base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.7% from MP; +0.5 VIX 18
Term structure: Near-term elevated (0DTE put IV 226%), contango steep
Spot vs MP: Above
GEX regime: Pinning ($+1.1B)
Gamma flip: ~$190.00 — Approx — based on put OI concentration of 86,750 (15.7% below spot)
OI concentrations: Max Pain $200; put OI concentrated at $140-190 (15.7% below spot)
#1Put credit spread
Sell 2026-06-05 $220.00/$210.00 put spread
Sell $220/$210 put spread, capturing theta decay with low probability of touch at invalidation $206.92.
Mgmt: Close at 50% max gain or before earnings if gamma squeeze risk increases.
#2Iron condor
Sell 2026-06-05 $215.00/$210.00 put wing and $240.00/$250.00 call wing
Sell $215/$210 put wing and $240/$250 call wing, collecting premium with wide profit zone.
Mgmt: Exit early if price approaches wings; close half at 50% gain.
#3Short strangle
Sell 2026-06-05 $215.00 put + sell $245.00 call
Sell $215 put and $245 call, leveraging extreme IV; requires active monitoring.
Mgmt: Set stop-loss at 2x credit received; adjust strikes if gamma spikes.