Term structure: Front-dated IV spike (0–7d rich, ~188% ATM) then drops toward multi-week avg (~85%); longer-dated elevated but flatter
Spot vs MP: Above
GEX regime: Pinning ($+126.6M)
Gamma flip: ~$20.00 — Approx — based on put OI concentration of 30,392 (30.0% below spot)
OI concentrations: Spot ~$29.50; largest put OI clusters at $25 and $24 (≈35% of put OI), call OI concentration near $30
#1Put credit spread
Sell 2026-05-15 $25.00/$23.00 put spread
Sell spread to capture steep front-end IV post-earnings while limiting downside.
Mgmt: Take profits as premium compresses; roll wider/down if underlying moves toward $25 or close before earnings-induced gap.
#2Iron condor
Sell 2026-05-15 $25.00/$22.00 put wing and $30.00/$33.00 call wing
Sell both wings to monetize extreme IV skew while keeping defined loss both sides.
Mgmt: Trim losers, adjust broken wing early, tighten if IV collapses or stock nears short strikes.
#3Cash-secured put
Sell 2026-05-15 $25.00 cash-secured put
Sell to acquire shares at net lower cost or collect yield; retains large assignment risk near $24–$25.
Mgmt: Use smaller size, monitor assignment windows, close or roll if stock gaps below $25 or IV collapses.
!Assignment/margin risk on short puts if underlying gaps into $24–$25
!Rapid IV crush in 1–3d can erase short-dated premium quickly
!Front-week skew distortion can produce sharp delta/gamma swings and execution slippage