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ORCL

Oracle CorporationClose $175.07EOD only

Max Pain

$190.00

Next expiry Jun 26, 2026

Expected Move

±$9.25

5.3% from close

Price Gap

+14.93

Distance to max pain

IV Rank

Low premium

P/C OI

0.99

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 22, 2026 close

End-of-day snapshot

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

Published Snapshot

Jun 22, 2026 close

ORCL Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias below max pain with negative gamma; support at $150-149.5. Dealer long delta and high VIX limit downside. Event-driven range.

Confidence:

6.5 / 10

GEX/flow alignment (+2), spot distance to MP (-1), VIX 19 (+0.5) drive base 6.5.

Supports: GEX/flow alignment, high vol, short gamma.
Conflicts: Spot far from MP, mixed flow, dealer long delta.

📉Short gamma amplifies downside moves

⚠️Spot 13% below MP - large gap

🛡️Dealer long delta provides support

Regime Classification

Vol Regime

High

IV elevated vs typical; VIX 19.5 supports high vol.

Gamma Regime

Trending

Short gamma -$40M; flip near $150.

Flow Regime

Mixed

Mixed flow; bearish tilt but long delta hedge.

Spot vs Max Pain

Below

Spot ~13% below max pain $190; pinning unlikely.

Thesis duration: Event-specific — Upcoming OPEX 6/26, 7/2 event-specific catalysts.

Price Range Forecast

Next 2 days

$157.39$172.94

Break below $157.39 gamma acceleration; above $172.94 neutralizes.

Next 1 week

$153.14$177.19

Key support $153.14; weekly EM guard rail.

Next 2 weeks

$149.54$180.79

Support $149.54; resistance $180.79.

Key Levels

Max pain pins: $190 (2026-06-26); $188 (2026-07-02); $182 (2026-07-10)

EM guardrails: 2d $157.39/$172.94; 1w $153.14/$177.19

Support: $150.00 · $149.54

Resistance: $180.79

Gamma flip: ~$150.00 — Approx — based on put OI concentration of 11,337 (9.2% below spot)

Structural: Support: $150 (gamma flip), $149.54; Resistance: $180.79; Max pain: $190, $188, $182.

Dealer Positioning (GEX/DEX)

GEX: $-40.0M

DEX: +52.2M shares

Gamma flip: ~$150 (Approx — based on put OI concentration of 11,337 (9.2% below spot))

NTM gamma: Short gamma -$40M; long delta +52.2M; gamma flip $150.

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX 19.5; high vol favors selling but gamma risk.

Term structure: Backwardated with event kinks at 6/26, 7/2, 7/10.

Skew: Put skew high; bear put spreads or calendars.

Flow Analysis

Net premium: Net premium -$103M reflects put-heavy premium despite slightly higher call volume, suggesting large put buys or call sells.

Directional prints: 54.6 put 167.5 ITM 2026-06-26 — Vol/OI 4.5x; heavy put buying, likely bearish directional bet or hedge. Prefer bought. 59.5 put 155 OTM 2026-06-26 — Vol/OI 4.3x; aggressive OTM put accumulation, bearish stance. Prefer bought.

Unusual: 58.3 call 172.5 OTM 2026-06-26 — Vol/OI 16x extreme call volume; could be buying for upside or selling against short. Vol spike suggests buying. 58.7 call 175 OTM 2026-06-26 — Vol/OI 6.6x; notable OTM call activity, possibly bullish bets or hedges. Prefer bought. 61.4 put 152.5 OTM 2026-06-26 — Vol/OI 6.3x; large put volume, bearish speculation or protective put. Prefer bought.

Risks & Catalysts

!Unexpected positive catalyst

!Dealer hedging amplification

!Max pain pinning fails

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-09-18 $135.00/$130.00 put spread Why now: Downside flow and negative gamma favor bearish follow-through. Use bear put spread to limit upside risk.	Support holds and short put assignment.
Long put	Moderate-Strong	Buy 2026-09-18 $135.00 put Why now: Unusual put buying and bearish gamma positioning suggest downside post-earnings.	Time decay if stock rallies.
Put diagonal	Conditional	Sell 2026-07-17 $150.00 put / buy 2026-09-18 $145.00 put Why now: Term structure and bearish bias favor calendar. Near-term IV elevated.	Stock moves sharply and both legs lose.

Top Plays

Bear Put Spread

Buy 2026-09-18 $135.00/$130.00 put spread

Buy $135/$130 put spread to profit from downside with capped loss.

Why this play: Downside flow and negative gamma favor bearish follow-through; spread limits risk.

Debit: $1.08-$1.32

Max loss: $1.32

BE: $133.68

Mgmt: Exit if stock breaks above $180.79 or target reached.

Traders seeking defined-risk bearish play.

Long Put

Buy 2026-09-18 $135.00 put

Buy $135 put to capture large move with high leverage.

Why this play: Unusual put buying and bearish gamma positioning suggest downside.

Debit: $5.33-$6.52

Max loss: $6.52

BE: $128.48

Mgmt: Set stop at premium loss; target below $130.

Aggressive traders with high conviction.

Put Diagonal

Sell 2026-07-17 $150.00 put / buy 2026-09-18 $145.00 put

Sell July $150 put, buy Sept $145 put to benefit from time decay and skew.

Why this play: Term structure and bearish bias favor calendar; near-term IV elevated.

Debit: $5.18-$6.33

Max loss: $6.33

BE: Path-dependent

Mgmt: Close near-term short if stock stays above $150; adjust as needed.

Traders expecting initial strength then decline.

Watchlist Triggers

Entry Triggers

IFIF price breaks below $150 (gamma flip) → THEN buy $135/$130 bear put spread (entry range $1.08-$1.32)

IFIF price breaks below $149.54 → THEN buy $135 long put (entry range $5.33-$6.52)

IFIF price holds above $150 for 2 days → THEN sell July $150 put, buy Sept $145 put (diagonal, entry $5.18-$6.33)

Exit Triggers

EXITIF price rises above $180.79 → THEN close all bearish positions

Tactical Summary

Bearish bias. Enter bear put spread or long put on breakdown below $150-$149.54. Put diagonal if price holds above $150. Exit all if above $180.79.

How to Use These Reports

This directional reflects the market close on June 23, 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.