thetaOwl

OKLO

Oklo Inc.Close $55.88EOD only
Max Pain
$65.00
Next expiry May 22, 2026
Expected Move
±$4.38
7.8% from close
Price Gap
+9.12
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.87
Slightly call-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 19, 2026 close
End-of-day snapshot

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

Published Snapshot
May 19, 2026 close
OKLO Earnings Report
Analysis based on market close March 31, 2026

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

Earnings Verdict

Earnings expected ~May 12 (inferred from term structure). IV is extremely elevated (97%), making IV crush plays attractive. However, the stock is in a high-vol regime with significant gap risk. The best strategy is a short premium play targeting the expected move, given the historical tendency to under-move.

Confidence:
4.5 / 10
base 5; -0.5 high IV regime; -0.5 elevated VIX; +0.5 historical under-move pattern
Most important: IV term structure shows a sharp kink at the 5/15 expiration (89.8% IV), strongly suggesting earnings between 5/8 and 5/15, likely 5/12 AMC.
⚠️Earnings date inferred from IV term structure kink at 5/15. Not yet company-confirmed.
📉Historical EPS miss rate is 75% (3/4 quarters). Sets a negative fundamental bias.
💰Massive OTM put open interest ($2.50P OI=10,276) creates a 'pinning' effect at extremely low levels, but gamma flip is at ~$2, offering little near-term support.

Regime Classification

Vol Regime
High (IV 97%)
Gamma Regime
Pinning (GEX +$2.0M — mean-reverting)
Flow Regime
Mixed (net prem $-11.5M, P/C 1.00)
Spot vs MP
Below max pain by 9.8% (spot $49.59 vs MP $55)
Gamma flip: ~$2.00Extremely low gamma flip at ~$2 due to massive $2.50 put OI wall. Below $49.59, dealer hedging likely minimal until deep OTM levels.

Earnings Overview

Next earnings: 2026-05-12 (42 days)inferred

Expected moves:

  • 5/15 (45d): ±$12.38 (24.9%) [$37.22 - $61.97]
  • 5/08 (38d): ±$5.88 (11.8%) [$43.72 - $55.47]

IV Setup

Term structure: Sharp kink at 5/15 expiration (89.8% IV) vs 77% at 5/08 and 86.2% at 5/01. Confirms earnings priced into 5/15 week.

Crush estimate: ~15-20 vol pts post-earnings, back to ~70-75% range.

Skew: Mixed skew. Unusual put flow at $30 (127% IV) and heavy OTM put premium flow suggests tail risk hedging.

Historical Context

Historical earnings data not available.

Key Levels

1$49.00 (4/02 MP)
2$55.00 (3/27 MP & near-term call wall)
3$37/$62 (45d EM bounds approx)
4$30 (Major put OI & unusual activity)

Flow Highlights

Massive OTM Put Premium Flow: $240P net -$1.04M, $165P net -$987K, etc.

Institutional or large hedging against catastrophic downside, not a near-term directional signal.

Unusual $30P 4/10 activity: Vol=2,019 vs OI=188 (10.7x), IV=127.3%

Speculative or protective bet for a ~40% drop within 10 days.

Heavy $51C & $55C 4/10 buying (Vol > OI, IV ~80%)

Near-term bullish bets targeting a move above $50-55 before earnings.

Strategies

Short Iron Condor (Post-Earnings IV Crush)
Sell $37/$30P x $62/$70C 5/15
Credit: $2.50-$3.50
Max loss: $7.50
Max gain: $2.50
BE: $34.50 / $64.50
Trigger: Enter 1-2 weeks before confirmed earnings date (target ~5/1)
Capitalizes on extreme IV (89.8% in May). Strikes calibrated to rounded 45-day EM bounds. Wide wings provide buffer against typical volatility.
Outperforms: Stock stays within 45-day EM bounds (~$37-$62) and IV crushes post-earnings.
Underperforms: Stock gaps beyond short strikes, especially below $30 where massive OI/flow exists.
Long Put Diagonal (Bearish/Hedge)
Buy $45P 5/15 (long), Sell $40P 4/10 (short)
Max loss: Cost of diagonal
Max gain: Theoretical if $45P appreciates significantly
BE: Complex; depends on entry prices.
Trigger: If spot breaks below $48 and approaches $45 support.
Hedges against downside tail risk highlighted by unusual $30P flow. Short 4/10 leg finances longer-dated 5/15 put, positioning for a post-earnings drop.
Outperforms: Stock declines steadily into April expiry, then drops sharply post-earnings. Benefits from IV expansion on long leg.
Underperforms: Stock rallies or stays flat; suffers from theta decay on short leg.
Naked Put Sell (Premium Harvest)
Sell $37 Put 5/15
Credit: $3.00-$4.50
Max loss: $37.00
Max gain: $3.00
BE: $34.00
Trigger: Enter on any strength toward $52-55, 2-3 weeks pre-earnings.
Simpler than condor, targets the same high IV. Strike is the rounded lower bound of the 45-day EM, providing a logical support level for a bullish-to-neutral outlook.
Outperforms: Stock stays above $37 through expiration. Maximizes IV crush.
Underperforms: Stock gaps below strike at or after earnings.

Risk Assessment

!Gap Risk: Extreme. 45-day EM is ±25%. Stock could easily gap beyond condor wings given high volatility regime.
!IV Crush Impact: Major. Strategies reliant on short premium (condor, naked put) depend on IV falling ~15-20 points. If VIX remains high, crush may be less pronounced.
!Liquidity: Moderate. OI/Volume sufficient for analysis but not deep. Wide bid/ask spreads likely, especially on OTM strikes. Execute with limit orders.
!Sizing: Use reduced size. The combination of high volatility, potential for large gaps, and moderate liquidity warrants caution.

What to Watch

?Confirmation of earnings date (likely 5/12 AMC).
?Spot price action relative to $49 (4/02 MP) and $55 (near-term resistance). A break above $55 could signal momentum into earnings.
?IV trajectory in the 5/15 expiration as date approaches.
?Any increase in unusual activity at strikes like $30P or $85C.
How to Use These Reports
This earnings 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.