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SE

Sea LimitedClose $86.55EOD only
Max Pain
$90.00
Next expiry May 22, 2026
Expected Move
±$3.45
4.0% from close
Price Gap
+3.45
Distance to max pain
IV Rank
9
Low premium
P/C OI
0.68
Slightly call-heavy
Consensus
4/4
Partial coverage
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects SE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
SE Theta Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness6.5 / 10
Sizing: Small
Primary: Sell defined-risk put spreads near OI support, targeting 30-45 DTE.
Invalidation: Close below $80 gamma flip level.
Confidence:
3 / 10
base 2; +1 high IV; +1 pinning regime; -1 low liquidity

IV Environment

IV Regime
High
IV vs VIX
IV 65% — Extremely elevated. Favorable for premium selling.
Favorable?
Yes

Term structure: Humped at 45-80 DTE (IV ~61-66%), lower in near-term and far-dated.

💰IV >60% across most expirations provides rich premium.
⚠️Low liquidity may cause wide bid-ask spreads.

Pin Risk Assessment

Spot vs MP: At max pain ($82.00 vs spot $82.81).

GEX regime: Pinning (Total GEX +$572K).

Gamma flip: ~$80.00 — Below $80, negative gamma could accelerate selling.

OI concentrations: Call wall $87.50 (6.6K OI), Put wall $80.00 (2.8K OI).

Verdict: Favorable — Spot at max pain with positive GEX suggests a pinning environment, supportive of credit strategies.

Premium Opportunities

#1
put spread
Sell $80/$75 Put Spread, exp 2026-05-15 (45 DTE)
Targets major OI support at $80 (2.8K OI) below the gamma flip. High IV (~62%) provides good credit. Defined risk suits low-liquidity chain.
Credit: $1.10-$1.40
Max loss: $3.90
BE: $78.60
Mgmt: Close at 65% max profit. Exit if SE closes below $80. Assume wide bid-ask (~$0.30).
#2
cash-secured put
Sell $75 Put, exp 2026-05-15 (45 DTE)
High IV yields substantial premium. Strike is 9.4% below spot and below the $80 gamma flip, providing a buffer. Suitable for those willing to take assignment.
Credit: $3.50-$4.50
Max loss: $70.50
BE: $71.50
Mgmt: Roll down/out if put tested. Close at 70% profit. Be aware of wide spreads (~$1.00).
#3
call credit spread
Sell $87.50/$90 Call Spread, exp 2026-04-17 (17 DTE)
Targets the massive call OI wall at $87.50 (6.6K OI). Shorter DTE capitalizes on theta decay in a pinning regime. Defined risk.
Credit: $0.45-$0.65
Max loss: $2.05
BE: $88.15
Mgmt: Close at 80% profit. Exit if SE closes above $87.50. Assume wide spreads (~$0.20).
#4
iron condor (illustrative)
Sell $75/$80P x $87.5/$92.5C, exp 2026-05-15 (45 DTE)
Illustrative only. Places short strikes at key OI levels ($80P, $87.5C) within the expected move ($68.61 - $97.01). High IV boosts credit.
Credit: $2.00-$2.80
Max loss: $3.00
BE: 77.00 / 90.50
Mgmt: Close at 50% profit or if any short strike is breached. Execution risk is high due to low liquidity and 4 legs.

Risk Alerts

!Low Liquidity: With 167,851 total OI, bid-ask spreads are wide. All credit estimates are theoretical and execution may be poor.
!Gamma Flip at $80: A close below $80 could trigger accelerated selling as dealer hedging shifts from stabilizing to amplifying moves.
!Earnings 5/12 (est.): ~6 weeks out. Avoid selling naked options into this event. Close or roll positions before the announcement.
!Unusual Put Flow: Large premium flow into Dec 2026 $70 Puts ($-4.9M net) suggests institutional downside hedging.
!Volatility Skew: High IV in mid-dated expirations (May-Jun) may compress if volatility normalizes, leading to IV crush on long-dated shorts.
How to Use These Reports
This theta reflects the market close on March 31, 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.