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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

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 Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5 / 10

base 4; +2 high IV; +1 pinning regime; -2 low liquidity

IV Environment

IV Regime

High

IV vs VIX

IV 97% — Extremely elevated

Favorable?

Yes

Term structure: Humped at 4/24 (87%), dips at 5/08 (77%), then rises again

💰Extreme IV (>90%) offers rich premium for sellers

⚠️IV term structure is erratic; prefer 30-45 DTE hump

Pin Risk Assessment

Spot vs MP: Below max pain by 9.8% (spot $49.59 vs MP $55)

GEX regime: Pinning (GEX +$2.0M — mean-reverting)

Gamma flip: ~$2.00 — Extremely low gamma flip at ~$2 suggests pinning forces are weak below current price; major support at $45-$50 OI

OI concentrations: Major put walls: $2.50 (10,276 OI), $20 (8,283), $30 (7,790), $50 (6,289). Call walls far OTM: $150 (12,843), $105 (10,449)

Verdict: Mixed — Positive GEX suggests pinning, but spot is significantly below max pain. OI concentrations provide clear support/resistance levels for structuring trades.

Premium Opportunities

put spread

Sell $45/$40 put spread 2026-05-15 (45 DTE)

High IV (89.8%) at 45 DTE. Short strike aligns with major OI support at $45 (4,294 OI). Provides a 9.3% buffer from spot. Defined risk suits low liquidity.

Credit: $1.10-$1.40

Max loss: $3.90

BE: $43.60

Mgmt: Close at 65% max profit. Roll down/out if $45 tested. Exit if price closes below $44. Assume wide bid-ask.

cash-secured put

Sell $42.5 put 2026-05-01 (31 DTE)

Extreme IV (86.2%) yields high premium. Strike is 14.3% below spot, below expected move ($9.93). Willing to own stock at a net $39 cost basis. Use only if comfortable with assignment.

Credit: $3.50-$4.50

Max loss: $39.00

BE: $39.00

Mgmt: Manage at 50% profit. Roll down/out at 21 DTE if challenged. Close before earnings (5/12).

call credit spread

Sell $55/$60 call spread 2026-04-17 (17 DTE)

Spot is below max pain ($55). Call wall at $55 provides resistance. High IV (84.8%) for short-dated premium. Defined risk and positive GEX supports range-bound action.

Credit: $0.85-$1.15

Max loss: $4.15

BE: $55.85

Mgmt: Close at 70% profit. Exit if price closes above $54. Use weekly due to high IV and pinning thesis.

iron condor

Sell $45/$42.5P x $55/$58C 2026-04-24 (24 DTE)

Capitalizes on pinning between major OI levels ($45P, $55C). High IV (87%) at this expiry. Positive GEX environment favors range. Defined risk with high PoP.

Credit: $1.60-$2.00

Max loss: $1.40

BE: 43.90/56.40

Mgmt: Close at 50% max profit. Leg out of tested side. Exit entire position if price breaches either short strike. Expect slippage on multi-leg entry/exit.

Risk Alerts

!Earnings estimated 2026-05-12 — Close all non-leap positions before announcement. Never sell naked through earnings.

!Extremely low liquidity — Wide bid-ask spreads will impact fills and management. Assume mid-point for credit estimates.

!Gamma flip ~$2 is far below — Weak pinning support on sharp moves below $45 OI level.

!Net premium flow is negative (-$11.5M), indicating more premium paid than collected, suggesting institutional long volatility positioning.

!Unusual activity in deep OTM puts ($30p 4/10) and calls ($85c 7/17) — monitor for volatility skew shifts.

!Major OI concentrations are far from spot ($2.5p, $150c) — these may act as weak magnets but reflect a wide potential range.

How to Use These Reports

This theta 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.