UBER Theta Gang Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Theta Verdict

Confidence:

5 / 10

base 5; +1 normal IV; -1 trending GEX; -1 bearish flow; +1 below max pain; +1 liquid

IV Environment

IV Regime

Normal

IV vs VIX

IV 45% — Elevated but not extreme for UBER

Favorable?

Yes

Term structure: Humped at 5/01 (43.1%) and 5/08 (45.0%), then declining

💰IV ~45% provides decent premium for sellers

📅Peak IV in 30-45 DTE range (May expirations)

Pin Risk Assessment

Spot vs MP: Below max pain by 2.8% ($71.93 vs $74)

GEX regime: Trending (GEX -$33.5M — pro-cyclical)

Gamma flip: ~$55.00 — Gamma flip ~$55 is far below spot; negative GEX means dealers amplify moves in direction of trend

OI concentrations: Major put walls: $55 (29K OI), $60 (42K OI), $70 (14K OI). Call wall: $80 (14K OI)

Verdict: Unfavorable — Trending GEX regime threatens credit positions with accelerated moves

Premium Opportunities

put spread

Sell $70/$65 put spread 5/01 (31 DTE)

Places short strike at major $70 OI support (14K OI) with long leg below next $65 OI level. Uses peak IV in 30 DTE range. Below current spot and max pain.

Credit: $1.10-$1.40

Max loss: $3.90

BE: $68.60

Mgmt: Close at 65% profit. Exit if price closes below $70. Roll down/out if $70 tested but not breached.

iron condor

Sell $67.5/$65P x $77.5/$80C 5/15 (45 DTE)

Wide $10 range captures expected move (±$8.75). Puts below $70 OI support, calls below $80 OI call wall. 45 DTE captures high IV while giving time buffer.

Credit: $1.80-$2.20

Max loss: $3.20

BE: 69.30/78.70

Mgmt: Close at 50% profit. Manage wings independently — roll tested side out 2 weeks for credit. Exit entire position if price breaches either short strike.

cash-secured put

Sell $65 put 6/18 (79 DTE)

For capital-secure sellers willing to own UBER. Strike below major $60 OI wall (42K OI) and gamma flip ($55). Collects high time premium with 79 DTE. ~10% below spot.

Credit: $3.50-$4.50

Max loss: $61.50

BE: $61.50

Mgmt: Roll down/out for credit if tested. Close at 70% profit. Accept assignment below $65 if comfortable owning shares for covered calls.

call credit spread

Sell $77.5/$80 call spread 4/17 (17 DTE)

Defined-risk bearish play against $80 call wall (14K OI). Short strike at $77.5 aligns with expected move upper bound ($76.36). Quick theta decay in 17 DTE.

Credit: $0.45-$0.60

Max loss: $2.05

BE: $78.05

Mgmt: Close at 75% profit. Exit if price closes above $77. Do not hold through earnings (5/06).

Risk Alerts

!Earnings 5/06 (~5 weeks out) — Close all short premium positions before announcement

!Trending GEX (-$33.5M) — Negative gamma means accelerated moves threaten credit spreads

!Bearish flow (net prem -$6.9M, P/C 1.21) — Institutional money positioning for downside

!Major put OI at $55/$60 creates potential gravity if broken — watch $70 support

!Unusual put activity at $73 (4/10 & 4/17) — suggests near-term resistance

!IV crush risk after earnings — avoid selling premium too close to 5/06

Read the Theta Gang analysis for UBER for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.