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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
25
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
6.0/10
Consensus signal
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 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short-dated unbalanced iron condors / put-credit spreads (sell spreads 2–6d to 30d OTM, hedge tail risk)
Invalidation: Sustained IV collapse (>20% drop), dealer GEX flipping materially negative, rapid OI unwind or price breach and hold beyond resistance band ($190+) or below strong pin support (~$159.9).
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.8% from MP; +0.5 VIX 19; override: Elevated short-dated IV and pin/GEX risks reduce raw attractiveness from 8 to 7; still favorable for disciplined, hedged premium-selling when respecting strikes and sizing.

IV Environment

IV Regime
High
IV vs VIX
ORCL IV (~60% front-week) is rich vs VIX (~19); event and skew-forward premium priced into options.
Favorable?
Yes

Term structure: Very elevated front-week IV with steep decay into monthlies; heavy short-dated premium—best to sell very short-dated wings or tight spreads and avoid naked short gamma.

⚠️Premium selling favorable only with defined-risk spreads, disciplined deltas, and size caps near earnings/news.
📌Pin/GEX nuance: concentrated OI near $165/$160 may anchor spot; selling into pin zones requires tighter hedges/less size.
📈Dealer GEX currently net positive supporting spot—benefit to collecting premium while monitoring GEX direction.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+64.5M)

OI concentrations: OI concentrated around $165 and $160 for expiries 2026-04-24 and 2026-05-01; call walls above provide resistance.

Verdict: Moderate pin risk: likely short-term anchoring near $165; increases tail risk for aggressive naked sells—use defined-risk structures and reduce size into heavy OI bands.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $150.00/$145.00 put wing and $205.00/$210.00 call wing
Sell tight put wing near pin and wider OTM call wing to collect rich short-dated IV while limiting tail risk.
Credit: $0.92-$1.13
Max loss: $3.87
BE: 148.87 / 206.13
Mgmt: Close or roll if price breaches wings, IV collapses >20% or dealer GEX flips; cut size into heavy OI bands.
#2
Put credit spread
Sell 2026-05-22 $155.00/$152.50 put spread
Sell May 22 155/152.5 put spread to harvest front-week elevated IV with capped downside.
Credit: $0.42-$0.51
Max loss: $1.99
BE: $154.49
Mgmt: Trim if price pins below $165, watch for IV spike into earnings; exit on rapid OI unwind. Liquidity warning: Liquidity constraints: long_put: Wide spread (50%).
#3
Covered call
Buy shares + sell 2026-06-18 $210.00 call
Buy shares then sell ≥Jun 18 $210 call to collect premium after earnings uncertainty.
Credit: $5.56-$6.79
Max loss: Stock downside to $0 less call premium
BE: $169.49
Mgmt: Reassess after earnings; roll or buy back if stock breaks structural levels ($190/$159.9).

Risk Alerts

!Short-dated IV spikes (news/earnings) invalidating sold-premium positions
!Dealer GEX flips negative or rapid OI rebalancing
!Price breach and hold above $190 or below $159.9
How to Use These Reports
This theta reflects the market close on April 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.