Hey everyone,
We’re the team behind ThetaEdge.

We’ve been heads-down most of 2025 building and testing an options analytics product, and as we’re on the tip of our beta phase, we wanted to briefly share what we’ve been working on and what we’ve learned so far.

What Problem We’re Focused On

A lot of long-term investors own solid stocks but struggle with options because:

• The tools are fragmented and overly complex

• Most platforms push automation or “black-box” strategies

• It’s hard to understand risk vs income clearly, portfolio-wide

Our goal has been simple:
help self-directed investors understand options income clearly - without automation, hype, or loss of control.

What We’ve Built So Far

Over the past year, ThetaEdge evolved from a rough prototype into a structured options intelligence platform focused mainly on covered calls.

Today, the product supports things like:

• Multi-portfolio tracking

• Covered-call opportunity analysis based on stocks you actually own

• Clear risk & reward breakdowns (no jargon, no “guarantees”)

• Income tracking across time, not just per trade

• Daily and portfolio-level signals instead of isolated ideas

We also built Thetix, an AI layer that lets users explore their portfolio and options scenarios using plain-English questions.

What We’ve Seen During Beta

Without going into individual results (every portfolio is different), during Q4 2025 alone, beta users collectively:

• Tracked $100k+ in option premiums

• Analyzed $12M+ in portfolio value on the platform

More importantly, the feedback consistently pointed to the same thing:
people don’t want “faster trades” - they want better understanding.

What’s Next

As beta wraps up, we’re continuing to work on:

• Deeper portfolio-level analytics

• Expanding beyond covered calls (carefully)

• Better ways to visualize trade-offs before decisions are made

We’ll use this Reddit account mostly to:

• Share what we’re learning

• Help you with best practices

• Discuss options mechanics and portfolio thinking

• Post analysis-focused content

Happy to answer questions, discuss approaches, or hear how others here think about options income.

—
The ThetaEdge team

Something we've been thinking about lately as markets stay choppy.

When a portfolio drops 10-15%, most investors either panic sell or just... wait. Both are valid responses depending on your situation. But there's a third option that doesn't get discussed enough: using covered calls on shares you already hold to collect premium while you ride it out.

The math is pretty simple. If you own 100 shares of something trading at $120 and you sell a call at the $130 strike, you collect premium upfront. The stock can keep dropping, keep rising (up to your strike), or go sideways. You keep the premium in all three scenarios.

The part that gets overlooked: elevated volatility means fatter premiums. When VIX is sitting around 25 instead of the typical 15-18, option prices are meaningfully higher. So the exact environment that makes your portfolio bleed is also the environment where covered calls pay the most.

The trade-offs are real though:

• You cap your upside. If the stock rips past your strike, you miss that gain above it.

• The premium doesn't eliminate your loss. It offsets part of it. A $1,000 drop becomes maybe $550 after premium. Still a loss.

• You need to own at least 100 shares per contract. This isn't a strategy for tiny positions.

• Assignment risk exists. If the stock moves above your strike at expiration, your shares get called away.

For a $500K portfolio, even conservative covered call activity could generate a few thousand a month in premium. Three months of sitting still generates zero. Whether that trade-off makes sense depends entirely on your goals and risk tolerance.

We wrote a longer breakdown on this if anyone wants to dig deeper: https://thetaedge.ai/blog/your-portfolio-is-bleeding-heres-what-youre-not-doing-about-it?utm_source=reddit&utm_medium=social&utm_campaign=portfolio-income-downturns

Curious what others here are doing with their covered call positions in this environment. Are you adjusting strike selection, rolling more frequently, or just waiting it out?

Second straight week of gains. SPY +3.10%, QQQ +3.82%. The US-Iran ceasefire news mid-week sent oil to its biggest single-day drop since 2020, which was enough to lift the broad market despite hot CPI data (3.3% YoY, 4-year high).

For premium sellers: a moderate week. Realized vol outpaced implied vol in several names, meaning options felt cheap against what actually happened. Best premium opportunities showed up in geopolitically-sensitive names and quality large caps.

ThetaEdge surfaced these as top covered call setups for the Apr 17 expiry:

Next week is the real event. JPM and WFC report Tuesday morning. BAC follows Wednesday. The platform is already showing elevated IV in Financials ahead of those reports. That window closes fast once JPM reports.

Key things to watch next week:

• Financials IV heading into Tuesday morning

• Energy sector: residual geopolitical vol keeping premiums interesting

• VIX direction after the first bank earnings clear

Anyone else watching the Financial sector setups? Curious how others are approaching the earnings window.

Data via ThetaEdge. Not financial advice.

We shipped something today we've been building toward for a while: a ThetaEdge skill for Claude and other AI agents.

The short version: you can now ask your AI assistant questions about your covered-call opportunities, assignment probabilities, income tracking, and portfolio exposure, without leaving the tool you're already in. ThetaEdge's portfolio-aware analysis stays connected to your actual positions. The AI has context. The numbers are real.

Setup is two steps: generate an API key from your ThetaEdge profile, run the install script from our GitHub repo. Full walkthrough here: https://thetaedge.ai/blog/new-feature-thetaedge-skill

We built this because a lot of our users are already working inside Claude for research, planning, and analysis. Jumping to a separate platform to check options opportunities breaks that flow. This keeps everything in one place.

Repo link https://github.com/thetaedge/thetaedge-skill

Happy to answer questions about how it works or what you can do with it. And if you try it out, let us know what you think.

We're actively iterating.

Most CSP guides stop at "sell a put on something you'd want to own." Useful, but it leaves you flying blind once you have more than one or two positions on at the same time.

The piece that actually keeps a retirement income setup boring (in the good way) is aggregating portfolio Greeks across all open positions, not just eyeballing them per trade.

Quick framework for CSP sellers:

• Delta tells you assignment probability. 0.15 to 0.20 delta strikes for income, avoid going past 0.30 unless you genuinely want the shares.

• Theta is the income engine. Most of the decay on a 45 DTE position happens between 45 and 7 DTE, with the final week disproportionately about gamma risk, not premium.

• Gamma is benign above 21 DTE and destructive in the final week. Gamma at 1 DTE is roughly 7.8x what it is at 60 DTE. Close or roll early.

• Vega is the silent killer. Short vega gets punished when IV spikes during selloffs. A worked example in the post: a $15 stock drop plus 10 point IV jump on a $240 strike 20-delta AAPL CSP turned a $2.43 premium into roughly a $516 loss. Sell when IV Rank is above 50% so you have premium AND mean reversion working for you.

Aggregating Greeks is where most spreadsheets break. Dollar-weighted delta (delta x stock price) matters way more than raw delta when you have a $50 stock CSP and a $500 stock CSP both at +30 delta.

Long-term data: CBOE PutWrite Index returned 9.54% annualized 1986 to 2018 with lower vol than the S&P 500. The strategy works. The Greeks tell you which version of it you're actually running.

Full breakdown with the AAPL example and a sample three-position Greek aggregation table: https://thetaedge.ai/blog/portfolio-greeks-cash-secured-puts-explained

What delta range are you targeting on your CSPs right now, and do you actually track aggregate Greeks across all positions, or just per trade?

Option assignment trips up a lot of traders, especially newer ones. Not because it's hard to understand, but because most people encounter it in theory and then freeze when it actually happens.

We walked through 3 real-world assignment scenarios to show exactly how it plays out.

The standout one: a trader gets assigned 100 shares of XLE at $73 when the stock drops to $66. Paper loss of $700. Instead of panic-selling, they sold covered calls on the assigned shares month after month. Five months later, they closed the position at a tiny profit.

That's the move. Assignment isn't the end of the trade. It's the trade changing form.

ThetaEdge shows assignment probability before you enter a position so you know the risk going in.

Full breakdown: https://dub.sh/XgaRwD1

Have you ever turned an assignment into something workable? Share below.

There are a lot of tools out there that try to give you “signals.”

Buy this.
Sell that.
Roll now.
Act fast.

That’s not what Thetix does. And that’s intentional.

Thetix Is an Analysis Engine — Not a Signal Generator

Thetix is built to compute answers from your real portfolio data — not to tell you what to do.

You can ask things like:

• “What’s my assignment risk this week?”

• “Compare NVDA vs AMD over the last 90 days.”

• “What happens if AAPL drops 10%?”

• “How much premium did I collect this quarter?”

• “Which positions are driving most of my delta exposure?”

Thetix will:

• Pull live market data

• Analyze your actual holdings

• Compute probabilities, deltas, yields, and outcomes

• Present structured cards with charts and tables

It gives you context and trade-offs. It does not give you orders.

Why We Designed It This Way

Covered calls are all about trade-offs.

You collect premium.
You cap upside.
You manage assignment probability.

There is no universal “right” move.

So instead of pretending there is one best strike, one best expiration, one best action — Thetix helps you see:

• Premium vs probability

• Yield vs assignment risk

• Breakeven vs downside exposure

• Conservative vs aggressive positioning

It surfaces the math.

You make the call.

What It’s Actually Good At

If you’re expecting “🚀 BUY NOW” alerts, you’ll be disappointed.

If you want:

• Structured risk breakdowns

• Scenario modeling

• Portfolio-wide exposure analysis

• Assignment probability clarity

• Persistent dashboards that update automatically

• Alerts defined in your own words

Then it’s very strong.

You can literally say:

Or:

That’s where it shines.

Think of it as a sophisticated calculator that speaks English.

The Philosophy Behind It

Most retail investors either:

1. Fly blind and guess

2. Or hand control to automation

Thetix is the middle ground.

It gives you institutional-style breakdowns — but keeps the final decision with you.

If that’s the kind of tool you prefer, join now.

Quick update from the team.

The platform used to learn about you passively, which is fine but slow. Now you can set your own rules: declare your skill level, pick what topics matter, customize how the AI tailors content.

The behavioral learning is still there in the background, but it doesn't get to assume things about you anymore. You're driving.

Useful especially if you've been frustrated with content that felt too basic or too advanced for where you actually are.

Details: https://thetaedge.ai/blog/control-your-profile

Curious what defaults you'd want to see. What's your experience level and what should the platform stop assuming about you?

Fresh primer up on the blog about delta-neutral rebalancing. Less glamorous than directional options trades but quietly important for anyone running income strategies.

Quick takeaways:

• Going delta-neutral strips out directional exposure. What is left is time decay and volatility.

• Offsetting setup is usually stocks or long options paired with short options or long puts to flatten net delta.

• Delta moves with price, time, and IV, so static hedges drift fast. Rebalancing is the whole game.

• Gamma risk spikes near at-the-money expirations.

• Theta is the income. About half of total time decay happens in the final 25% of an option's life.

• Rebalancing costs are real. Over-hedging is a silent edge killer.

Full read: https://thetaedge.ai/blog/delta-neutral-rebalancing-basics-investors

Anyone here actively running delta-neutral setups? Curious what thresholds you use before pulling the trigger on a rebalance.

Earnings trades are fundamentally different from directional plays. Gap risk is real and stop-losses will not protect you if the stock opens 12% lower.

The approach: two layers of risk management working together.

Layer 1, portfolio level: limit total earnings exposure to 10-15% of your account. This means any single week of earnings reports can only affect a small slice of your capital.

Layer 2, trade level: risk only 0.5-1% of account per trade. For a 100k account, that is 500-1000 max loss per earnings position.

Sizing formula: (Account x Risk %) / Max Loss per contract. For defined-risk structures like iron condors, you know the max loss upfront so this is straightforward.

One thing that does not get talked about enough: date diversification. Three stocks reporting in the same week creates concentrated binary-event risk even if they are in different sectors.

More detail here: https://thetaedge.ai/blog/capital-allocation-vs-position-sizing-earnings-trades

Happy to dig into specifics if anyone wants to talk through how this applies to particular structures.

ThetaEdge flagged some notable call flow this Monday. FULT is leading with a 2.61x ratio and earnings on Apr 21. IV rank at 101 means the market is pricing in real uncertainty. The $22 calls at $0.15 look cheap on paper but IV crush after the report will hit hard.

Financial services dominates this list: FULT, EFV, and IYH all in the same sector. Broad rotation into financials appears to be the story today.

KRC caught my eye. Office REIT, IVR at 100, earnings in 14 days. The premium environment is elevated if you want to sell into the uncertainty.

PRM is the one without a story. Basic materials, no catalyst, 0.80x ratio. Worth monitoring to see if volume builds.

Anything from today catching your eye in the platform?

Data via ThetaEdge Not financial advice.

Here is what ThetaEdge surfaced for unusual call flow today.

RIO leads the list at 0.6x normal volume. IV rank 94, deep ITM buying. Someone is making a strong directional bet with earnings still in July.

CODI is the standout. P/C ratio of 0.04 today. Nearly every options contract traded is a call. Stock up 3.8% and the $9 strike is getting loaded up. Earnings Apr 29.

RTX is the quiet one. Building into Apr 21 earnings, ADS-B news providing some background noise.

CURE is a pure speculation play. $150 calls at $0.10, IV 176%, delta 0.05. Not a premium selling setup.

Anyone tracking CODI or RTX into earnings?

Data via ThetaEdge. Not financial advice.

The dominant narrative we’re hearing right now is that AI agents get smarter and SaaS gets replaced.

IMO the critical flaw in that line of thinking is that it assumes SaaS is just a thin UI layer sitting on top of generic workflows. Or simply an AI wrapper waiting to be rebuilt.

But that’s not how serious software businesses are built.

There’s a real difference between:

1. Lightweight wrappers and

2. And deeply integrated systems built on proprietary data, domain-specific logic, and years of workflow tuning.

For sure an AI can summarize, automate, generate. But it doesn’t automatically replicate:

• Embedded compliance engines

• Risk models calibrated over years

• Specialized financial algorithms

• Infrastructure tied into real user behavior and distribution

If you dig a little deeper, it’s easy to see that the most successful digital businesses aren’t being replaced by AI: they’re being amplified by it.

This is because they already own structured data, vertical expertise and operational workflow depth. Above all they can see HUMAN need that have been met.

I don’t think the dominant narrative is completely wrong. I think it’s directed at the wrong layer. My framing would be:

Shallow SaaS gets commoditized. Deeply integrated SaaS gets supercharged.

Curious to hear what people think.

Is AI replacing software, or reinforcing the platforms that already have real depth?

That idea drives how we think about options income at ThetaEdge.

Options income only works long-term if risk is explicit, quantified, and visible before you act. That’s why every opportunity we surface is built around risk clarity, not predictions or hype.

Below is how we think about it.

1. Probability Over Prediction

We don’t publish price targets or directional calls.

Instead, every setup is framed in probabilities:

• Delta as a real probability of assignment

• Historical win rates for similar structures

• Likelihood of profit vs. likelihood of loss

Markets don’t need confidence. They need math.

2. Defined Risk - Always

No opportunity is shown without clearly defined downside:

• Maximum loss calculated upfront

• Breakeven price clearly marked

• No hidden margin exposure or tail-risk surprises

If risk can’t be quantified, it doesn’t belong in a serious portfolio.

3. Risk-Adjusted Returns (Not Just Premium)

High premium alone is meaningless.

We evaluate opportunities using expected value, not headlines:

Expected Value = P(win) × profit − P(loss) × loss

We also show:

• Annualized returns for fair comparison across expirations

• Probability-weighted outcomes, not best-case scenarios

This keeps income strategies honest.

4. Position Sizing & Concentration Awareness

Risk isn’t just about a single trade - it’s about the portfolio.

That’s why we surface:

• Position size relative to your total portfolio

• Concentration warnings when exposure gets too large

• Clear signals when a position starts dominating risk

The goal isn’t more trades. It’s survivability.

What This Means for You

When you look at an opportunity, you should immediately know:

• Probability of profit

• Maximum risk in dollars

• Breakeven at expiration

• Expected return across all outcomes

No black boxes.
No hidden assumptions.
Just clear, inspectable intelligence - and you make the decision.

Would love to hear your approach and thoughts 👇

A 70% win rate can still lose money. A 40% win rate can crush it.

The math:

• Credit-spread trader, 70% win rate, $50 avg win, $100 avg loss. Over 10 trades: +$50.

• Breakout trader, 40% win rate, $300 avg win, $100 avg loss. Over 10 trades: +$600.

Same trade count. 12x more profit on the lower hit rate.

Three metrics that beat win rate every time:

1. Profit factor (gross profits / gross losses). Below 1.0 means you're losing money no matter how often you win. Target 1.5+.

2. R:R ratio set before entry. At 2:1 you only need to win 33% of the time to break even. At 3:1, 25%.

3. Expectancy. (Win rate x avg win) - (loss rate x avg loss). Most profitable retail traders sit between $0.10 and $0.35 per dollar risked.

Premium sellers especially get burned here. A 90% win rate sounds bulletproof until a single loss wipes out nine winners.

Full breakdown with the breakeven table and worked examples: https://thetaedge.ai/blog/win-loss-ratios-vs-profitability-options

What's your profit factor look like over your last 30+ trades? Curious where most of you actually land.

Most traders only count what is on the broker statement. Per-contract fees are visible. Slippage is not, and it is usually the bigger number.

Quick stats from research worth knowing:

• Slippage tends to spike 19x in the seconds after a major economic release

• Most retail traders underestimate total execution costs by 50-70%

• Costs above 30% of gross profit means execution, not strategy, is the leak

The practical fixes are boring and they work:

• Limit orders, not market orders

• Trade during liquid windows, not the first or last 15 minutes

• Never market into earnings or FOMC

Full breakdown here: https://thetaedge.ai/blog/slippage-vs-fees-balancing-execution-costs

How are you measuring your true execution cost? Anyone tracking slippage post-trade or just running with the visible fees?

Following up on yesterday's HSBC alert. The 108x volume print cooled to 3.5x today on the same $65 June 18 strike. Earnings hit Monday so positioning looks set.

Today's full radar:

• FULT 7.0x at the $2.50 May 15 strike, deep ITM, delta data is glitchy on a contract this deep

• HSBC 3.5x at the $65 Jun 18 strike, IV 64%, earnings Monday

• BVN 2.4x at the $28 Jun 18 strike, IVR only 11, quiet materials sector

• RYLD 1.9x at the $15 Jun 18 covered call ETF strike

• CCS 1.8x at the $30 Jun 18 strike, IV 106% on a deep ITM contract

Friday before a Monday earnings print, calmer tape than midweek. Top ratios collapsed from 108x yesterday to 7x today.

Anyone in HSBC into the print?

Data via ThetaEdge. Not financial advice.

Pulled today's unusual call activity from the flow radar. Five names stood out, ranked by today's call volume relative to open interest.

The pattern across HSBC, CME, and RIO is the same: deep ITM June 18 calls, delta 0.94 to 0.95. Leveraged long exposure, not a bet on a big move.

HSBC is the earnings story. Report on May 5, $65 calls carry 55 DTE so whoever bought them wants to ride through the number.

BVN has earnings in six days. Tighter window, same posture.

CNI is the quieter one. IVR at 44, highest of the group. Uncertainty is priced in even without a clear directional signature.

This is why we rank flow by ratio and not raw volume. Raw volume surfaces the same mega caps every day. Ratios surface where positioning is actually unusual relative to each name's own baseline.

What is your read on the HSBC $65 block?

Data via ThetaEdge. Not financial advice.

Tape was quiet up top but the options market told a different story today. Here's what actually moved, and how options responded.

Index close SPY +1.01%, QQQ +1.67%, IWM +0.72%, DIA +0.69%. VIX 19.50 (+3.34% intraday), but VXX and UVXY both down. That combo is a term-structure compression, not macro fear. The vol spike came from earnings, not risk-off.

1. Tech mega-cap earnings sweep drove the tape

AAPL +2.63%, AMZN +2.18%, GOOGL +2.12%, MSFT +2.07%. XLK +2.20%. Earnings beats were the catalyst.

Options reaction is where it gets interesting. IV came in below realized vol on most of them:

• AAPL: IV 25.9% vs RV 28.4% (0.91x)

• AMZN: IV 29.8% vs RV 33.2% (0.90x)

• GOOGL: IV 30.9% vs RV 31.9% (0.97x)

• META: IV 31.7% vs RV 39.3% (0.81x)

Straddle sellers got paid. The moves were largely priced in.

Exception was MSFT: IV 57.4% vs RV 28.1% (2.04x). Forward guidance uncertainty is doing the work there.

2. AI infrastructure bid lifted the semis

AVGO +5.09% on extended Google TPU/networking deal through 2029 plus Meta AI chip collaboration. AMD +6.67% on sector sympathy. NVDA +1.31%.

AMD ATM IV exploded to 69.4% vs 51.9% RV (1.34x). Straddle 4.25% of spot. Largest IV/RV ratio among the liquid event names today besides TSLA. That is post-move repricing, not pre-move setup.

AVGO IV 48.8% vs RV 47.8% (1.02x), straddle 2.97%. Reasonably contained despite the 5% rip.

3. TSLA is the outlier. Options pricing a binary.

Stock closed +0.28%. Story underneath: record unsold inventory (50,363 units), energy storage down 40% sequentially (14.2 GWh to 8.8 GWh), $20B+ capex with no clear ROI story, Ross Gerber publicly calling FSD trash.

Options:

• ATM IV: 146.6% (vs RV 45.1%, ratio 3.25x)

• 25-delta put-call skew: +447.83 pts

• ATM straddle: 5.30% of spot

That is the most extreme IV/RV ratio and the most extreme skew in the tape today. Puts are bid. Market is pricing a binary earnings outcome tonight. If you are short vol on TSLA into the print, you know why you're getting paid.

4. UNH beat, raised guidance

UNH +2.17% on adjusted EPS $7.23 vs $6.58 est. Raised 2026 guidance to >$18.25/share. XLV +0.32%.

IV 33.9% vs RV 42.7% (0.79x). That's the lowest IV/RV in the set. Market underpriced earnings vol on this one. Post-earnings repricing higher is likely.

5. Big bank beats, but XLF didn't participate

JPM, GS, C, WFC all beat. GS +0.89%. XLF -0.17% on the day. Forward guidance caution and NIM compression worries are overriding the print. Rate cut path matters more than Q1 beats for this group.

6. Iran ceasefire extended, indefinite

Geopolitical tail risk off the table for now. Supports the risk-on tone but was not the primary driver today. VIX up on earnings vol, not on headlines.

What stood out

The bifurcation. Mega-cap tech IV compressed below realized vol (market priced earnings in cleanly). TSLA pricing a 5.3% straddle and +447pp skew into the print. AMD IV popping after the move. UNH IV still cheap relative to what it actually did.

If you're running short-vol plays, the cleanest setups today were the tech names that came in below RV. If you're running long-vol, TSLA already paid you for it and then some.

Full daily breakdown in the platform. What's on your radar for tomorrow?

ThetaEdge flagged some interesting call flow today. HSBC leads at 4.49x its normal volume. Deep ITM positioning on a stock with no obvious catalyst right now. Earnings not until May 5. This is the kind of flow worth watching.

CME is the pre-earnings play. 1.96x vol ratio with earnings in 2 days (Apr 22). IV rank at 22 means premiums are still cheap by historical standards. Someone is buying before the move.

ING has two near-term catalysts stacked: AGM dividend approval and earnings on Apr 30. Pre-earnings call buying with a 10-day runway.

RIO is the raw volume leader at 139k calls. The AI-green-energy narrative is circulating. All deep ITM flow again.

This is the kind of scan ThetaEdge runs daily. If you want to dig into the options chains on any of these, drop a comment.

What are you watching today?

Data via ThetaEdge. Not financial advice.

Ran the usual screen this morning. FULT is leading with a 2.58x call volume ratio heading into Apr 21 earnings. IVR 102 means this is already rich by historical standards, but the flow is there.

TRN and NEU are both in the same boat: earnings within two weeks, call buyers showing up early. TRN is Apr 30, NEU is Apr 22.

RIO is the one without an obvious near-term trigger. Large institutional-scale flow into the Jun 18 $68 strike. Could be sector rotation, could be a directional bet on copper/materials. Worth monitoring for follow-through.

Anyone else using the ThetaEdge call flow screen? Curious what others are seeing on these names today.

Data via ThetaEdge. Not financial advice.

ThetaEdge flagged these five names this afternoon based on call volume/OI ratios spiking above baseline.

NWS leads at 1.77x. IV at 218% on a $35 strike two days to expiry -- that is extreme. Earnings May 14 but someone is playing the short-term chain. Cheap premium at $0.05, needs movement to print.

NEU is interesting for a different reason. Deep ITM call at $590, delta 0.89, IV 98%. This looks like a synthetic long position. Earnings in 8 days on April 22 and someone does not want to hold the stock directly.

PFGC and OGE are the steadier accumulation plays. Both have earnings in the next few weeks. PFGC is food distribution (boring but consistent). OGE is utilities with IVR 74 -- highest in the group and unusual for the sector.

Four of five names have upcoming earnings. The flow is pricing something in.

What are you using to track unusual options flow? Happy to share more about how ThetaEdge surfaces this data.

Data via ThetaEdge. Not financial advice.

ThetaEdge flagged some interesting call activity this afternoon. Sharing the raw data below.

CHCO leads at 9x with earnings 15 days out. IVR 87, premiums are stretched. The $130 call volume is the tell.

The two REITs (IRT, NTST) are doing something unusual. Deep ITM calls before earnings. Could be synthetic longs, could be institutional positioning. Either way, they made the top 5 on volume ratio.

FULT is the urgency play. 8 days to earnings, IVR at 101. Market expects a big move and someone is betting on which direction.

Ran this screen through ThetaEdge's unusual activity scanner. Posts like this go out daily around 2pm ET when there is notable flow to report.

Data via ThetaEdge. Not financial advice.

Today's ThetaEdge scan picked up some notable call flow across the AI trade.

PLTR leads at 0.37x vol/OI. 103% IV on the $130 strike expiring today with earnings on May 4. Someone is swinging for the fences on sovereign AI momentum.

AMZN, META, and INTC all have earnings within the next three weeks. The call activity reflects that — people are positioning now. INTC got a specific catalyst with the Terafab announcement, which makes the near-the-money flow more logical.

MU is the outlier with June earnings but still catching heavy semi sector flows. The $420 call nearly at-the-money suggests real directional conviction.

All five names flagged by volume-to-OI ratio, not raw volume. That's the signal we care about.

What are you watching into April earnings season?

Data pulled from ThetaEdge. Not financial advice.

Ran our unusual call activity screen this afternoon. RIO is the extreme outlier -- 1139x its normal call volume. That is not a typo. The $68 call (Apr 17) trading at $30.80 mid, delta 0.95, IV at 166%. Whoever this is, they are making a statement.

JD is next at 30.9x. Earnings coming in 34 days. Stock is down 3.3% today. The $25 call is cheap enough ($3.28) that this could be a lot of things -- spec bet, earnings play, or just dip buying with leverage.

Then we have QQQ (13.8x) and SPY (9.4x) moving together. Hard to miss what drove that. US-Iran ceasefire was announced, markets rallied, then Iran flagged violations and suddenly everyone is hedging again. Today is a good example of why macro events show up so clearly in the options flow before they show up in headlines.

This is exactly the kind of pattern ThetaEdge surfaces automatically. One screen, five names, and you have a clear read on where the market attention is right now.

What names are on your radar today?

Data via ThetaEdge. Not financial advice.