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PLTR

Palantir Technologies Inc.Close $146.39EOD only
Max Pain
$139.00
Next expiry Apr 24, 2026
Expected Move
±$7.60
5.2% from close
Price Gap
-7.39
Distance to max pain
IV Rank
100
High premium
P/C OI
0.98
Balanced positioning
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 17, 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
Apr 17, 2026 close
PLTR Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell short-dated (21–45D) put-credit spreads and small iron-condors sized to limit max loss to 1–2% of portfolio; avoid naked short puts, prefer defined-risk structures and buy cheap wings for tail protection.
Invalidation: Large gap move > gamma flip ($120) or sustained volatility collapse to <40% ATM or concentrated pin move breaching sold wings
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Equity IV >> VIX (avg IV ~62 vs VIX ~18.9) — stock-specific vol elevated
Favorable?
No

Term structure: Near-dated put skew pronounced (24Apr puts >> calls); term structure mixed with back-month bumps

⚠️High IV + concentrated near-term puts — premium selling only with defined-risk and short tenors
📌Max-pain clustering at $140 across near expiries — elevated pin risk into expiry

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+55.1M)

Gamma flip: ~$120.00 — Approx — based on put OI concentration of 23,963 (17.7% below spot)

OI concentrations: Put OI concentrated ~23,963 contracts (~17.7% below spot); max-pain/OI cluster at $140

Verdict: Pin risk elevated into near expiries; asymmetry favors downside pin but rapid moves can blow defined-risk wings if unhedged

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $140.00/$135.00 put spread
Sell 5/15 140/135 put spread to collect rich premium while buying wings to cap loss.
Credit: $1.62-$1.98
Max loss: $3.02
BE: $138.02
Mgmt: Trim/close if spot ≤ sold strike or IV drops >15 pts in 48h; cap size per expiry.
#2
Iron condor
Sell 2026-05-15 $140.00/$135.00 put wing and $155.00/$160.00 call wing
Sell 5/15 140/135 put and 155/160 call wings sized to limit loss to ~1–2% portfolio; breakeven edges ±~3.5% from spot. Scenario: if stock stays between 137–158 through expiry you keep ~60–90% of premium.
Credit: $2.95-$3.60
Max loss: $1.40
BE: 136.40 / 158.60
Mgmt: Keep small; reduce if spot approaches wings or short delta >|1,000|; buy wings or close if IV collapses or one side moves ITM.
#3
Covered call
Buy shares + sell 2026-06-18 $155.00 call
Buy stock and sell 6/18 155 call to collect premium post‑earnings; keeps upside to strike plus premium, downside protected by collected premium to breakeven.
Credit: $8.33-$10.18
Max loss: Stock downside to $0 less call premium
BE: $135.71
Mgmt: Roll up/extend if stock nears sold strike and bullish; close if fundamentals deteriorate or to avoid assignment.

Risk Alerts

!Max-pain cluster at $140 into multiple expiries — cap allocation per expiry to 25–30% of strategy notional
!Delta hedge threshold: hedge if portfolio short delta exceeds |1,000|; consider delta-neutral adjustments intraday around pin levels
!Vega hedge threshold: reduce/hedge if net vega exposure > $200k; buy protective wings if IV falls rapidly
!Stop guidance: close or materially reduce short-tenor positions if spot trades through sold wing or if IV collapses >15 pts in 48h
How to Use These Reports
This theta reflects the market close on April 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.