thetaOwl

ORCL

Oracle CorporationClose $181.46EOD only
Max Pain
$180.00
Next expiry May 22, 2026
Expected Move
±$9.10
5.0% from close
Price Gap
-1.46
Distance to max pain
IV Rank
39
Middle-high premium
P/C OI
0.88
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 19, 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
May 19, 2026 close
ORCL Theta Report
Analysis based on market close March 31, 2026

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

You are viewing an older report from March 31, 2026. A newer theta report is available for May 14, 2026.

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Theta Verdict

Attractiveness8.5 / 10
Sizing: Full
Primary: Sell put spreads and iron condors anchored to OI support and call walls.
Invalidation: Sustained close below the $118 gamma flip level.
Confidence:
8 / 10
base 5; +2 high IV; +1 strong pinning; +1 spot at max pain; -1 mixed flow

IV Environment

IV Regime
High
IV vs VIX
IV 57.8% — Extremely elevated for a large-cap stock.
Favorable?
Yes

Term structure: Steeply upward sloping, peaking around 57% in the 79-262 DTE range. Near-term IV (39.8% for 4/02) is still high.

💰IV >50% provides rich premium for sellers.
📈Steep term structure favors selling further-dated options.

Pin Risk Assessment

Spot vs MP: Spot $147.11 is at the max pain of $147 for the 3/27 expiration.

GEX regime: Strong Pinning (GEX +$4.2M)

Gamma flip: ~$118.00Gamma flip is far below (~$118), indicating the current positive GEX regime is stable and supports pinning near current levels.

OI concentrations: Major Put Wall at $118 (15,377 OI). Major Call Walls at $170 (15,970 OI), $200 (15,597 OI), and $175 (15,440 OI).

Verdict: Highly Favorable — Strong positive GEX and spot at max pain create a powerful pinning magnet for the near term.

Premium Opportunities

#1
put spread
Sell $140/$135 Put Spread for 2026-04-17 (17 DTE)
Sells into high IV (~49%) with strong pinning support. The short strike ($140) is below current spot and above the massive $118 put wall, providing a buffer. Defined risk in a high-vol environment.
Credit: $0.85-$1.05
Max loss: $4.15
BE: $139.15
Mgmt: Close at 65% profit. Manage defensively if price closes below $142. Exit entirely on a close below $138 (gamma flip is far away, but this is the trade's risk level).
#2
iron condor
Sell $140/$135 Put Spread x $160/$165 Call Spread for 2026-04-24 (24 DTE)
Capitalizes on the pinning regime and high IV (50.4%). Wings are placed outside the 10-day expected move ($132.41 - $161.81) and between major OI concentrations ($118P / $170C). High probability of success.
Credit: $1.30-$1.60
Max loss: $3.40
BE: 136.40 / 163.60
Mgmt: Close at 50% profit. Roll untested side in if price approaches either short strike ($140 or $160). Close if price breaches a short strike by more than $0.50.
#3
covered call
Own stock, Sell $150 Call for 2026-04-10 (10 DTE)
For existing shareholders. Sells elevated near-term IV (47.1%) against a stock pinned near max pain. The $150 strike is above spot and the 2-day expected move high ($150.78), offering a good balance of premium and upside participation.
Credit: $2.10-$2.50
Max loss: Unlimited (stock downside)
BE: Stock purchase price minus credit
Mgmt: Close call at 65% profit. Be prepared to roll up and out if stock approaches $150. Watch for early assignment risk if call goes deep ITM close to expiration.
#4
put spread
Sell $130/$125 Put Spread for 2026-05-15 (45 DTE)
Longer-dated trade selling peak IV (51.2%). Strikes are placed well below the gamma flip ($118) and near the 45-day expected move low ($126.31), offering a high credit-to-width ratio. Benefits from theta decay and potential IV contraction over time.
Credit: $1.40-$1.70
Max loss: $3.60
BE: $128.60
Mgmt: Close at 50% profit. No management needed until 21 DTE unless spot drops below $132. Exit on a weekly close below $128.

Risk Alerts

!Earnings estimated for 2026-06-10 (~10 weeks out). Close or roll all short premium positions well before this date to avoid earnings IV crush and gap risk.
!Massive negative premium flow at high-strike puts ($260P, $270P) indicates institutional hedging or bearish bets. While far OTM, it signals underlying volatility concerns.
!Unusual activity in deep OTM puts for April ($260P, $250P) with IV >100%. This is likely tail-risk hedging but contributes to the rich IV environment.
!The gamma flip at ~$118 is far below, but a break below major OI support at $140/$135 could see acceleration toward that level due to negative delta hedging from dealers.
!Mixed flow regime (P/C 0.82, net prem -$119.6M) suggests put buying is dominating premium flow, a cautious signal to balance with the strong pinning setup.
!Max pain rises to $162.50 by 4/17, suggesting upward pinning pressure may increase over the next few weeks, favoring put credit spreads over call credit spreads.
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.

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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.