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AMAT

Applied Materials, Inc.Close $585.88EOD only
Max Pain
$550.00
Next expiry Jun 26, 2026
Expected Move
±$43.77
7.5% from close
Price Gap
-35.88
Distance to max pain
IV Rank
19
Low premium
P/C OI
0.96
Balanced positioning
Consensus
3.0/10
Downside lean
Published snapshot: Jun 23, 2026 close
End-of-day snapshot

This page reflects AMAT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Jun 23, 2026 close
AMAT Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

AMAT earnings in 51 days; historical 100% beat rate but current weak market (QQQ -3.3%). Heavy put flow signals hedging. IV elevated. Uncertain direction.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.5% from MP; +0.5 VIX 19
Most important: 100% beat rate vs. recent sector weakness; unhedged put flow suggests downside caution.
🛡️Heavy put buying at 330-550 strikes indicates hedging despite 100% beat rate.
⚠️500P and 550P contracts saw exceptional volume, signaling downside insurance.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$430.00 — Approx — based on put OI concentration of 1,673 (26.6% below spot)

Earnings Overview

Next earnings: 2026-08-13 (51 days)explicit

Expected moves:

  • 2026-06-26 (3d): ±$43.77 (7.5%)
  • 2026-07-02 (9d): ±$61.50 (10.5%)
  • 2026-07-10 (17d): ±$37.52 (6.4%)

IV Setup

Term structure: Front-end elevated from gamma pinning at $550; back-end implied vol ~45-55% for earnings.

Crush estimate: Expected post-earnings IV crush of 30-50%.

Skew: Strong put skew; deep OTM puts active, reflecting protective demand.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Historically moves in line with implied.

Directional bias: Bullish, 100% beat rate.

Key Levels

1$430.00 gamma flip
2EM guardrails: 2d $542.11/$629.66; 1w $524.38/$647.38
3Max pain pins: $550 (2026-06-26); $525 (2026-07-02); $525 (2026-07-10)

Flow Highlights

Unusual put buys: 330P, 340P, 500P, 490P, 550P with vol/OI >2.0; also call buys: 760C, 800C.

Large put accumulation suggests hedging; far OTM calls speculative. Mixed flow overall.

Strategies

Bull Call Spread
Buy 2026-08-21 $620.00/$730.00 call spread
Debit: $27.34-$33.41
Max loss: $33.41
Max gain: $76.59
BE: $653.41
Trigger: Monitor spot near $550 invalidation; exit if breached.
100% beat rate supports bullish bias; defined risk limits downside in weak market.
Outperforms: Expresses bullish directional edge on earnings while capping risk.
Underperforms: Loss of support weakens upside continuation thesis.
Long Strangle
Buy 2026-08-21 $520.00 put + buy $730.00 call
Debit: $63.09-$77.11
Max loss: $77.11
Max gain: Unlimited
BE: 442.89 / 807.11
Trigger: Close before earnings to avoid IV crush.
Earnings catalyst with IV elevation; captures any large move cheaply.
Outperforms: Non-directional play exploiting potential high volatility.
Underperforms: Insufficient realized move reduces long-strangle edge.
Call Diagonal
Sell 2026-07-24 $675.00 call / buy 2026-08-21 $730.00 call
Debit: $6.70-$8.20
Max loss: $8.20
Max gain: Variable
BE: Path-dependent
Trigger: Roll short leg if spot approaches strike. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
Exploits elevated front-end IV vs back-end; bullish term structure.
Outperforms: Calendar spread benefiting from IV decay and directional upside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put diagonal
Sell 2026-07-24 $535.00 put / buy 2026-08-21 $520.00 put
Debit: $11.11-$13.58
Max loss: $13.58
Max gain: Variable
BE: Path-dependent
Front-end IV elevated; back-end ~45% for earnings. Calendar captures term structure while limiting IV crush.
Outperforms: Sell rich near-term put premium, own back-month put for downside protection amid put flow hedging.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV crush risk if spot holds.
!Market momentum down (QQQ -3.3%) may pressure.
!Gamma flip at $430 if selloff intensifies.

What to Watch

?Earnings date dynamics.
?Put/call ratio shifts.
?Spot vs $550 max pain.
?IV term structure evolution.
How to Use These Reports
This earnings reflects the market close on June 23, 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.