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OPEN

Opendoor Technologies IncClose $4.30EOD only

Max Pain

$4.50

Next expiry May 22, 2026

Expected Move

±$0.34

7.9% from close

Price Gap

+0.20

Distance to max pain

IV Rank

Low premium

P/C OI

0.22

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

OPEN Theta Report

Analysis based on market close March 30, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 30, 2026. A newer theta report is available for April 7, 2026.

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Theta Verdict

Confidence:

3 / 10

base 4; +2 extremely high IV; -1 low liquidity; -2 trending gamma regime

IV Environment

IV Regime

Extremely High

IV vs VIX

IV 105% — Extremely elevated. No VIX comparison provided.

Favorable?

Yes

Term structure: Relatively flat near 90% out to ~5 months, then drops. Kink at May 15th (94%).

💰IV >100% offers exceptional premium for sellers.

⚠️High IV implies high underlying risk/volatility.

Pin Risk Assessment

Spot vs MP: Below max pain by 9.7% (spot $4.51 vs MP $5.00)

GEX regime: Trending (GEX -$1.8M — pro-cyclical)

Gamma flip: ~$4.00 — Approx $4.00. Below this, negative GEX suggests dealers amplify downward moves.

OI concentrations: Major Put Wall: $4.00 (37,904 OI). Major Call Walls: $7.00 (33,531 OI), $10.00 (25,824 OI).

Verdict: Unfavorable — Negative GEX and spot below max pain suggest a trending, not pinning, environment. The $4.00 put wall is critical support.

Premium Opportunities

cash secured put

Sell $4.00 Put, 2026-05-01 (33 DTE)

Targets the largest OI strike ($4.00 Put wall) for strong support. 33 DTE captures high IV (87.7%) while avoiding near-term earnings (May 7th). Credit is substantial relative to strike.

Credit: $0.45-$0.65

Max loss: $3.35

BE: $3.55

Mgmt: Assumed bid-ask ~$0.20. Close at 65% profit. Exit if price closes below $3.90. Be prepared to take assignment at $4.00 if tested.

put spread

Sell $4.00 / Buy $3.00 Put Spread, 2026-05-01 (33 DTE)

Defined-risk version of Opportunity #1. Focuses on the $4.00 support zone with a long put at $3.00 (another area of unusual activity). Lower capital requirement.

Credit: $0.28-$0.38

Max loss: $0.62

BE: $3.72

Mgmt: Assumed bid-ask ~$0.10 on spread. Close at 50% profit. Exit entire position if price breaches $3.90.

call credit spread

Sell $5.00 / Buy $5.50 Call Spread, 2026-04-17 (19 DTE)

Spot ($4.51) is below all near-term max pain points ($5.00). The $5.00 strike has the highest net premium flow ($402K), showing heavy call selling resistance. Uses a weekly expiration to capitalize on theta decay in a high-IV, resistance-heavy environment.

Credit: $0.15-$0.22

Max loss: $0.28

BE: $5.15

Mgmt: Assumed bid-ask ~$0.07. Close at 50% profit. Exit if price closes above $4.85 (above the 4/10 expected move high).

Risk Alerts

!Earnings expected ~2026-05-07. Close or roll all short premium positions before this date. Never hold naked shorts through earnings.

!Trending Gamma Regime (GEX -$1.8M). Negative gamma means price moves can accelerate, increasing risk for short option positions.

!Low Liquidity / Wide Spreads. With only 29 active strikes, multi-leg fills will be poor. Assume wide bid-ask spreads on all strategies.

!Critical Gamma Flip ~$4.00. A break below this level could lead to accelerated selling pressure, endangering put credit positions.

!Extreme OI in Far OTM Calls ($1.50, $7, $10, $20). This suggests a high degree of speculative, lottery-ticket positioning which can distort volatility surfaces.

!Unusual Activity in Deep OTM Weekly Calls (e.g., $0.50 call IV >2000%). Indicates retail speculation; be wary of unpredictable gamma squeezes in the near term.

How to Use These Reports

This theta reflects the market close on March 30, 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.