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WULF

TeraWulf Inc.Close $26.06EOD only
Max Pain
$18.00
Next expiry Jun 18, 2026
Expected Move
±$2.49
9.5% from close
Price Gap
-8.06
Distance to max pain
IV Rank
65
High premium
P/C OI
0.38
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 12, 2026 close
End-of-day snapshot

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

Published Snapshot
Jun 12, 2026 close
WULF Directional Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias from strong GEX and flow, but spot 8.6% above $24 MP risks reversion; expect pin to $24 within 1-2 weeks.

Confidence:
8 / 10
Base 5, +2 GEX/flow aligned, +1 gamma pinning, -1 spot above MP, +1 VIX 18
Supports: Bullish flow, +$172M GEX, low VIX 18
Conflicts: Spot above $24 MP, high vol regime
🟢GEX +$172M pinning $24
🔴Spot 8.6% above MP, reversion risk
🟡High vol regime, IV elevated vs VIX

Regime Classification

Vol Regime
High
IV elevated vs 20d HV, above VIX 17.68
Gamma Regime
Pinning
GEX +$172M, strong pin at $24 max pain (6/12)
Flow Regime
Bullish
Bullish net buying, low P/C
Spot vs Max Pain
Above
Spot above $24 MP ~8.6%, risk of pin
Thesis duration: Multi-week — Price ranges extend 2 weeks with multiple expiry pinning levels

Price Range Forecast

Next 1 week
$23.57$28.54
Gamma pin to $24, range $23.57-$28.54
Next 2 weeks
$22.13$29.98
Risk break to support $22.13 if flow reverses

Key Levels

Max pain pins: $24 (2026-06-12); $18 (2026-06-18); $24 (2026-06-26)
EM guardrails: 1w $23.57/$28.54
Support: $24.00 · $22.13
Resistance: $27.00 · $29.98
Structural: Max pain pins: $24 (6/12), $18 (6/18), $24 (6/26); EM guardrails 1w $23.57/$28.54; support $24/$22.13; resistance $27/$29.98; no gamma flip

Dealer Positioning (GEX/DEX)

GEX: $+172.0M

DEX: +106.5M shares

Gamma flip: N/A

NTM gamma: GEX +$172M, DEX +106.5M shares, strong gamma support at $24, no flip risk

IV Analysis

IV vs VIX: IV elevated vs VIX 17.68, implying high stock-specific vol

Term structure: Steep near expiry due to pinning events

Skew: Put skew elevated; consider put credit spreads at $24

Flow Analysis

Net premium: Net premium $55.9M, P/C vol ratio 0.32, aggressive call buying.

Directional prints: 97.3 call 41 OTM 2027-01-15 — Vol 1627 vs OI 153 (10.6x), new bullish position; likely bought.

Unusual: 97.3 call 41 OTM 2027-01-15 — High vol/OI 10.6x, aggressive call buying. 93.8 put 25 OTM 2026-06-26 — Vol 5239 vs OI 1013 (5.2x), bearish put buying or hedging. 86.3 put 26.5 ITM 2026-06-18 — Vol 1279 vs OI 696 (1.8x), moderate put activity.

Risks & Catalysts

!Spot breaks below $24 gamma pin
!Bullish flow reversal
!Vol crush after expiry

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate
Sell 2026-08-21 $24.00/$23.00 put spread
Why now: Thesis expects pin to $24; selling put at $24 with long $23 put hedge profits from stable/up move.
Spot breaks below $23, max loss on spread. Liquidity constraints: long_put: Volume below 5.
Bull call spreadModerate
Buy 2026-08-21 $25.00/$28.00 call spread
Why now: Multi-week bullish bias; buy OTM call, sell higher call to fund.
Spot fails to recover, loses debit.

Top Plays

#1
Pin to $24 Put Credit Spread
Sell 2026-08-21 $24.00/$23.00 put spread
Sell 2026-08-21 $24/$23 put spread to capitalize on expected pin to $24 within 1-2 weeks.
Why this play: Thesis expects pin to $24; selling put at $24 with $23 hedge profits from stable/up move, low cost.
Credit: $0.34-$0.42
Max loss: $0.58
BE: $23.58
Mgmt: Close if spot breaks below $24; take profit at 50% of max gain or before expiry. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Traders expecting sideways to slightly bullish price action near $24.
#2
Bullish Momentum Call Spread
Buy 2026-08-21 $25.00/$28.00 call spread
Buy 2026-08-21 $25/$28 call spread to capture any upside momentum beyond $24 pin.
Why this play: Multi-week bullish bias and strong call flow support upside; but risk of reversion makes it secondary.
Debit: $1.17-$1.43
Max loss: $1.43
BE: $26.43
Mgmt: Monitor spot; close if below $24; take profit if spot nears $28 or by expiry.
Traders with higher risk tolerance and conviction in bullish continuation.

Watchlist Triggers

Entry Triggers
IFSpot trades above $24 with bullish bias → Sell 2026-08-21 $24/$23 put credit spread for $0.38-$0.42 credit
IFSpot holds above $24 and shows upward momentum → Buy 2026-08-21 $25/$28 call spread for $1.17-$1.43 debit
Exit Triggers
EXITSpot breaks below $24 → Close put credit spread to limit loss to $0.58 per spread
EXITSpot reaches $28 or invalidates below $24 → Close bull call spread to capture profit or limit loss

Tactical Summary

Bullish bias, expected pin to $24. Support $24, resistance $27/$29.98. Prefer put credit spread $24/$23 for pin; bull call spread $25/$28 for momentum. Risk: spot below $24 invalidates.
How to Use These Reports
This directional reflects the market close on June 12, 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.

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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.