DocuSign, Inc.
Short

DOCU Earnings Setup – IV Heavy, Bearish Skew, Max Pain Below

106
📉 DOCU Earnings Setup – IV Heavy, Bearish Skew, Max Pain Below 👇
🗓️ Earnings: June 5, 2025 (AMC) | ⏳ Expiry: June 6, 2025 (1D)
🎯 Strategy: Low-cost short-dated put targeting downside surprise
🔍 Multi-Model Consensus Summary
Model View Strike Premium Confidence Notes
Grok/xAI Moderately Bearish 93P 4.15 70% BE $88.85, high IV
Claude Moderately Bearish 91P 3.20 65% Max pain $89
Gemini Moderately Bearish 87P 1.77 65% BE $85.23, value setup
Llama Neutral / No Trade – – <60% Elevated IV, no edge
DeepSeek Bearish / No Trade – – <60% IV crush concern

⚙️ Setup Breakdown
Historical Move Range: ±8–12%

Implied Move: ±9.17% (~$8.60)

Price Position: $93.84, extended above 20MA

Volume: 1.64× average

IV Rank: 75th percentile → expect 40% IV crush post-earnings

Max Pain: $89 → downside magnet

Put/Call Skew: Bearish tilt (1.37), high flow at $84/$105

📈 Trade Setup (Short-Term Swing Put)
Parameter Value
Instrument DOCU
Direction PUT (SHORT)
Strike $87.00
Expiry 2025-06-06
Entry Price $1.77 (ask)
Breakeven $85.23
Profit Target $3.10 (75% gain)
Stop Loss $0.89 (50% loss)
Confidence 65%
Position Size 1 contract (~3% capital)
Entry Timing Before earnings close (6/5)
Exit Timing Next-day open (6/6)

⚠️ Key Risks
🟢 Strong beat or guidance → upside gap

⚫ IV Crush → premium collapse despite small drop

🟠 Broader tech strength could override stock-specific weakness

🔵 Put spread resistance near $84–$85 could slow downside

🧠 Final Take
DOCU is overextended into earnings, with elevated volatility and max pain $5 below spot. Most models lean moderately bearish, and the $87 put at $1.77 offers a favorable mix of premium, liquidity, and setup alignment. Risk/reward justifies taking the shot here—tight risk, high upside potential.

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