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AMD

Advanced Micro Devices, Inc.Close $503.89EOD only
Max Pain
$405.00
Next expiry May 29, 2026
Expected Move
±$32.08
6.4% from close
Price Gap
-98.89
Distance to max pain
IV Rank
73
High premium
P/C OI
1.07
Balanced positioning
Consensus
6.5/10
Bullish tilt
Published snapshot: May 26, 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 26, 2026 close
AMD Directional Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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Outlook

Bullish with pinning near $220-$225; confidence 7.5/10. Strong GEX +$57.8M and net premium +$39.9M support upside, but spot 4.8% above max pain $210 creates gravitational pull.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.8% from MP
Supports: GEX +$57.8M (pinning), net premium +$39.9M, flow bullish
Conflicts: Spot above max pain $210, IV high at 61.2%
📊GEX +$12.1M at $220 pin magnet
💰Net premium +$39.9M bullish
⚠️Spot 4.8% above max pain $210

Regime Classification

Vol Regime
High
IV 61.2% — high vol favors premium selling
Gamma Regime
Pinning
GEX +$57.8M concentrated near spot — pinning regime
Flow Regime
Bullish
Net prem +$39.9M with P/C vol 0.77 — bullish flow
Spot vs Max Pain
Above
Spot $220.18 above MP $210 — gravitational pull down
Thesis duration: Multi-week — Max pain ladder trends from $210 to $200 over 16 expirations; GEX sign stable positive; flow regime consistent across expirations

Price Range Forecast

Next 2 weeks
$199.38$240.98
GEX pinning dominates; <$215 invalidates

Key Levels

Max pain pins: $210 (2026-04-10); $210 (2026-04-17); $210 (2026-04-24)
EM guardrails:
Support: $215.00 · $210.00 · $200.00
Resistance: $225.00 · $230.00 · $240.00
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 21,310 (9.2% below spot)
Structural: Call OI wall $240-$240 caps upside; put floor $120-$200 provides distant support

Dealer Positioning (GEX/DEX)

GEX: $+57.8M

DEX: +72.2M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 21,310 (9.2% below spot))

NTM gamma: Positive GEX concentrated at $220-$225; gamma flip ~$200 — below that accelerates selling

IV Analysis

IV vs VIX: IV 61.2% — high vol, no VIX comparison provided

Term structure: Humped — 4/10 57.7% > 4/17 53.8% > 5/8 58.9%

Skew: 4/10 vs 4/17 ~4 vol-pt differential for calendar

Flow Analysis

Net premium: +$39.9M bullish; P/C vol 0.77

Directional prints: put 220 OTM 2026-04-10 — Vol 16,594 vs OI 566 (29.3x) — likely bought as hedge put 225 ITM 2026-04-10 — Vol 6,390 vs OI 201 (31.8x) — likely sold for premium

Unusual: 54.7 call 242.5 OTM 2026-04-10 — Vol 5,058 vs OI 562 (9.0x) — speculative upside

Risks & Catalysts

!Gamma flip ~$200 breaks pin and accelerates selling
!Spot 4.8% above max pain $210 creates downward pull
!High IV 61.2% risks vol crush post-pin
!Earnings 2026-05-05 adds event risk

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Long stockModerate-Strong
Buy shares at $220.18
Max pain pull to $210
Short stockWeak
Avoid — bullish flow and GEX pinning
GEX pinning resists downside
Covered callModerate-Strong
Buy shares, sell $230 call 4/17
Upside capped at $230
Cash-secured put / put spreadModerate-Strong
Sell $215/$210 put spread 4/17
Gamma flip <$200
Long callsModerate
Buy $225 call 4/17
High IV 61.2% crushes
Long puts / bear put spreadsModerate-Weak
Avoid — bullish flow
GEX pinning resists
Iron condorModerate
$215/$210P x $230/$235C 4/17
High IV >28 and GEX positive
Calendar/diagonalModerate-Strong
Sell 4/10 $225 call (IV 56.1%), buy 4/17 $225 call (IV 53.4%) — +2.7pt edge
Pin release widens range
PMCC / LEAPS diagonalModerate
Buy 2027-01-15 $200 call, sell 4/17 $230 call
High IV on long leg

Top Plays

#1
Put Spread
Sell $215/$210 put spread 4/17
Defined-risk premium below GEX pin with max pain support
Credit: $1.45-$1.55
Max loss: $3.55
BE: $213.55
Mgmt: Close at 60-70% max profit; cut if spot <$210
Defined-risk premium collection in bullish pin
#2
Covered Call
Buy shares at $220.18, sell $230 call 4/17
Income generation with upside to resistance; aligns with bullish flow
Credit: $4.05-$4.25
Max loss: unlimited
BE: $216.18
Mgmt: Roll up if spot >$228; take profit at 50% premium decay
Shareholders seeking income
#3
Calendar Spread
Sell 4/10 $225 call, buy 4/17 $225 call
Vol differential +2.7pt edge; extra week improves pin management
Debit: $-0.90-$-1.10
Max loss: $0.90
BE: N/A
Mgmt: Close when near-term IV crushes; adjust if spot breaks $230
Vol traders exploiting term structure

Watchlist Triggers

Entry Triggers
IFSpot tags $215, holds 30 min → Sell $215/$210 put spread 4/17
IFIV 4/10 >58% and spot near $220 → Sell 4/10 $225 call
Exit Triggers
EXITVIX spikes >30 and spot <$215 → Exit all short premium
EXITSpot >$235 → Take profit on long calls

Tactical Summary

Bullish pin near $220-$225 with max pain $210 pull. Invalidation: <$215. Favors short premium below pin and covered calls. Put spread for defined risk, covered call for income, calendar for vol edge.
How to Use These Reports
This directional reflects the market close on April 6, 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.

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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.