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PLTR

Palantir Technologies Inc.Close $152.17EOD only

Max Pain

$140.00

Next expiry Jun 5, 2026

Expected Move

±$6.75

4.4% from close

Price Gap

-12.17

Distance to max pain

IV Rank

High premium

P/C OI

0.90

Balanced positioning

Consensus

9.5/10

Bullish tilt

Published snapshot: Jun 2, 2026 close

End-of-day snapshot

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

Published Snapshot

Jun 2, 2026 close

PLTR Directional 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.

You are viewing an older report from April 15, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral-to-bullish with an upside magnet toward the $150 call-OI wall but short-term pin risk down to $135; confidence base 7.5 (pre-computed) driven by strong bullish net premium (+$31.8M), large positive GEX (+$105.1M) and concentrated call OI at $140/$150; conflict from spot sitting 7.3% above flat max-pain (~$135) which creates two-way mean-reversion pressure ahead of earnings and multiple near-term pins.

Confidence:

7.5 / 10

Pre-computed breakdown reconciled: base 5.0 +2.0 (GEX/flow) +1.0 (GEX positive/pinning) -1.0 (spot distance from MP) +0.5 (VIX) = 7.5; no override applied.

Supports: 1) Net premium +$31.8M and P/C vol 0.49 show buyer-initiation into calls (supporting upside); 2) Large NTM call OI at $140 (38,930) and $150 (34k+) creates upside magnet and dealer short-delta hedging that can fuel momentum; 3) Positive GEX (+$105.1M) implies dealers will buy into weakness below gamma flip (~$130) and sell into strength near call walls.
Conflicts: 1) Max pain clustered at $135 across expirations and EM guardrail lower edges ($137.48 2d, $133.12 1w) create pinning/downside pull; 2) Earnings 2026-05-04 (~19d) injects larger term vol and skews May 8 pricing; 3) High ATM IV (avg 63.5%) vs VIX 18 means premium rich, penalizing long vol unless event-justified.

📌Large concentrated call OI at $140/$150 is the dominant short-term mechanical driver (GEX +$25.2M at $140, +$8.1M at $150).

🟢Flow is clearly bullish: net premium +$31.8M and call-heavy top premium flow at $140 ($32.8M call flow).

⚠️Pinning gamma and max pain near $135 create credible mean-reversion risk into Friday expiries and weekly pins.

Regime Classification

Vol Regime

High

Vol is High (ATM short-dated IV 46-50% and avg IV 63.5%) largely because of stacked short-dated expiries and impending earnings (2026-05-04) which lifts mid-May expiries; this makes short-dated premium valuable to sell but long vol expensive unless event exposure is desired.

Gamma Regime

Pinning

Gamma is Pinning — concentrated GEX at $140/$142/$138/$137 makes those strikes magnets and implies dealer delta-hedging will amplify moves into those levels; proximity to gamma flip (~$130) signals dealers flip behavior materially under a >~8% drop.

Flow Regime

Bullish

Flow is Bullish: deterministic net premium +$31.8M, P/C vol 0.49, and heavy call prints at $140/$139/$138 supporting a call-buying read; this favors selling downside protection or buying upside exposure financed by short puts in controlled structures.

Spot vs Max Pain

Above

Spot is Above max-pain (~$135) which increases pin pressure and raises the probability of mean reversion toward $135 ahead of expiries; upside is possible to the $150-$155 call walls if bullish flow persists.

Thesis duration: Multi-week — Bullish flow, persistent call OI ladders at $140-$155 and positive GEX persist across multiple expirations (2d–37d) and earnings are 19d out, so prefer 30–45 DTE for primary positioning with weeklies for tactical overlays.

Price Range Forecast

Next 2 days

$137.48$146.82

Range $137.48–$146.82; pin risk and max pain to $135 make the lower half more likely — break above $146.82 (2d upper EM) would flip momentum to test $150 wall.

Next 1 week

$133.12$151.17

Range $133.12–$151.17; sustained call buying and dealers selling into strength could carry price to $150; failure to hold >$137.5 exposes lower guardrail $133.12.

Next 2 weeks

$130.17$154.12

Range $130.17–$154.12; breakout above $154.12 requires continuation above the $150-$155 structural call OI wall and positive post-earnings skew resolution.

Key Levels

Max pain pins: $135 (2026-04-17); $136 (2026-04-24); $137 (2026-05-01)

EM guardrails: 2d $137.48/$146.82; 1w $133.12/$151.17

Support: $135.00 · $130.17 · $130.00

Resistance: $150.00 · $154.12 · $155.00

Gamma flip: ~$130.00 — Approx 0: based on put OI concentration of 26,764 (8.5% below spot)

Structural: Structural call OI wall at $150155 will cap rallies and is the primary place to sell premium; long-term put floor $100130 defines deep insurance and gamma flip ~ $130.

Dealer Positioning (GEX/DEX)

GEX: $+105.1M

DEX: +99.8M shares

Gamma flip: ~$130 (Approx — based on put OI concentration of 26,764 (8.5% below spot))

NTM gamma: NTM gamma concentrated at $140 (+$25.2M GEX), $142 (+$7.9M) and $138 (+$8.1M); dealers are net short call deltas there and will sell into rallies (compressing upside) and buy into dips—if spot rises +2% (~$145) dealers will trim short-call hedges and add slight negative hedging flow (pressure to fade), if spot falls -2% (~$139) dealers will buy shares to hedge short calls providing support and compressing downside toward max pain.

IV Analysis

IV vs VIX: Ticker IV is rich versus VIX: avg IV 63.5% with ATM short-dates 46–50% while VIX 18.17 implies equity volatility is lower; rich IV favors premium selling (call/put credit spreads, calendars) over long vol except around the earnings date.

Term structure: Term structure shows a mid-May kink: 2d–16d ATM IV 46–50% then jump to 64.9% at 23d (2026-05-08) — that kink aligns with earnings (2026-05-04) and makes expirations that straddle earnings (May 8, May 15) notably expensive.

Skew: Notable short-dated call skew (heavy call flow at $140–$145) and elevated IV into May 8; actionable mispriced vol opportunity: sell near-term Apr 17/24 calls or execute a calendar/diagonal (sell Apr/short-dated rich IV and buy back-month May 22/Jun calls) to capture elevated near-term IV while keeping directional upside exposure.

Flow Analysis

Net premium: Net premium is bullish +$31.8M with P/C vol 0.49 and P/C OI 0.98 0:50 call-heavy flow supporting a buy-call, sell-put read.

Directional prints: 49.5 call 139 ITM 2026-04-17 — PLTR260417C00139000 large Apr17 call print (OI 7,220 vol 29,163) 0: likely buyer-driven stacking supporting short-term upside toward $140146. 48.9 call 144 OTM 2026-04-24 — PLTR260424C00144000 Apr24 $144 (OI 459 vol 4,838) 0: call-buying into next-week expiry, consistent with bullish net premium. 48.6 call 148 OTM 2026-04-24 — PLTR260424C00148000 Apr24 $148 (OI 835 vol 5,564) 0: material call-side flow near-week that compresses upside wing premia and raises probability of pushes toward the $150 call wall. 46.2 put 138 OTM 2026-04-17 — PLTR260417P00138000 Apr17 $138 put (OI 460 vol 5,465) 0: ambiguous hedging flow but fits short-dated hedging pattern; could be bought protection or part of structured sells. 47.7 put 136 OTM 2026-04-17 — PLTR260417P00136000 Apr17 $136 put (OI 1,720 vol 6,661) 0: sizable put activity shows genuine short-dated downside hedging demand and increases the chance of protective buying into close, raising tail-risk for short-put sellers into Apr17.

Unusual: 46.2 put 138 OTM 2026-04-17 — PLTR260417P00138000: high relative volume (11.9x) and paired with Apr17 $136 put flow signals concentrated short-dated hedging; monitor for continued put-buying into close as downside risk signal.

Risks & Catalysts

!Earnings 2026-05-04 (19d) — IV repricing risk and potential >8% move that would blow small defined-risk shorts.

!Pin/expire risk into 2026-04-17 and 2026-04-24 (max pain $135/$136) that can squeeze short-dated premium sellers if momentum reverses.

!Gamma flip near ~$130 — a drop through $130 would force dealer buying into bigger moves but could first accelerate downside via stop cascades.

!High IV vs market: selling premium carries tail risk if market gaps/crashes despite apparent edge.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-04-24 $133.00/$125.00 put spread Why now: Bullish flow, rich short-dated IV and max pain below spot make selling Apr24/Apr17 put credit spreads attractive with defined risk between $135–$130 levels.	Earnings and sudden gap below $130 can blow spreads; manage position size.
Bull call spread	Moderate	Buy 2026-05-22 $160.00/$180.00 call spread Why now: Prefer 30–45 DTE given multi-week thesis; buys convexity to upside while defined-risk limits IV bleed compared with outright calls.	Rich IV reduces upside ROI; needs sustained flow to reach $150.
Cash-secured put	Moderate	Sell 2026-05-22 $125.00 cash-secured put Why now: Max pain ~ $135 and put floor $130–$120 with rich mid-term IV; good for traders willing to own stock at a discount.	Large IV into earnings may reprice; assignment risk if gap down.
Call credit spread	Moderate-Strong	Sell 2026-05-15 $160.00/$180.00 call spread Why now: Heavy call OI at $150–$155 and dealer short-call hedging makes selling calls there favorable; defined risk controls tail.	If bullish flow continues, spreads can widen; manage widths and size.
Call diagonal	Moderate	Sell 2026-04-24 $146.00 call / buy 2026-06-18 $165.00 call Why now: Works with positive GEX and call-buying flow; captures upside with reduced vega risk vs outright long calls.	Calendar slippage and early assignment risk on short legs; needs roll plan.
Iron condor	Moderate-Weak	Sell 2026-04-24 $134.00/$125.00 put wing and $149.00/$157.50 call wing Why now: High short-term IV and pinning behavior make defined-risk premium sale attractive if you believe range-bound into expiries; place wings outside EM guardrails.	Tail risk from earnings or gap beyond wings; prefer wider wings and smaller size.

Top Plays

Short-dated Put Credit Spread (Apr24) near $137–$140

Sell 2026-04-24 $133.00/$125.00 put spread

Sell Apr24 put spread around $137–$140 width 5 points to collect premium while retaining defined risk; structure benefits from dealer buy-into-dips behavior on marginal weakness.

Why this play: Collects rich short-dated put premium against pin support near $135 with high probability of decay given bullish net premium and positive GEX.

Credit: $0.84-$1.03

Max loss: $6.97

BE: $131.97

Mgmt: Close or roll if spot breaks and holds below $135 or if OI/flow flips strongly to put-buying.

Traders comfortable taking assignment or owning stock below $140; defined-risk preference.

Call Diagonal (buy Jun/long-dated call, sell Apr weekly calls)

Sell 2026-04-24 $146.00 call / buy 2026-06-18 $165.00 call

Buy a longer-dated call (target ~64 DTE) at slight OTM strike (~145) and sell near-term higher-delta calls (weekly) around $142 to fund position and collect premium into pins.

Why this play: Own longer-dated upside while monetizing rich front-week IV and capitalizing on positive GEX-driven dealer hedging into dips.

Debit: $2.41-$2.94

Max loss: $2.94

BE: Path-dependent

Mgmt: Roll short weekly calls out if price grinds higher; trim long leg if IV collapses after earnings.

Bullish traders who want controlled vega exposure and plan to hold through earnings or roll short legs.

Watchlist Triggers

Entry Triggers

IFIf PLTR trades and holds above $146.82 (2d EM upper) on volume for 30m then → enter S4 call_credit_spread selling short_call near 150 with 10-point wings into the $150–$155 wall (30–45 DTE).

IFIf PLTR drops and holds below $137.48 (2d EM lower) then → enter S1 put_credit_spread selling Apr24 short_put around 137 with 5-point width (dte ~9).

IFIf Apr17 prints show continued large call buys at $139–$140 (volume>5k and OI rising) then → enter S5 calendar_call selling Apr24/Apr17-rich calls at ~141 and buy May 22 calls at same strike (dte window 30–64).

Adjustment Triggers

ADJIf spot >$150 and short-call spreads widen (short-call delta>0.40) then → roll short_call out/weaken wings on S4 or trim short size; optionally convert to wider call_credit_spread at 45 DTE.

ADJIf net premium flow flips to net premium <-$10M put buys and P/C vol >0.8 then → close S1/S9 short-premium positions and transition to S8 put_diagonal (buy back-month puts, sell near-term puts at lower strikes).

Exit Triggers

EXITIf PLTR prints a sustained close below $135.00 then → exit/hedge all short-premium positions (S1,S4,S9) and consider buying S8 long-dated puts or reducing size.

EXITIf IV for May 08 (23d) collapses >10 vol points post-earnings then → take profits on S5 calendar_call and S7 call_diagonal longs, or sell further calls into the IV dump.

Tactical Summary

Primary thesis: multi-week bullish bias aided by concentrated call OI at $140–$150 and positive GEX, with invalidation under a sustained break below $135 (max pain) or a gap through the gamma flip ~ $130; regime favors defined-risk premium selling around the $150 wall (call credit spreads) and selling short-dated puts/calendars while using May/Jun calls for targeted upside exposure (best: S5 for volatility sellers, S1 for income, S7 for directional bulls).

How to Use These Reports

This directional reflects the market close on April 15, 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.