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AMD

Advanced Micro Devices, Inc.Close $467.51EOD only

Max Pain

$400.00

Next expiry May 29, 2026

Expected Move

±$33.20

7.1% from close

Price Gap

-67.51

Distance to max pain

IV Rank

High premium

P/C OI

1.09

Balanced positioning

Consensus

7.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

AMD Directional Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 8, 2026. A newer directional report is available for May 22, 2026.

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Outlook

Neutral-to-bullish with a short-term pinning magnet around $230-$235 but broader max-pain trend lower toward $215; Confidence: 7.0/10. Primary supports: large positive GEX +$104.8M concentrated at $230/$232.5/$235, heavy call premium flow at $230/$220/$250; conflicts: MP slope falling (near-term MPs $215→$210) and spot 7.8% above longer-dated MP.

Confidence:

7 / 10

Base 7.0 from pre-computed score; drivers: +GEX concentration at $230/$232.5/$235, +net premium $109.0M concentrated in calls, -spot distance vs falling MP ladder.

Supports: GEX +$104.8M (pin at $230/$232.5/$235), Net premium +$109.0M concentrated in calls ($230,$220,$250), heavy call OI at $220/$230/$250.
Conflicts: Max pain sequence ($215→$210) and spot 7.8% above multi-expiry MP; elevated ATM IV 61.6% vs typical equity levels.

📌**Pinning**: GEX clusters +$15.7M at $230, +$7.0M at $232.5 and +$10.9M at $235 create an NTM magnet.

⚠️**MP Drift Lower**: Max pain falls from $215→$210 across expirations — structural pressure below spot.

📈**Vol Rich**: Avg IV 61.6% with short-dated ATM IV 56.6% (2d) — premium to sell if comfortable with gamma.

Regime Classification

Vol Regime

High

High vol: ATM IV 56.6% (2d) → 59.1% (30d) with avg IV 61.6% — elevated, favors premium-selling if gamma manageable.

Gamma Regime

Pinning

Pinning: large positive GEX +$104.8M concentrated at $230/$232.5/$235 — dealers will hedge by selling spot into rallies and buying into dips near those levels.

Flow Regime

Mixed

Mixed flow: net premium +$109.0M dominated by call buys at $230/$220/$250 but P/C ratios near 1.0; institutional buying pockets around $230 and $210.

Spot vs Max Pain

Above

Spot $231.82 sits above near MPs (2d-2w MPs $215/$210/$212.5) — short-term pin to $230 but structural gravity lower over multi-week expiries.

Thesis duration: Multi-week — Pinning concentrated across next expirations and MP trend lower across multiple expirations (2–4 week continuation), so prefer 30–45 DTE with weeklies for tactical overlay.

Price Range Forecast

Next 2 days

$224.05$239.60

Sustained trade above $235 would require clearing GEX at $235 (+$10.9M) and call supply at $240.

Next 1 week

$216.67$246.97

Failure to hold $225 (GEX +$7.5M) permits quick move to $216.67 EM support and MP $215.

Next 2 weeks

$211.50$252.15

A break below $220 (OI/put clusters and MP trend) accelerates toward $211.50; sustained rally requires >$246.97 weekly EM breakout.

Key Levels

Max pain pins: $215 (2026-04-10); $210 (2026-04-17); $212 (2026-04-24)

EM guardrails: 2d $224.05/$239.60; 1w $216.67/$246.97

Support: $225.00 · $220.00 · $215.00

Resistance: $235.00 · $240.00 · $250.00

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 20,293 (13.7% below spot)

Structural: Structural put floor concentrated $120–$200 (long-term downside; major protection layer around $180–$200 supports multi-month positioning).

Dealer Positioning (GEX/DEX)

GEX: $+104.8M

DEX: +77.3M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 20,293 (13.7% below spot))

NTM gamma: Positive near-term gamma concentrated at $230 (+$15.7M), $232.50 (+$7.0M) and $235 (+$10.9M) — dealers will buy dips and sell rallies inside that band; if spot moves -2% (~$227) dealers increase put-hedge buys; if spot +2% (~$237) dealers sell/cover increasing supply into strength.

IV Analysis

IV vs VIX: ATM IV levels elevated (2d 56.6%, 9d 52.1%, avg IV 61.6%) — rich vs typical index vol; favors selling vol if comfortable with pin gamma.

Term structure: Near-term skew: frontweek 56.6% → 30d 59.1% (small hump into May), shows higher mid-term vol (earnings 2026-05-05 priced in later expiries).

Skew: Skew heavy at puts at $200 and $180 (large OI) while short-dated calls at $230/$240 are expensive — calendar/diagonal selling higher-IV leg (mid-term) vs front-week offers edge.

Flow Analysis

Net premium: + $109.0M skewed to calls (top call premium at $230 $33.96M) with P/C vol 0.97 and P/C OI 1.07 — synthetically bullish flow but mixed with large protective put OI at $200.

Directional prints: 59.1 put 227.5 OTM 4/10 — Large short-dated put print AMD260410P00227500 Vol=15,942 vs OI=197 (80.9x) — could be buy-to-open protective or sell-to-open pin-lift; consistent with dealers hedging short-dated downside exposure. 57.1 put 230 OTM 4/10 — AMD260410P00230000 Vol=18,154 OI=790 (23x) — heavy short-dated activity at current spot; bought puts would be bearish while sold puts imply pin capture; overall flow skew leans to buyer aggression in calls so bought-protective interpretation is plausible.

Unusual: 56.2 put 232.5 ITM 4/10 — AMD260410P00232500 Vol=5,781 OI=129 (44.8x) — ITM put flow suggests short-dated hedging into the pin; higher probability of short-term volatility.

Risks & Catalysts

!Gamma flip ~ $200 — sustained move below $200 removes dealer pin support and accelerates downside

!Upcoming earnings 2026-05-05 priced into 30–45d vols (30d IV 59.1%) — IV recalibration possible post-release

!High IV and net call premium leave short premium exposed to sudden VIX-style spikes

!Front-week expiry 2026-04-10 (2d) creates pin/assignment risk and compressed bid-ask spreads widening intraday.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy shares at $231.82	MP drift to $215 and high IV imply better entries lower
Short stock	Moderate	Short shares near $240 resistance	Dealer selling into rallies and positive GEX can induce chop
Covered call	Moderate-Strong	Buy stock + sell 5/08 $240 call	Loss of upside above $240; assignment at ex-close
Cash-secured put (CSP)	Moderate-Strong	Sell 5/08 $220 put (cash-secured)	MP drift below $215 increases assignment risk
Short put spread	Strong	Sell 5/08 $220/$210 put spread	Breaks below $210 accelerate losses due to MP and put floor dynamics
Long call (directional)	Moderate-Weak	Buy 5/08 $250 call	High calendar IV; expensive premium with limited theta advantage
Long put / bear put spread	Moderate	Buy 4/10 $230 put, sell 4/10 $220 put (bear put)	Front-week gamma; expensive short-dated IV but tight defined risk
Iron condor	Moderate-Strong	Sell 5/08 $210/$200 put spread + sell 5/08 $250/$260 call spread (defined-risk condor)	Large IV moves or earnings repricing widen wings
Calendar / diagonal (reverse calendar)	Moderate-Strong	Sell 5/08 $230 call, buy 4/10 $230 call (reverse calendar) — sell 59.1% IV, buy 56.6% IV (+2.5pt edge)	Selling the higher-IV longer leg exposes to term-structure repricing; requires management of gap risk.
PMCC / LEAPS diagonal	Moderate	Buy 5/08 $220 put / sell 2027-03 $220 put diagonal (if available)	Term-structure and MP drift make long-dated put expensive

Top Plays

Short Put Spread (30–45 DTE)

Sell 5/08 $220/$210 put spread

Sells premium into positive GEX pin around $230 with MP pressure lower; defined risk and collects rich mid-term IV (30d ATM 59.1%).

Credit: $0.90-$1.40

Max loss: 9.10

BE: $219.10

Mgmt: Take 50–70% profit at 30% of max loss; cut if spot < $215 or VIX jumps >10 pts.

Traders wanting defined-risk income aligned with dealer pin

Sell Front-Week Call Calendar (tactical)

Sell 4/10 $230 call, buy 5/08 $230 call (regular calendar)

Exploits high front-week IV and dealer pin at $230; front-week IV ~56.6% vs 30d 59.1% gives ~+2–3 vol-pt edge and front-week theta decay.

Credit: $0.40-$1.10

Max loss: Undefined if uncovered, but structured as calendar limited risk by long leg

BE: Requires range-bound spot around $230 at 4/10 expiry

Mgmt: Close front leg for 40–60% profit early or if spot moves >±2% from $230; roll front leg if pin persists.

Tactical premium sellers comfortable managing front-week gamma

Iron Condor (multi-week defined risk)

Sell 5/08 $210/$200 put spread and sell 5/08 $250/$260 call spread

Uses wide wings outside EM bounds (1w EM $216.67–$246.97) to collect rich premium with positive GEX support inside the wings.

Credit: $1.80-$3.20

Max loss: 8.20 per side

BE: Lower breakeven ~208.20, upper ~253.20

Mgmt: Close 50% at 30–40% max profit, tighten wings if spot breaches $225 or $246.97.

Defined-risk income traders wanting multi-week exposure

Watchlist Triggers

Entry Triggers

IFIf spot tags $230 and holds >30 minutes with IV contracting → Sell 4/10 $230 call and buy 5/08 $230 call (sell front-week calendar)

IFIf spot pulls back to $225 and bounces within 2 hours → Sell 5/08 $220/$210 put spread

IFIf spot rallies and prints >$240 with volume above 30-day average → Sell 5/08 $250/$260 call spread (part of iron condor)

Adjustment Triggers

ADJIf spot falls below $220 (daily close) → Roll down short put spread from 5/08 $220/$210 to 5/08 $215/$205 or buy protection

ADJIf front-week IV spikes >10 vol pts (4/10 IV >66%) → Close front-week short leg of any calendar and re-establish longer-dated hedge

Exit Triggers

EXITIf spot < $215 (max-pain level) or VIX jumps +8 pts intraday → Close all short-premium positions immediately

EXITIf a short put spread hits 30% of max loss → Buy back spread and consider flip to long put vertical

Tactical Summary

Primary thesis: short-premium around the $230 pin over multi-week horizon while respecting a falling MP ladder; invalidation: sustained daily close below $215 (MP) or break of gamma flip ~$200. Regime favors defined-risk premium sales (5/08 short put spreads, calendars) and one tactical front-week calendar for capture of elevated short-dated IV.

How to Use These Reports

This directional reflects the market close on April 8, 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.