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STX

Seagate Technology Holdings PLCClose $810.46EOD only
Max Pain
$727.50
Next expiry May 22, 2026
Expected Move
±$30.40
3.8% from close
Price Gap
-82.96
Distance to max pain
IV Rank
57
Middle-high premium
P/C OI
1.09
Balanced positioning
Consensus
—
No reports available
Published snapshot: May 21, 2026 close
End-of-day snapshot

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

Published Snapshot
May 21, 2026 close
STX Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Short Put Spreads
Invalidation: Spot breaks below 737.5 support or gamma flip at 705
Confidence:
4 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.2% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV (avg 91%) vastly exceeds VIX 16.7
Favorable?
Yes

Term structure: Contango from 0-14 DTE then plateau; near-term IV lowest at 40% (0 DTE)

⚠️Put/Call ratio 1.47x volume & 1.13x OI signals elevated hedging pressure.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+4.0M)

Gamma flip: ~$705.00 — Approx — based on put OI concentration of 1,386 (13.3% below spot)

OI concentrations: Max pain at $738/$740; put OI concentrated 13% below spot ($705 gamma flip); call OI wall at $1000; put floor $460-$722.

Verdict: High pin risk: spot $816 is 10% above MP; gap likely closes toward $738.

Premium Opportunities

#1
Call credit spread
Sell 2026-06-26 $950.00/$1070.00 call spread
Sell call spread above price to capture premium from anticipated downside.
Credit: $17.51-$21.40
Max loss: $98.60
BE: $971.40
Mgmt: Monitor pin; exit at 50% max gain or if spot breaches 850. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Iron condor
Sell 2026-06-26 $715.00/$660.00 put wing and $980.00/$1070.00 call wing
Wide condor benefits from IV crush and spot staying in range.
Credit: $25.92-$31.68
Max loss: $58.32
BE: 683.32 / 1011.68
Mgmt: Adjust if spot approaches wings; target 50% gain. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.; short_call: Open interest below 25.; long_call: Open interest below 25.

Risk Alerts

!Spot 10% above max pain; probable move toward $738.
!Near-term volatility expected due to high IV and pinning regime.
!Gamma flip at $705 and support at $737.5 critical if selling premium.
How to Use These Reports
This theta reflects the market close on May 22, 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.