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PLTR

Palantir Technologies Inc.Close $137.41EOD only

Max Pain

$134.00

Next expiry May 22, 2026

Expected Move

±$2.71

2.0% from close

Price Gap

-3.41

Distance to max pain

IV Rank

Low premium

P/C OI

0.97

Balanced positioning

Consensus

6.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

PLTR Theta Report

Analysis based on market close April 6, 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 6, 2026. A newer theta report is available for May 21, 2026.

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Theta Verdict

Confidence:

6 / 10

base 5; +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +1 high IV; -1.5 GEX/flow contradict and event risk

IV Environment

IV Regime

High

IV vs VIX

IV 60.1% — very elevated

Favorable?

Yes

Term structure: Significant inversion: May 8 (32 DTE) IV 60.8% vs May 15 (39 DTE) IV 58.2% — 2.6 vol-point dislocation

💰High IV (60.1%) favors premium sellers

⚠️IV inversion at May 8/May 15 suggests event risk — use defined-risk strategies

Pin Risk Assessment

Spot vs MP: Above by 1.3% ($147.93 vs $146.00)

GEX regime: Pinning (GEX +$40.4M)

Gamma flip: ~$120.00 — Below $120, dealers amplify moves — far from spot

OI concentrations: Call walls $150 (26K OI), $155 (19K); Put walls $130 (19K), $100 (15K)

Verdict: Favorable — strong positive GEX and max pain clustering support pinning near $145-$150, but divergent max pain ($145 vs $150) for May expirations adds uncertainty

Premium Opportunities

reverse calendar spread

Sell May 15 $150 call / Buy May 8 $150 call (sell 2026-05-15, buy 2026-05-08)

Capitalizes on IV inversion: sell higher-IV near-dated (60.8%) and buy lower-IV far-dated (58.2%) option. Profits from accelerated decay of short May 8 call and IV differential collapse post-May 8 expiration. Expected move divergence (±$10.57 vs ±$22.65) confirms event risk priced into May 8 week.

Credit: $0.40-$0.60

Max loss: $4.40

BE: Variable; depends on IV collapse and theta decay

Mgmt: Close for profit if IV inversion narrows significantly; exit if spot breaches $160 before May 8; manage as a unit — close both legs if thesis breaks.

put spread

Sell $140/$135 put spread 2026-04-17 (11 DTE)

High IV provides rich premium; put OI cluster at $130-$140 provides support; positive GEX pinning reduces downside risk; defined risk in weekly expiration.

Credit: $0.98-$1.05

Max loss: $4.02

BE: $139.02

Mgmt: Close at 65% profit; exit if spot closes below $135; roll if tested but not breached.

iron condor

Sell $140/$135P x $155/$160C 2026-04-24 (18 DTE)

Wide expected move ($135.33-$160.53) provides room; call OI wall at $155 and put OI at $140 act as magnets; high IV boosts credit; positive GEX supports range-bound price action.

Credit: $1.40-$1.70

Max loss: $3.60

BE: 136.40/158.60

Mgmt: Close at 50% profit; manage wings independently — close tested side if spot breaches short strike; exit if spot breaks outside $135-$160.

cash-secured put

Sell $140 put 2026-04-24 (18 DTE)

High IV yields premium >1.5% of strike; put OI support at $140; positive GEX pinning reduces assignment risk; willing to own stock at $140.

Credit: $2.18-$2.27

Max loss: $137.73

BE: $137.73

Mgmt: Close at 70% profit; roll down and out if spot breaches $135; assign if below breakeven at expiration.

Risk Alerts

!IV inversion at May 8/May 15 (60.8% vs 58.2%) indicates event risk — avoid naked short positions in May expirations.

!Earnings on 2026-05-04 — close all naked positions before announcement; defined-risk spreads only.

!Gamma flip at $120 — far below spot but a break below would accelerate selling.

!Unusual activity: massive put flow at $320 (June) suggests institutional hedging — monitor for broader sentiment shift.

!Net premium -$281.1M indicates overall put buying — contrarian signal for premium sellers.

!Divergent max pain for May expirations ($145 May 8 vs $150 May 15) adds pin risk uncertainty.

How to Use These Reports

This theta reflects the market close on April 6, 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.