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AMD

Advanced Micro Devices, Inc.Close $274.95EOD only

Max Pain

$250.00

Next expiry Apr 24, 2026

Expected Move

±$13.38

4.9% from close

Price Gap

-24.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.07

Balanced positioning

Consensus

6.5/10

Range bias

Published snapshot: Apr 20, 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

Apr 20, 2026 close

AMD Directional Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish-leaning: dealers are long gamma (GEX +$80M) and buying stock (DEX +83M shares) supporting pinning above MP; expect mean-reversion toward the $250–$260 max-pain band with upward bias while spot remains above MP and IV is elevated.

Confidence:

7.5 / 10

High dealer GEX and net stock buys (+83M) align with bullish flow and pinning; spot 11.6% above MP and elevated IV temper immediate conviction.

Supports: GEX +$80.1M, DEX +83.4M shares, bullish options flow, IV high (v.s. historic)
Conflicts: Spot materially above MP; gamma flip far below (~$200) limiting dealer hedging above current spot

📌Pinning bias: dealers' positive GEX and stock buys increase chance of spot staying near upper range short-term

⚠️Mean-reversion risk: spot ~11.6% above max-pain cluster ($245–$255) — downside pull remains

🔺IV rich: elevated IV (VIX 19.5 context) makes paid protection costly but supports higher option premia for selling structures

Regime Classification

Vol Regime

High

High IV vs typical, reflecting recent market weakness and option demand.

Gamma Regime

Pinning

Pinning regime — dealers long gamma with notable pin concentrations at $245–$255; gamma flip far below (~$200).

Flow Regime

Bullish

Net bullish premium/flow: buyers of calls and dealers hedging by buying stock (DEX +83.4M).

Spot vs Max Pain

Above

Spot sits above MP clusters (~11.6%); increases chance of slow drift down or consolidation toward pain levels.

Thesis duration: Multi-week — Sustained dealer positioning and concentrated max-pain strikes over several expiries imply several-week pinning/mean-reversion dynamic.

Price Range Forecast

Next 2 days

$270.61$298.36

Dealer hedging and GEX support upper half of range.

Next 1 week

$261.31$307.66

Max-pain at $255 could attract mean-reversion.

Next 2 weeks

$250.59$318.39

Gamma flip distant; dealer hedging less effective if large sell impulse occurs.

Key Levels

Max pain pins: $255 (2026-04-24); $250 (2026-05-01); $245 (2026-05-08)

EM guardrails: 2d $270.61/$298.36; 1w $261.31/$307.66

Support: $250.59

Resistance: $318.39

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 17,607 (29.7% below spot)

Structural: EM guardrails — 2d: $270.61 / $298.36; 1w: $261.31 / $307.66. Max-pain cluster: $245–$255. Support ~$250.59. Resistance ~$318.39. Gamma flip ~ $200.

Dealer Positioning (GEX/DEX)

GEX: $+80.1M

DEX: +83.4M shares

Gamma flip: ~$200 (Approx — based on put OI concentration of 17,607 (29.7% below spot))

NTM gamma: GEX +$80.1M and DEX +83.4M shares; dealers long gamma and net long delta, promoting pinning while gamma flip sits near $200 (well below spot).

IV Analysis

IV vs VIX: AMD IV is rich versus index context (VIX ~19.5); elevated IV favors premium sellers but keeps hedging costs high for buyers.

Term structure: Front-month IV elevated with kinks around near-term expiries coincident with max-pain dates (4/24, 5/01, 5/08), implying event-driven short-dated demand.

Skew: Put concentration below spot creates tail skew; opportunity to sell elevated near-term vol or structure around resistance levels, but tail risk exists if spot reverts quickly to MP.

Flow Analysis

Net premium: Net premium inflow (~$230M) with P/C vol <1 (more call volume) and near-par OI — overall skew favors call-buying/bullish exposure despite notable put demand.

Directional prints: 59.1 put 280 OTM 2026-04-24 — Very large vol vs low OI — more consistent with aggressive opening put buys (speculative or hedges) rather than sell/roll; bearish directional demand but limited OI footprint. 58.7 put 282.5 OTM 2026-04-24 — High vol/OI ratio suggests opening put buying pressure—short-dated downside protection or directional shorts initiated. 59.9 call 282.5 ITM 2026-05-01 — Notable call activity supporting upside exposure (call buys or call-spread buys); aligns with net call-biased premium inflow.

Unusual: 57.1 put 287.5 ITM 2026-04-24 — Extremely high vol/OI — likely fresh large opening put buys, concentrated short-dated demand. 75 call 400 OTM 2026-05-08 — Long-dated OTM call heft with high IV — speculative upside or structured exposure.

Risks & Catalysts

!Rapid broad market sell-off removes dealer ability to hedge, causing sharp downside to MP

!Large single-day negative print overcoming dealer pinning

!IV spike from news increases hedging costs and breaks pin

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-15 $250.00/$240.00 put spread Why now: Bullish-leaning flow, dealer long-gamma/support and elevated IV favor defined-risk premium selling multi-week into/through earnings.	IV spike or broad-market sell-off can overwhelm dealer pinning causing sharp downside.
Bull call spread	Moderate	Buy 2026-05-22 $295.00/$340.00 call spread Why now: Directional bullish bias, call demand and dealer buying make long-call debit spread efficient while limiting cost amid elevated IV.	Rapid market sell-off or IV jump makes debit paid less efficient and can widen losses before roll.
Cash-secured put	Moderate-Weak	Sell 2026-05-22 $265.00 cash-secured put Why now: Bullish dealers and call demand make gentle pullbacks more likely; use cash-secured puts to set entry below current spot.	Large single-day downside or IV spike leads to assignment at higher-than-expected basis.
Call calendar	Moderate	Sell 2026-05-08 $280.00 call / buy 2026-06-18 $280.00 call Why now: Front-month IV rich and dealers long gamma supports selling near-term vol; back-month convexity captures upside beyond short-dated pin range.	Near-term IV spike or sharp rally shifts calendar losses; execution slippage on wings.

Top Plays

Sell May 250/240 put credit spread

Sell 2026-05-15 $250.00/$240.00 put spread

Collect premium while IV is elevated; structure benefits if spot mean-reverts toward $250–260 and stays above short strike into/through earnings.

Why this play: Highest edge: defined-risk premium selling into dealer long-gamma and stock buying that supports pinning above max-pain.

Credit: $1.76-$2.15

Max loss: $7.85

BE: $247.85

Mgmt: If spot drops below 250.6 or momentum deteriorates, buy back spread; consider rolling down/ OTM to cut loss.

Traders seeking limited-risk premium with multi-week bullish lean.

Sell front-month $280 call / buy back-month $280 call (calendar)

Sell 2026-05-08 $280.00 call / buy 2026-06-18 $280.00 call

Short near-term vol into expected pin band, long back-month convexity to capture continued upside beyond short expiry.

Why this play: Exploits rich front-month IV and dealer short-term pinning while retaining upside exposure in back month.

Debit: $9.25-$11.30

Max loss: $11.30

BE: Path-dependent

Mgmt: Close/adjust if front IV compresses or spot decisively breaks above/below pin band; roll short if pin breaks.

Vol sellers who want directional optionality and IV decay capture.

Buy May 295/340 bull call spread

Buy 2026-05-22 $295.00/$340.00 call spread

Limited-cost way to participate in upside beyond ~295 with defined loss and large asymmetric upside.

Why this play: Directional play if upside continuation through pin band is likely given call demand and dealer buying.

Debit: $10.48-$12.81

Max loss: $12.81

BE: $307.81

Mgmt: Trim or take profits on strong delta move; cut if spot falls toward invalidation ~250.6 or IV spikes raising cost.

Bullish traders preferring capped risk exposure to capture a sustained rally.

Watchlist Triggers

Entry Triggers

IFIF AMD spot >=255 AND 3‑day consecutive daily closes >250.59 AND IV30 rank ≥60 (percentile) AND 1‑day ATM vol change ≤+20% → THEN sell 2026-05-15 250/240 put credit spread (target fill $1.76–$2.15)

IFIF AMD spot is inside $270.60–$298.40 for 3 consecutive trading days AND front‑month IV30 > back‑month IV90 by ≥5 vol pts → THEN establish short 5/8 call and long 6/18 call at 280 (calendar) — target net debit $9.25–$11.30

IFIF conviction of upside continuation: sustained close >295 for 2 consecutive trading days AND 5‑day return ≥+3% → THEN buy 5/22 295/340 bull call spread (pay $10.48–$12.81)

Adjustment Triggers

ADJIF AMD spot ≤250.59 OR 14‑day ATR falls ≥30% vs 14‑day ATR baseline OR 1‑day ATM vol spikes ≥+40% → THEN close/buy back the 250/240 put spread; consider rolling or cutting calendar/bull‑call per liquidity limits; exit if position loss ≥ predefined max loss

Tactical Summary

Bullish-leaning multi‑week plan: sell defined‑risk put spread when spot >=255 with elevated IV rank; use calendars when spot pins $270.6–$298.4 and front‑month > back‑month IV; add capped bull call spread on confirmed upside. Invalidate and cut risk on close ≤250.59, ATR collapse ≥30% (14d), or ATM vol spike ≥40% (1d).

How to Use These Reports

This directional reflects the market close on April 21, 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.