thetaOwl
HomeOptionsPLTRReports

PLTR

Palantir Technologies Inc.Close $132.07EOD only
Max Pain
$140.00
Next expiry Jun 12, 2026
Expected Move
±$5.79
4.4% from close
Price Gap
+7.93
Distance to max pain
IV Rank
78
High premium
P/C OI
0.93
Balanced positioning
Consensus
3.5/10
Bullish tilt
Published snapshot: Jun 9, 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 9, 2026 close
PLTR Directional Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish bias as negative dealer gamma amplifies downside amid market weakness and high vol; spot below max pain suggests gravity toward lower ranges. Gamma flip at 120 and support at 130 may slow but not reverse trend.

Confidence:
6 / 10
Base 5 +2 from strong GEX/flow alignment (negative gamma amplifies moves) -1 for spot 5.6% below max pain (pin risk). Net 6.
Supports: Negative dealer gamma amplifies downside; market weakness (SPY -1.58%, QQQ -2%); high vol regime.
Conflicts: Strong support at $130 and gamma flip at $120; flow mixed provides no clear catalyst.
📉Dealers short gamma -$54.8M, amplifies moves — lean bearish.
⚠️Spot 5.6% below MP $138; pin pull risks but market headwinds dominate.
🛑Gamma flip at $120 is critical downside risk level.

Regime Classification

Vol Regime
High
IV elevated vs typical; VIX at 22.22 supports risk-off environment.
Gamma Regime
Trending
Negative gamma -$54.8M; dealers are short gamma, exacerbating directional moves.
Flow Regime
Mixed
Mixed flow with net long delta (+89.7M shares) but negative gamma; no clear premium bias.
Spot vs Max Pain
Below
Spot at ~130, 5.6% below max pain $138, indicating bearish pin below typical settlement.
Thesis duration: Multi-week — Range extends 2 weeks with resistance $141.64 and support $118.79; multiple max pain pins across expiries suggest sustained uncertainty.

Price Range Forecast

Next 2 days
$125.47$134.95
Test support at $125.47 amid negative gamma.
Next 1 week
$121.66$138.76
Potential bounce from $130 but downside risk to $121.66.
Next 2 weeks
$118.79$141.64
Break of support may trigger gamma flip at $120, testing $118.79.

Key Levels

Max pain pins: $138 (2026-06-12); $130 (2026-06-18); $140 (2026-06-26)
EM guardrails: 2d $125.47/$134.95; 1w $121.66/$138.76
Support: $130.00 · $125.00 · $120.00
Resistance: $138.00 · $140.00 · $141.64
Gamma flip: ~$120.00 — Approx — based on put OI concentration of 24,482 (7.8% below spot)
Structural: Support: $130 (psychological), $125 (2d EM low), $120 (gamma flip). Resistance: $138 (max pain), $140 (call resistance), $141.64 (2w high).

Dealer Positioning (GEX/DEX)

GEX: $-54.8M

DEX: +89.7M shares

Gamma flip: ~$120 (Approx — based on put OI concentration of 24,482 (7.8% below spot))

NTM gamma: Dealers short gamma (-$54.8M) with large positive delta (+89.7M); key gamma flip at $120 (put OI concentration).

IV Analysis

IV vs VIX: PLTR IV likely elevated vs VIX given high vol regime; typical rank high.

Term structure: Term structure likely upward sloping with near-term expiries reflecting event risk (6/12).

Skew: Put skew elevated; opportunity in OTM puts given negative gamma and downside momentum.

Flow Analysis

Net premium: Net -$15.3M premium; put/call vol ratio 0.47, bearish net despite call vol.

Directional prints: 50.8 call 132 OTM 2026-06-12 — Vol 12285, OI 3054, vol/OI 4.0; likely bought, aggressive call buying. 49.2 put 131 ITM 2026-06-12 — Vol 4945, OI 1385, vol/OI 3.6; potential hedging, bearish put buying. 50.8 call 135 OTM 2026-06-12 — Vol 10542, OI 2737, vol/OI 3.9; likely bought, speculative upside bets.

Unusual: 50.7 call 133 OTM 2026-06-12 — Vol/OI 10.6, extremely high; likely bought, short-term bullish. 51.6 call 140 OTM 2026-06-26 — Vol/OI 6.5, high; likely bought, bullish longer-dated. 50.7 call 134 OTM 2026-06-12 — Vol/OI 5.3, high; likely bought, aggressive OTM call.

Risks & Catalysts

!Squeeze above $138 if dealers delta-hedge
!Fundamental catalyst reversal
!Vol crush if gamma flips positive

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-06-12 $130.00/$129.00 put spread
Why now: Defined-risk bear put spread profits from downside with limited risk; aligns with multi-week duration.
Limited to net debit; short strike may be tested if support holds.
Long putModerate
Buy 2026-06-12 $128.00 put
Why now: Long put offers convexity and unlimited upside in high vol environment.
Theta decay and potential vol crush if gamma flips positive.

Top Plays

#1
Bear Put Spread
Buy 2026-06-12 $130.00/$129.00 put spread
Buy 130/129 put spread to profit from downside while capping risk.
Why this play: Defined risk, aligns with multi-week bearish bias and negative gamma.
Debit: $0.39-$0.47
Max loss: $0.47
BE: $129.53
Mgmt: Exit near 129 or above 138.
Limited-risk bearish traders.
#2
Long Put
Buy 2026-06-12 $128.00 put
Buy 128 put for leveraged downside exposure.
Why this play: High convexity in volatile market for aggressive downside capture.
Debit: $1.27-$1.55
Max loss: $1.55
BE: $126.45
Mgmt: Monitor delta; consider rolling if vol drops.
Aggressive traders tolerant of premium cost.

Watchlist Triggers

Entry Triggers
IFPLTR price breaks below $130 → Buy 2026-06-12 $130/$129 bear put spread
IFPLTR price breaks below $125 → Buy 2026-06-12 $128 put
Exit Triggers
EXITPLTR price recovers above $138 → Close the bear put spread

Tactical Summary

Bearish bias: negative dealer gamma, spot below max pain. Key support $130, $125, $120; resistance $138, $140. Rank1: bear put spread 130/129, entry <130, exit >138. Rank2: long 128 put, entry <125. Gamma flip at $120 accelerates downside.
How to Use These Reports
This directional reflects the market close on June 10, 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.