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ORCL

Oracle CorporationClose $187.50EOD only

Max Pain

$165.00

Next expiry Apr 24, 2026

Expected Move

±$6.88

3.7% from close

Price Gap

-22.50

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.75

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 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

Apr 22, 2026 close

ORCL Theta Report

Analysis based on market close April 22, 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 13.6% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

ORCL IV materially elevated vs VIX (avg IV ~60.5 vs VIX ~18.9)

Favorable?

Yes

Term structure: Very steep short-end term structure (front-week IV >> 1–2 month vols); richness concentrated in near-dated puts/skew

🔺High avg IV yields rich premiums for defined-risk selling

⚠️Short-dated skew and localized dealer +GEX support increase pin probability into near expiries

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+118.3M)

OI concentrations: OI clusters concentrated around 155–170 strikes (puts and calls), max-pain ~162–165; no broad-market gamma flip expected but localized gamma/support from dealers into expiries

Verdict: Moderate-high pin risk driven by dense OI bands near-the-money; exposure is expiry-localized rather than systemic gamma flip

Premium Opportunities

Iron condor

Sell 2026-06-18 $165.00/$155.00 put wing and $200.00/$210.00 call wing

Sell 6/18 165/155 put wing and 200/210 call wing to capture rich premium with limited loss.

Credit: $5.33-$6.52

Max loss: $3.48

BE: 158.48 / 206.52

Mgmt: Close or roll if spot breaches ~$169.53 support or IV collapses; tighten after directional flow shifts.

Put credit spread

Sell 2026-06-18 $165.00/$160.00 put spread

Sell 6/18 165/160 put spread to harvest elevated mid-term premium while capping downside.

Credit: $1.30-$1.59

Max loss: $3.41

BE: $163.41

Mgmt: Buy back if spot ≤169.53 or rapid IV drop; scale size relative to iron condor leg risk.

Short strangle

Sell 2026-05-15 $162.50 put + sell $190.00 call

Sell 5/15 162.5 put and 190 call for near-term theta capture pre-earnings.

Credit: $10.66-$13.03

Max loss: Unlimited

BE: 149.47 / 203.03

Mgmt: Aggressively hedge or close on IV collapse, strong directional flow, or if spot approaches wings.

Risk Alerts

!Spot ≤ $169.53 support breach

!Rapid IV collapse toward broad-market levels

!GEX reversal +→- from large directional flows

!Upcoming earnings/dividend dates may spike moves—check event calendar before sells

!Elevated borrow/short-interest and thin options liquidity can widen spreads and impair hedging

How to Use These Reports

This theta reflects the market close on April 22, 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.