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WULF

TeraWulf Inc.Close $28.98EOD only

Max Pain

$26.50

Next expiry Jun 26, 2026

Expected Move

±$3.12

10.8% from close

Price Gap

-2.48

Distance to max pain

IV Rank

100

High premium

P/C OI

0.41

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

WULF Directional Report

Analysis based on market close June 18, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias supported by dealer gamma and flow. High IV and pinning cap range to $25.86-$32.09.

Confidence:

8 / 10

GEX/flow aligned +2, GEX pinning +1, spot from MP -1, VIX +1.

Supports: Bullish flow, +$169M gamma, spot above MP.
Conflicts: High IV, spot far from gamma flip.

🟢Bullish flow & gamma aligned.

🟡Gamma flip at $23 key support.

🔴High vol increases risk.

Regime Classification

Vol Regime

High

IV elevated vs typical range.

Gamma Regime

Pinning

Positive gamma $169M, flip at $23.

Flow Regime

Bullish

Net bullish premium.

Spot vs Max Pain

Above

Spot above $19 and $26 pins.

Thesis duration: Event-specific — Event-driven near-term expiries.

Price Range Forecast

Next 1 week

$25.86$32.09

Range bound $25.86-$32.09

Next 2 weeks

$24.58$33.38

Upside to $33.38, support $24.58

Key Levels

Max pain pins: $19 (2026-06-18); $26 (2026-06-26); $17 (2026-07-02)

EM guardrails: 1w $25.86/$32.09

Support: $24.58

Resistance: $30.00 · $33.38

Gamma flip: ~$23.00 — Approx — based on put OI concentration of 51,273 (20.6% below spot)

Structural: Support $24.58, resistance $30/$33.38. Gamma flip $23.

Dealer Positioning (GEX/DEX)

GEX: $+169.2M

DEX: +124.3M shares

Gamma flip: ~$23 (Approx — based on put OI concentration of 51,273 (20.6% below spot))

NTM gamma: Net long gamma +$169M, DEX +124M shares.

IV Analysis

IV vs VIX: IV elevated vs VIX 16.4.

Term structure: Backwardated near 6/18 and 6/26.

Skew: Put skew high; strangle opportunity.

Flow Analysis

Net premium: Net premium $48.4M, P/C vol ratio 0.27, strong bullish flow.

Directional prints: 95.5 call 40 OTM 2026-09-18 — Vol/OI 5.2x, high. Likely bought, preferred read: bullish. 86.2 call 31 OTM 2026-06-26 — Vol/OI 3.7x, elevated. Likely bought, preferred read: bullish. 93.3 call 40 OTM 2026-08-21 — Vol/OI 2.9x, above avg. Likely bought, preferred read: bullish.

Unusual: 95.5 call 40 OTM 2026-09-18 — Vol/OI 5.2x, unusual. Possibly bought, preferred read: bullish. 36.3 put 29 ITM 2026-06-18 — Vol/OI 5.0x, unusual for put. Could be bearish hedge or sold premium. Preferred read: bearish. 86.2 call 31 OTM 2026-06-26 — Vol/OI 3.7x, unusual. Likely bought, preferred read: bullish.

Risks & Catalysts

!Flow reversal to gamma flip

!Event risk

!Pin to max pain $19

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-08-21 $30.00/$39.00 call spread Why now: Bullish flow, dealer gamma support, and range $25.86-$32.09 favor upside.	Earnings gap risk; pin to max pain $19 could limit upside.
Put credit spread	Moderate	Sell 2026-08-21 $24.00/$19.00 put spread Why now: High IV and bullish flow support premium sale; support at $25.86 provides cushion.	Downside gap from earnings disappointment could breach strikes.
Bull call spread	Moderate-Strong	Buy 2026-08-21 $35.00/$40.00 call spread Why now: Bullish flow, dealer gamma support, high IV favors call spreads.	Max loss limited; upside capped, IV crush after earnings reduces value.
Put credit spread	Moderate	Sell 2026-08-21 $23.00/$19.00 put spread Why now: High IV, pinning range, selling puts below support.	If stock drops below short put, losses increase to width.
Bullish risk reversal	Conditional	Buy 2026-08-21 $35.00 call / sell 2026-08-21 $23.00 put Why now: High IV, bullish flow, low put/call ratio.	Uncapped downside from short put if stock declines sharply.

Top Plays

Bull Call Spread $30/$39

Buy 2026-08-21 $30.00/$39.00 call spread

Buy $30 call, sell $39 call to profit from upside to $32+ with defined risk.

Why this play: Direct bullish bet within price range, strong flow & gamma support, limited risk for 2.2x max gain.

Debit: $2.28-$2.79

Max loss: $2.79

BE: $32.79

Mgmt: Exit if stock drops below $24.58; take partial profits above $35.

Traders expecting moderate upside to $32-$39 by earnings.

Bull Call Spread $35/$40

Buy 2026-08-21 $35.00/$40.00 call spread

Buy $35 call, sell $40 call for leveraged upside above $35.

Why this play: Aggressive upside play on high IV and bullish flow, with lower capital at risk.

Debit: $0.90-$1.11

Max loss: $1.11

BE: $36.11

Mgmt: Defend below $24.58; scale out on rally to $38+.

Traders with high conviction for a strong breakout above range high.

Put Credit Spread $24/$19

Sell 2026-08-21 $24.00/$19.00 put spread

Sell $24 put, buy $19 put to collect premium while staying above support.

Why this play: Premium collection with support from dealer gamma and pinning range, low risk of touch.

Credit: $1.16-$1.41

Max loss: $3.59

BE: $22.59

Mgmt: Monitor gamma flip risk; roll if stock nears $24.

Income-oriented traders expecting stock to stay above $24 through expiration.

Watchlist Triggers

Entry Triggers

IFIF WULF holds above $24.58 and trades near $25.86 support → then buy Bull Call Spread $30/$39 (strategy_id 1)

IFIF WULF stays above $24.58 with bullish flow → then sell Put Credit Spread $24/$19 (strategy_id 2)

Exit Triggers

EXITIF WULF closes below $24.58 → then exit all bullish positions

EXITIF WULF reaches $33.38 resistance → then take partial profits on Bull Call Spread $30/$39

Tactical Summary

Bullish bias with dealer gamma support. Use bull call spreads or put credit spreads within $24.58-$33.38. Invalidation below $24.58.

How to Use These Reports

This directional reflects the market close on June 18, 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.