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SLB

SLB LimitedClose $57.28EOD only

Max Pain

$54.00

Next expiry May 22, 2026

Expected Move

±$1.64

2.9% from close

Price Gap

-3.28

Distance to max pain

IV Rank

Low premium

P/C OI

0.59

Slightly call-heavy

Consensus

3/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

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

Published Snapshot

May 20, 2026 close

SLB Theta Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7 / 10

base 5; +1 pinning regime; +1 normal IV; +1 spot above MP; -1 earnings in 24 days

IV Environment

IV Regime

Normal

IV vs VIX

IV 49.7% — Normal for SLB

Favorable?

Yes

Term structure: Humped at 4/24 (47.7%), dips at 4/17 (41.7%), elevated near earnings

💰Normal IV provides consistent premium without extreme risk

📅IV elevated for 4/24 expiration (earnings week)

Pin Risk Assessment

Spot vs MP: Above by 2.8% (spot $51.39 vs MP $50)

GEX regime: Strong Pinning (GEX +$48.1M)

Gamma flip: ~$42.00 — Below $42, dealers amplify moves downward

OI concentrations: Call wall $65 (56K), Put wall $42.50 (13K)

Verdict: Favorable — strong positive GEX supports mean reversion and pinning near current levels

Premium Opportunities

put spread

Sell $47.50/$45 put spread 4/17 (17 DTE)

Strong pinning regime with spot above max pain. Short strike is below current price and above major put OI at $42.50. 41.7% IV provides decent premium for defined risk.

Credit: $0.45-$0.55

Max loss: $1.95

BE: $46.95

Mgmt: Close at 65% profit. Exit if price closes below $47. Roll if price approaches $47.50.

covered call

Sell $54 call 4/24 (24 DTE) against long stock

Spot above max pain with strong pinning. $54 is above expected move ($56.03) and call OI is light. Elevated IV (47.7%) due to earnings provides enhanced premium.

Credit: $0.70-$0.90

Mgmt: Close at 50% profit. Roll up and out if price approaches $54 before earnings. Close before earnings announcement on 4/24.

iron condor

Sell $47.50/$45P x $55/$57.50C 4/17 (17 DTE)

Pinning regime favors range-bound trading. Strikes are outside expected move ($47.81-$54.97) and avoid major OI concentrations. Defined risk with positive theta decay.

Credit: $0.85-$1.05

Max loss: $1.15

BE: 46.15/56.35

Mgmt: Close at 50% profit. Adjust if either short strike is tested. Close entire position if price breaks $46 or $56.

calendar spread

Sell $50 call 4/10 (10 DTE), Buy $50 call 5/01 (31 DTE)

Benefit from IV term structure: sell elevated IV near earnings (4/24 expiration), buy lower IV in May. Max pain at $50 for both near-term expirations supports pinning.

Credit: $0.30-$0.40

Mgmt: Close when short option decays to 10-20% of credit received. Exit if price moves significantly away from $50. Close before earnings.

Risk Alerts

!Earnings on 4/24 — close all short premium positions before announcement

!Gamma flip at $42 — breach could lead to accelerated selling

!Large OI call wall at $65 may act as long-term resistance

!IV elevated for 4/24 expiration — beware of IV crush post-earnings

!Major put OI at $42.50 represents significant support level

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.