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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 Earnings Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Elevated IV with bullish flow; 49 days to earnings, long-dated call activity suggests upside positioning.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 52.5% from MP; +1 VIX 16
Most important: Strong bullish flow with $40 calls accumulation.
🚀Large $40 call accumulation signals long-dated upside conviction
⚠️Spot far above max pain ($19) for 6/18 expiry, pinning risk
📈Upward sloping IV term structure supports elevated demand

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$23.00 — Approx — based on put OI concentration of 51,273 (20.6% below spot)

Earnings Overview

Next earnings: 2026-08-06 (49 days)explicit

Expected moves:

  • 2026-06-26 (8d): ±$3.12 (10.7%)
  • 2026-07-02 (14d): ±$4.40 (15.2%)
  • 2026-07-10 (22d): ±$5.60 (19.3%)

IV Setup

Term structure: Upward sloping, short-dated 10.7% to 22d 19.3%.

Crush estimate: Earnings far out; moderate IV crush post-event, likely 20-30% drop.

Skew: Put skew elevated; puts cheap vs calls.

Historical Context

Beat rate: 40% (2/5 quarters)

Avg move vs expected: Limited data; 40% beat rate.

Directional bias: Mixed; recent bullish sentiment.

Key Levels

1$23.00 gamma flip
2EM guardrails: 1w $25.86/$32.09
3Max pain pins: $19 (2026-06-18); $26 (2026-06-26); $17 (2026-07-02)

Flow Highlights

2200+ volume on WULF 40C 9/18, OI 445, IV 95.5%

Bullish speculation on long-term upside.

Large put volume near spot at $29 put expiring 6/18, IV 36.3%

Hedging or bearish bet near expiration.

Strategies

Bull Call Spread
Buy 2026-08-21 $30.00/$34.00 call spread
Debit: $1.24-$1.52
Max loss: $1.52
Max gain: $2.48
BE: $31.52
Trigger: Exit near earnings or set stop at invalidation $24.58.
Strong bullish flow and upward term structure.
Outperforms: Buy $30/$34 call spread to capture upside with defined risk.
Underperforms: Loss of support weakens upside continuation thesis.
Call Diagonal
Sell 2026-07-10 $36.00 call / buy 2026-07-24 $32.00 call
Debit: $1.39-$1.69
Max loss: $1.69
Max gain: Variable
BE: Path-dependent
Trigger: Roll if price breaches short strike. Liquidity warning: Liquidity constraints: short_call: Wide spread (81%).; long_call: Volume below 5.
Upward term structure and bullish flow.
Outperforms: Sell near-term call, buy later call to benefit from time decay and skew.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-07-24 $24.00 put + sell $35.00 call
Credit: $2.40-$2.94
Max loss: Unlimited
Max gain: $2.94
BE: 21.06 / 37.94
Trigger: Adjust if spot moves near strikes. Liquidity warning: Liquidity constraints: short_put: Wide spread (73%).
High IV and expected range-bound price.
Outperforms: Sell $24 put and $35 call to collect premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long strangle
Buy 2026-08-21 $24.00 put + buy $34.00 call
Debit: $4.44-$5.43
Max loss: $5.43
Max gain: Unlimited
BE: 18.57 / 39.43
Elevated IV and expected 20-30% crush after event; wide strikes capture potential outsized move.
Outperforms: Profit from large post-earnings move in either direction with cheap long volatility structure.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Spot 52.5% from max pain at $19 on 6/18
!Gamma flip at $23 potential downside risk
!VIX at 16, moderate volatility.

What to Watch

?Max pain $19 (6/18) and $26 (6/26)
?Call wall $32-$35
?Put floor $23-$23.
How to Use These Reports
This earnings 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.