thetaOwl

PBR

Petroleo Brasileiro S.A. PetrobClose $19.83EOD only
Max Pain
$20.50
Next expiry May 22, 2026
Expected Move
±$0.54
2.8% from close
Price Gap
+0.67
Distance to max pain
IV Rank
4
Low premium
P/C OI
1.10
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

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

Published Snapshot
May 20, 2026 close
PBR Theta Report
Analysis based on market close March 31, 2026

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate to Full
Primary: Sell put spreads below OI support, targeting 30-45 DTE
Invalidation: Close below $20.00 (major OI support) or if spot drops below gamma flip (~$10)
Confidence:
8 / 10
base 5; +2 high IV; +1 strong pinning regime; +1 spot above max pain; -1 bearish flow

IV Environment

IV Regime
High
IV vs VIX
IV 52.9% — Very high for an energy stock
Favorable?
Yes

Term structure: Humped at 5/08 (53.7%) and 11/20 (56.1%), dips at 4/17 (40.9%)

💰IV >50% provides excellent premium for sellers
📊Term structure shows volatility is priced in for months

Pin Risk Assessment

Spot vs MP: Above max pain by 9.2% (spot $20.75 vs MP $19)

GEX regime: Strong Pinning (GEX +$88.8M — mean-reverting)

Gamma flip: ~$10.00Gamma flip ~$10 based on massive put OI. Above $10, positive GEX supports pinning.

OI concentrations: Major put walls at $10 (60,643 OI), $12 (59,013 OI), $15 (38,387 OI), $17 (41,482 OI). Call wall at $20 (69,417 OI) and $22.50 (61,321 OI).

Verdict: Highly Favorable — Massive positive GEX and spot above max pain create strong magnetic pinning effect, ideal for credit strategies.

Premium Opportunities

#1
put spread
Sell $17.00/$15.00 Put Spread 2026-05-15 (45 DTE)
Strikes align with massive OI support ($17: 41,482 OI, $15: 38,387 OI). High IV (44.1%) provides good credit. Pinning regime and spot well above strikes offer high probability. Expected move is $2.40, giving a $1.40 buffer.
Credit: $0.45-$0.60
Max loss: $1.55
BE: $16.55
Mgmt: Close at 65% profit (~$0.29 credit). Roll down/out if $17 tested. Exit entire position if spot closes below $16.50.
#2
cash-secured put
Sell $17.50 Put 2026-05-01 (31 DTE)
For those comfortable with assignment. Strike is above the major $17 OI wall, providing a buffer. IV of 45.7% yields strong premium. Positive GEX supports price staying above this level. Acceptable if willing to own shares at $17.50 net.
Credit: $0.70-$0.90
Max loss: $16.60
BE: $16.60
Mgmt: Roll down/out for a credit if put tested. Close at 70% profit. Be prepared for assignment if spot falls below $17.50 at expiration.
#3
iron condor
Sell $17/$16P x $24/$25C 2026-05-15 (45 DTE)
Capitalizes on the pinning range between major OI clusters ($17P, $20C, $22.50C). Wide 45 DTE wings ($16, $25) are outside the expected move ($2.40). High IV provides decent credit for defined risk. Positive GEX favors range-bound action.
Credit: $0.40-$0.55
Max loss: $0.60
BE: 16.45/24.55
Mgmt: Close at 50% profit. Manage legs independently: roll tested side for credit. Close entire position if spot breaches either short strike.
#4
covered call
Own 100 shares at ~$20.75, Sell $22.50 Call 2026-05-15 (45 DTE)
For existing shareholders. Strike is at the major call wall (61,321 OI), which acts as resistance. High IV (44.1%) generates significant premium. Provides 8.4% upside to strike plus call premium.
Credit: $0.80-$1.10
Max loss: $19.65
BE: $19.65
Mgmt: Roll up/out if call tested. Close call at 70% profit and re-sell. Be prepared for shares to be called away at $22.50.

Risk Alerts

!Bearish Flow Alert: Net premium flow is -$7.4M with P/C ratio of 2.18, indicating institutional put buying. Monitor for sustained selling pressure.
!Massive OI at Low Strikes: Extreme put OI at $10 and $12 creates a 'gamma cliff.' A break below $17 could accelerate toward these levels due to negative delta hedging.
!IV Term Structure Kinks: High IV in Nov 2026 (56.1%) suggests longer-term event risk. Be cautious selling ultra-long-dated premium.
!Earnings in ~6 Weeks (est. 5/11): Begin closing or rolling 45 DTE positions by late April to avoid earnings volatility crush.
!Unusual Put Activity: Large put volume at $19.50 (4/2) and $20 (5/15) suggests near-term bearish bets. Watch these levels for support breaks.
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.

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.