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WULF

TeraWulf Inc.Close $27.86EOD only

Max Pain

$18.00

Next expiry Jun 18, 2026

Expected Move

±$1.21

4.4% from close

Price Gap

-9.86

Distance to max pain

IV Rank

100

High premium

P/C OI

0.37

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 17, 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 17, 2026 close

WULF Directional Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

WULF shows structural dealer long gamma and pinning at $26, favoring a bullish bias with limited downside in the near term despite high vol. Thesis: range-bound with upside bias toward $29-$30 over 1-2 weeks.

Confidence:

7.5 / 10

Base 5; +2 GEX/flow aligned (strong dealer long gamma); +1 GEX pinning; -1 spot 54.8% from MP; +0.5 VIX 18. Total 7.5.

Supports: Dealer long gamma, pinning at $26, strong GEX/DEX, support at $23.6.
Conflicts: High vol, spot far from MP, mixed flow.

🔵GEX +$163.9M; dealer long gamma supports $26 pin

🟡Spot 54.8% from MP $18; price discovery risk

🟢VIX 18.44; moderate macro risk

Regime Classification

Vol Regime

High

High vol as IV elevated vs typical range; VIX 18.44 adds macro uncertainty.

Gamma Regime

Pinning

Gamma pinning at $26 (6/26) with $+163.9M GEX; spot near this level.

Flow Regime

Mixed

Mixed flow; premium neutral but dealer long gamma favors containment.

Spot vs Max Pain

Above

Spot above max pain $18; 54.8% from MP, but near $26 pin.

Thesis duration: Multi-week — Multiple expiry pinning and structural dealer positioning suggest multi-week range.

Price Range Forecast

Next 2 days

$26.65$29.08

2d range support at $26.65; resistance $29.08; pinning at $26.

Next 1 week

$24.67$31.06

Broader range with $24.67 support and $31.06 resistance; $26 pin key.

Next 2 weeks

$23.60$32.13

Wider range $23.6-$32.13; structural levels.

Key Levels

Max pain pins: $18 (2026-06-18); $26 (2026-06-26); $17 (2026-07-02)

EM guardrails: 2d $26.65/$29.08; 1w $24.67/$31.06

Support: $23.60

Resistance: $30.00 · $32.13

Structural: Support $23.6; Resistance $30-$32.13; Max pain pins: $18 (6/18), $26 (6/26), $17 (7/2). EM guardrails 2d $26.65/$29.08.

Dealer Positioning (GEX/DEX)

GEX: $+163.9M

DEX: +118.3M shares

Gamma flip: N/A

NTM gamma: GEX +$163.9M, DEX +118.3M shares; strong dealer long gamma, no flip risk.

IV Analysis

IV vs VIX: IV elevated vs VIX 18.44; rich but justified by earnings/events.

Term structure: Front-end elevated; back-month normal; event kinks around 6/26 and 7/2 expiries.

Skew: Skew steep in puts; opportunity to sell put spreads at support $24.67.

Flow Analysis

Net premium: Net call premium $9.8M; put vol ratio 1.28, OI ratio 0.37, bearish volume but bullish OI skew.

Directional prints: 92.2 put 23 OTM 2026-07-17 — Vol/OI 31.6; massive put buying, likely bearish hedge or bearish bet. 89.6 put 27 OTM 2026-07-17 — Vol/OI 2.9; heavy put accumulation, bearish sentiment. 95.5 call 31 OTM 2026-09-18 — Vol/OI 2.3; call buying for upside, possibly bullish.

Unusual: 92.2 put 23 OTM 2026-07-17 — Extreme vol/OI 31.6; unusual put activity, potential bearish catalyst. 89.6 put 27 OTM 2026-07-17 — Vol/OI 2.9; notable put accumulation relative to OI. 71.1 put 28.5 ITM 2026-06-18 — Vol/OI 3.1; concentrated put buying.

Risks & Catalysts

!Spot breaks below $24.67 support

!Gamma flip if put OI accumulates

!Macro downturn

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Weak	Buy 2026-07-10 $26.00/$30.00 call spread Why now: Captures upside with defined risk; aligns with gamma support at $26.	Limited upside if spot stays below 30. Liquidity constraints: long_call: Volume below 5.
Put credit spread	Moderate-Weak	Sell 2026-07-10 $24.00/$23.00 put spread Why now: Harvests premium while delta tail risk from dealer gamma; OTM puts are cheap.	Gap-down risk below 23. Liquidity constraints: short_put: Wide spread (62%).

Top Plays

Bull Call Spread 26/30

Buy 2026-07-10 $26.00/$30.00 call spread

Buy $26/$30 call spread; profits if WULF stays above $26 by Jul 10, targeting $30.

Why this play: Best aligns with upside bias to $29-$30, defined risk, supported by dealer gamma at $26.

Debit: $1.74-$2.12

Max loss: $2.12

BE: $28.12

Mgmt: Take profit near $29-$30; stop if spot breaks below $24.67. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Traders expecting moderate upside with capped risk.

Put Credit Spread 24/23

Sell 2026-07-10 $24.00/$23.00 put spread

Sell $24/$23 put spread; profits if WULF stays above $24 by Jul 10.

Why this play: High probability premium harvest; dealer gamma supports floor near $24.

Credit: $0.19-$0.23

Max loss: $0.77

BE: $23.77

Mgmt: Close if spot nears $24; invalidation below $23.6. Liquidity warning: Liquidity constraints: short_put: Wide spread (62%).

Traders preferring low risk and consistent premium income.

Watchlist Triggers

Entry Triggers

IFWULF holds above $26 for one session → Enter WULF-1: Buy $26/$30 call spread for 1.74–2.12

IFWULF rallies above $28 → Sell WULF-2: $24/$23 put spread for 0.05–0.10

Exit Triggers

EXITWULF breaks below $24.67 → Close WULF-1 and consider adjusting WULF-2

Tactical Summary

WULF bullish bias, dealer gamma pins at $26. Range-bound upside to $29-$30. Monitor $24.67 support. Plays: Bull Call Spread 26/30, Put Credit Spread 24/23 (revised credit).

How to Use These Reports

This directional reflects the market close on June 17, 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.