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ORCL

Oracle CorporationClose $169.81EOD only

Max Pain

$148.00

Next expiry Apr 17, 2026

Expected Move

±$6.42

3.8% from close

Price Gap

-21.81

Distance to max pain

IV Rank

100

High premium

P/C OI

0.71

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 15, 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

Apr 15, 2026 close

ORCL Theta Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.7% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

Avg IV 61.7% vs VIX 18.17 — IV is very elevated versus the index; near-term ATM IVs: 2d ATM 52.3%, 9d ATM 54.6%, 16d ATM 54.6%–56.4%.

Favorable?

Yes

Term structure: Term-structure is elevated across horizons with a modest hump into 60–90 DTE (64d ATM 58.8%). Short-dated IV (2–23d) sits ~52–56% while near-mid DTE backs up into high-50s.

💰High Avg IV 61.7% and rich short-term IV (52.3%–56.7%) — edge to selling premium

⚠️VIX 18.17 is muted relative to ORCL IV — systemic vol shock could still spike option prices

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+110.9M)

Gamma flip: ~$135.00 — Approx — based on put OI concentration of 13,714 (20.5% below spot)

OI concentrations: Nearest GEX magnets: +$18.1M at $170.00, +$16.6M at $175.00, +$9.2M at $165.00; Max pain short-term is $148.00. Total GEX +$110.9M (dealer long gamma) and heavy call OI near $170–$175 create a pinning regime.

Verdict: Favorable — strong positive GEX and large call OI near $170–$175 create a pinning regime that supports selling defined-risk puts or call overwrites. Monitor for sudden flow reversal toward the $148 max pain which would threaten credits.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $160.00/$145.00 put spread

Uses supportive pinning regime and elevated IV to collect premium.

Credit: $3.37-$4.12

Max loss: $10.88

BE: $155.88

Mgmt: Close at 65% profit; exit on close below $153.83

Covered call

Buy shares + sell 2026-05-08 $185.00 call

Buy/hold stock and sell near-term calls to collect premium; use GEX support to reduce realized vol risk.

Credit: $3.76-$4.59

Max loss: Stock downside to $0 less call premium

BE: $165.22

Mgmt: Buy back if stock closes above strike or roll up-and-out for credit

Call diagonal

Sell 2026-04-24 $180.00 call / buy 2026-06-18 $195.00 call

Sell near-term call decay and own a longer-dated call to maintain upside with reduced theta bleed.

Debit: $5.29-$6.47

Max loss: $6.47

BE: Path-dependent

Mgmt: Roll short leg weekly; close diagonal if IV collapses or stock gaps beyond short strike

Risk Alerts

!Heavy near-term unusual put activity: clustered 4/17 and 4/24 puts (ORCL260417P00170000 OI=1,501; ORCL260424P00170000 OI=107) — short-dated put flows can create assignment/pin friction around $167.50–$170; avoid naked short puts expiring 4/17 unless prepared for assignment.

!Max pain short-term at $148 vs spot $169.81 (distance ~$21.81) — if macro or stock-specific flow flips, downside could accelerate toward MP; use defined-risk structures and respect support $153.83.

!Gamma flip near ~$135 — dealer hedging changes below this level can accelerate moves; close/hedge credits before price approaches gamma flip.

!IV vs VIX discrepancy: ORCL avg IV 61.7% versus VIX 18.17 — while this favors sellers, system-wide vol spikes can quickly inflate short-dated IV and widen wing risk; manage position sizing accordingly.

Read the Theta analysis for ORCL for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.