-end put skew extreme (1DTE put IV 409%)
Spot vs MP: Above
GEX regime: Pinning ($+35.4M)
Gamma flip: ~$900.00 — Approx — based on put OI concentration of 12,589 (13.7% below spot)
OI concentrations: Put OI $530-$900 (12.6K), Call wall $1100-$1200; Max pain pins $660/$950/$910
#1Put credit spread
Sell 2026-07-17 $1000.00/$990.00 put spread
Sell $1000/$990 put spread for 5.64 credit; max loss $4.36.
Mgmt: Exit near invalidation $849 or before earnings if uncertain.
#2Iron condor
Sell 2026-07-24 $1000.00/$995.00 put wing and $1050.00/$1060.00 call wing
Sell 1000/995 put and 1050/1060 call for 10.39 credit.
Mgmt: Close if spot approaches wings; avoid holding through expiration.
#3Short strangle
Sell 2026-07-17 $990.00 put + sell $1090.00 call
Sell $990 put and $1090 call for 220.83 credit.
Mgmt: Set stop loss or roll early to reduce gamma risk.
!Spot 58.1% above max pain – drift risk
!Gamma flip at $900 – key pivot
!Expiry week with 80%+ IV – avoid holding through expiration