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AMD

Advanced Micro Devices, Inc.Close $414.05EOD only

Max Pain

$415.00

Next expiry May 22, 2026

Expected Move

±$24.90

6.0% from close

Price Gap

+0.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.08

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

AMD Directional Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

AMD has a bullish bias driven by strong dealer gamma ($+29.2M) and bullish flow, with spot at max pain ($415) pinning price. High vol is counterbalanced by low VIX (18), supporting upward drift towards 2d resistance $438.95.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 gamma pinning; +1 spot near MP; +0.5 low VIX. Strong dealer and flow support.

Supports: GEX/flow strongly aligned, spot near max pain, bullish flow, gamma pinning, low VIX.
Conflicts: High vol regime, SPY/QQQ negative day, resistance at $415/$450.

🛡️Bullish gamma pinning near $415 max pain

💰Dealer gamma $+29.2M supports range

📉SPY/QQQ down 0.6-0.7% poses macro risk

Regime Classification

Vol Regime

High

IV elevated vs historical, high vol regime, but low VIX (18) suggests potential contraction if pin holds.

Gamma Regime

Pinning

Dealer gamma $+29.2M positive, pinning price near $415 max pain, no flip risk.

Flow Regime

Bullish

Bullish flow with net call premium dominance.

Spot vs Max Pain

Spot at $415, 0.2% from max pain, pinning supported by dealer hedging.

Thesis duration: Multi-week — Multiple expiry cycles (May22, May29, Jun5) with consistent max pain at $400-$415, sustaining dealer positioning.

Price Range Forecast

Next 2 days

$389.15$438.95

Spot near support, gamma pin toward $415+

Next 1 week

$375.00$453.10

Flow supports drift to $453.1 resistance

Next 2 weeks

$364.92$463.17

Upper bound $463.17, potential mean reversion

Key Levels

Max pain pins: $415 (2026-05-22); $400 (2026-05-29); $400 (2026-06-05)

EM guardrails: 2d $389.15/$438.95; 1w $375.00/$453.10

Support: $364.92

Resistance: $415.00 · $450.00 · $463.17

Structural: Max pain: $415 (May22), $400 (May29/Jun5); EM guardrails: 2d $389.15/$438.95, 1w $375/$453.1; Support $364.92; Resistance $415, $450, $463.17; no gamma flip.

Dealer Positioning (GEX/DEX)

GEX: $+29.2M

DEX: +92.3M shares

Gamma flip: N/A

NTM gamma: Dealer gamma $+29.2M, delta $+92.3M shares, no flip risk.

IV Analysis

IV vs VIX: IV rich vs VIX (18), premium elevated; likely to compress if spot holds pin.

Term structure: Contango due to event risk from weekly expiries.

Skew: Put skew slightly elevated; no clear vol arb opportunity.

Flow Analysis

Net premium: Net +$307M bullish, P/C vol 0.76 favors calls, OI 1.08 neutral.

Directional prints: 74.5 call 410 ITM 2026-05-22 — Vol/OI 9.3x (6008 vs 644); likely bought bullish, aligns with net premium. 72.8 call 415 OTM 2026-05-22 — Vol/OI 6.7x (5733 vs 856); likely bought, bullish. 75.3 call 405 ITM 2026-05-22 — Vol/OI 12.7x (3604 vs 283); strong bullish buying.

Unusual: 74.2 call 407.5 ITM 2026-05-22 — Vol/OI 16.8x (2229 vs 133); extremely high, likely bought. 69.9 call 405 ITM 2026-05-29 — Vol/OI 11.8x (3383 vs 287); unusual long-dated call buy. 72 call 422.5 OTM 2026-05-22 — Vol/OI 8.5x (3438 vs 405); high OTM call buying.

Risks & Catalysts

!Vol spike breaking gamma pin

!Downside breach of $389.15 support

!Macro drag from SPY/QQQ decline

!Flow reversal if dealer hedges unwind

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-18 $420.00/$470.00 call spread Why now: Strong bullish flow, dealer gamma positive, low VIX, and spot pinned at max pain; call premium affordable due to high vol.	Vol spike or macro drag could stall rally; spread limits upside if move exceeds short strike.
Put credit spread	Moderate	Sell 2026-06-05 $370.00/$345.00 put spread Why now: Spot at max pain and strong gamma support limit downside; put credit spread benefits from time decay and bullish drift.	Sharp downside move breaks support at $389; spread caps loss but still risky if vol expands.

Top Plays

Bull Call Spread

Buy 2026-06-18 $420.00/$470.00 call spread

Buy 420/470 call spread expiring 2026-06-18, affordable premium.

Why this play: Directly capitalizes on bullish bias from gamma and flow.

Debit: $14.60-$17.85

Max loss: $17.85

BE: $437.85

Mgmt: Exit at 50% gain or if spot breaks support $389.15.

Aggressive traders seeking leveraged upside.

Put Credit Spread

Sell 2026-06-05 $370.00/$345.00 put spread

Sell 370/345 put spread expiring 2026-06-05, limited risk.

Why this play: Defensive play benefiting from time decay and gamma support.

Credit: $3.89-$4.76

Max loss: $20.24

BE: $365.24

Mgmt: Roll if spot approaches invalidation level $364.92.

Moderate traders wanting income with downside protection.

Watchlist Triggers

Entry Triggers

IFIF spot > $415 (max pain/resistance) with bullish volume → THEN buy AMD 420/470 call spread June 18 at limit $14.60-$17.85

IFIF spot holds above $389.15 (2d support) and below $415 → THEN sell AMD 370/345 put spread June 5 at limit $3.89-$4.76

Adjustment Triggers

ADJIF spot reaches $450 (resistance) → THEN take partial profits on bull call spread

Exit Triggers

EXITIF spot breaks below $364.92 (structural support) → THEN exit all bullish positions

Tactical Summary

Bullish bias from dealer gamma (+$29.2M) and spot at max pain $415. Low VIX supports upward drift. Key support $389.15, structural support $364.92. Resistance $415, $450, $463.17. Action: buy 420/470 call spread June 18 or sell 370/345 put spread June 5 for income. Exit if below $364.92.

How to Use These Reports

This directional reflects the market close on May 19, 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.