base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 4.2% from MP; +1 VIX 18; override: base 5; -1 GEX/flow; +1 GEX pinning; -0.5 spot from MP; +1 VIX 18
Term structure: Front-end elevated, slight contango then backwardation
Spot vs MP: Above
GEX regime: Pinning ($+6.5M)
Gamma flip: ~$110.00 — Approx — based on put OI concentration of 21,793 (4.9% below spot)
OI concentrations: Max pain pins $111 (7/2), $120 (7/10), $130 (7/17); put concentration $110
#1Iron condor
Sell 2026-07-31 $108.00/$100.00 put wing and $128.00/$138.00 call wing
Short strangle with defined wings, benefiting from pinning near $115.
Mgmt: Target 50% max profit; exit if spot moves beyond $111 or $128.
#2Put credit spread
Sell 2026-07-31 $106.00/$100.00 put spread
Bullish credit spread betting price stays above $106.
Mgmt: Exit if price breaks below $111 invalidation; take profit at 50% max.
#3Short strangle
Sell 2026-07-31 $108.00 put + sell $128.00 call
Sells OTM put/call to capture high IV time decay.
Mgmt: Monitor gamma flip at $110 and call wall at $140; close at 50% gain.