base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 19.0% from MP; +1 VIX 17
Term structure: 0 DTE ATM IV low due to pinning at $13, but OTM IVs extremely high; rest term fairly flat ~70-75%
Spot vs MP: Above
GEX regime: Pinning ($+521.7M)
OI concentrations: Max pain pins $13 (today), $14 (next week), $12 (2 weeks). Call OI wall $17-$21. No meaningful put OI within 30% below spot.
#1Put credit spread
Sell 2026-07-17 $14.00/$12.00 put spread
Sell 14/12 put spread, capturing premium decay before earnings.
Mgmt: Close at 50% max gain or if NOK breaches $14 support.
#2Iron condor
Sell 2026-07-17 $14.00/$12.00 put wing and $19.00/$21.00 call wing
Sell put wing at 14/12 and call wing at 19/21, profiting from range-bound move.
Mgmt: Adjust or close if spot approaches wings; target 50% max gain.
#3Cash-secured put
Sell 2026-07-17 $14.00 cash-secured put
Sell 14 put to collect premium, obligated to buy shares if assigned.
Mgmt: Roll if spot nears strike; close at 50% gain or before earnings.
!0 DTE expiration: high gamma risk and pinning at $13
!Call OI wall $17-$21 may cap upside
!IV extreme for 0 DTE options; avoid naked positions