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PLTR

Palantir Technologies Inc.Close $137.15EOD only

Max Pain

$134.00

Next expiry May 22, 2026

Expected Move

±$4.20

3.1% from close

Price Gap

-3.15

Distance to max pain

IV Rank

Low premium

P/C OI

0.98

Balanced positioning

Consensus

6.0/10

Bullish tilt

Published snapshot: May 20, 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

May 20, 2026 close

PLTR Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

PLTR trades above MP with positive gamma pinning near $134-$135 into weekly expiry, but high vol and mixed flow suggest caution. Structural support at $130 and resistance at $140; a break of $140 targets $148.

Confidence:

6 / 10

Base 5; +1 pinning, +1 low VIX, -1 mixed flow; score 6.

Supports: Gamma pinning, low VIX, positive dealer gamma.
Conflicts: Mixed flow, high vol, spot above MP.

📌Max pain $134-$135 pinning near expiry.

⚠️High vol regime with mixed flow reduces conviction.

📈Positive GEX $92M supports upside bias.

Regime Classification

Vol Regime

High

Vol classified High; IV elevated relative to typical range, likely due to event proximity.

Gamma Regime

Pinning

Gamma pinning with positive GEX $92M, flip risk at ~$120.

Flow Regime

Mixed

Net premium mixed; put/call ratio suggests hedging but no clear bias.

Spot vs Max Pain

Above

Spot above MP ($134) by ~3.5%, giving slight upward skew.

Thesis duration: Event-specific — Weekly expiry catalyst (5/22) with pinning dynamics makes thesis near-term.

Price Range Forecast

Next 2 days

$132.95$141.34

Pinning toward $134-$135, resistance $140.

Next 1 week

$129.37$144.92

Range $129-$145; bias toward upper end unless $140 breaks.

Next 2 weeks

$126.40$147.90

Wider range $126-$148; structural resistance $150.

Key Levels

Max pain pins: $134 (2026-05-22); $135 (2026-05-29); $135 (2026-06-05)

EM guardrails: 2d $132.95/$141.34; 1w $129.37/$144.92

Support: $134.00 · $130.00 · $126.40

Resistance: $140.00 · $147.90 · $150.00

Gamma flip: ~$120.00 — Approx — based on put OI concentration of 31,672 (12.5% below spot)

Structural: Support: $134 (MP), $130, $126. Resistance: $140, $148, $150. Gamma flip ~$120.

Dealer Positioning (GEX/DEX)

GEX: $+92.3M

DEX: +87.7M shares

Gamma flip: ~$120 (Approx — based on put OI concentration of 31,672 (12.5% below spot))

NTM gamma: Positive GEX $92.4M; puts concentrated at $120 (flip level).

IV Analysis

IV vs VIX: Ticker IV implied high vs VIX 17.44, suggesting event premium.

Term structure: Front-end elevated with weekly expiry kink; backwardation post-event expected.

Skew: Put skew elevated; consider calendar spread to capture vol crush.

Flow Analysis

Net premium: Net premium -$11.3M (net put premium), put/call vol ratio 0.63, OI near parity. Overall bearish flow with some active call buying offset.

Directional prints: 42.4 put 136 OTM 2026-05-22 — Vol 10.8k vs OI 854 (vol/OI 12.7), block put buying, bearish. 42.7 call 144 OTM 2026-05-22 — Vol 9.6k vs OI 3.6k (vol/OI 2.6), new call buying, bullish. 42.7 put 135 OTM 2026-05-22 — Vol 9.5k vs OI 4.1k (vol/OI 2.3), put buying, bearish.

Unusual: 232.8 call 250 OTM 2026-05-22 — Low vol 590, OI 263, IV 232.8% extreme for far OTM call, likely speculative buy. 156.8 call 116 ITM 2026-05-22 — Vol 327 vs OI 106 (vol/OI 3.1), IV 156.8% deep ITM call, elevated IV unusual. 74.6 put 55 OTM 2026-10-16 — Vol 500 vs OI 224 (vol/OI 2.2), IV 74.6% long-dated deep OTM put, unusual.

Risks & Catalysts

!Spot drops below $130 support, triggering gamma flip and selling.

!Mixed flow shifts net negative, reversing dealer positioning.

!Earnings or macro event causes vol spike beyond expected range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $135.00/$145.00 call spread Why now: Positive gamma pinning near $134-$135, structural support at $130, and call buying offset flow.	Failure to break $140 could lead to stagnation; high vol adds uncertainty.
Short strangle	Moderate	Sell 2026-06-05 $129.00 put + sell $147.00 call Why now: Range-bound price action near $134-$135 with support at $130 and resistance at $140 allows premium harvest.	Spot breaks out beyond strikes, causing large loss.
Put credit spread	Moderate-Strong	Sell 2026-06-05 $131.00/$129.00 put spread Why now: Strong support at $130, selling put spread captures premium with defined risk.	Spot drops below $128, causing max loss.

Top Plays

Defensive Put Credit Spread

Sell 2026-06-05 $131.00/$129.00 put spread

Sell put spread below support to collect premium with defined risk.

Why this play: Best risk/reward given strong support; highest probability of profit.

Credit: $0.47-$0.57

Max loss: $1.43

BE: $130.43

Mgmt: Exit at 50% profit or if spot breaks below $130.

Conservative traders seeking steady income.

Bull Call Spread

Buy 2026-06-26 $135.00/$145.00 call spread

Buy call spread to express slight bullish bias with limited risk.

Why this play: Captures upside from pinning and potential breakout; call flow offsets bearish net premium.

Debit: $3.89-$4.76

Max loss: $4.76

BE: $139.76

Mgmt: Sell if spot fails to hold $134; target profit at $145.

Moderately bullish traders targeting $145.

Short Strangle

Sell 2026-06-05 $129.00 put + sell $147.00 call

Sell out-of-the-money put and call to profit from low volatility.

Why this play: Harvests premium from range-bound price action but faces unlimited risk.

Credit: $3.68-$4.50

Max loss: Unlimited

BE: 124.50 / 151.50

Mgmt: Monitor delta; adjust strikes if spot approaches $130 or $147.

Advanced traders comfortable with gamma risk.

Watchlist Triggers

Entry Triggers

IFSpot holds above $130 support → Sell 2026-06-05 $131/$129 put spread

IFSpot holds above $134 level → Buy 2026-06-26 $135/$145 call spread

Exit Triggers

EXITSpot drops below $130 → Exit put credit spread and bull call spread

EXITSpot fails to hold $134 → Exit bull call spread

Tactical Summary

PLTR is bullish above MP with pinning near $134-$135. Favor put credit spread at $130 support for income, and bull call spread if $134 holds. Exit both if $130 breaks. Short strangle is an alternative but requires active management.

How to Use These Reports

This directional reflects the market close on May 20, 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.