base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.6% from MP
Term structure: Humped at 4/17 (51.1%), then declines to 44.6% by 5/22
Spot vs MP: Above by 3.6% (spot $341.76 vs max pain $330)
GEX regime: Pinning (GEX +$15.1M)
Gamma flip: ~$330.00 — Below $330, dealers amplify moves
OI concentrations: Put wall $330 (17K OI), call wall $350 (10K OI)
#1put spread
Sell $330/$325 put spread 4/24 (18 DTE)
Pinning regime with max pain at $330; strong put OI support; below spot but above gamma flip
Mgmt: Close at 65% profit; exit on close <$330
#2iron condor
Sell $330/$325P x $360/$365C 4/24 (18 DTE)
Wide range within expected move ($312.71-$370.81); positive GEX pinning; call OI wall at $360
Mgmt: Close at 50% profit; roll if either short strike tested
#3covered call
Sell $350 covered call 4/24 (18 DTE)
Spot below call OI wall at $350; GEX concentration +$3.5M at $350 acts as pin magnet; high IV boosts premium
Mgmt: Roll up/out if price approaches $350; close at 80% profit
#4cash-secured put
Sell $330 put 4/24 (18 DTE)
Max pain and largest put OI cluster at $330; positive GEX supports; credit >1% of strike
Mgmt: Roll down/out if price breaches $330; close at 70% profit
!Earnings on 2026-04-16 — close all positions before announcement
!Gamma flip at $330 — exit credit positions if spot closes below
!IV crush risk post-earnings — avoid selling premium after 4/16
!Unusual call activity at $340 (4/24) suggests institutional bullish bets
!Expected move ±$29.05 (8.5%) for 4/24 — size positions accordingly