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AMD

Advanced Micro Devices, Inc.Close $303.46EOD only

Max Pain

$260.00

Next expiry Apr 24, 2026

Expected Move

±$12.90

4.3% from close

Price Gap

-43.46

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.06

Balanced positioning

Consensus

7.0/10

Consensus signal

Published snapshot: Apr 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

Apr 22, 2026 close

AMD Directional Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias: dealers net long gamma and flows are bullish, creating a pin/magnet near $300; expect mean-reversion into that area absent a broad-market selloff.

Confidence:

7.5 / 10

Pre-computed score reinforced by large positive dealer GEX and sustained bullish premium flow; downside risk from spot distance to longer-dated MPs and elevated IV.

Supports: Net bullish flow, sizable positive dealer GEX, concentrated put OI creating a near-term pin
Conflicts: Spot > multi-week MPs by ~12%; elevated IV could favor mean-reversion

📌Dealer GEX +$88M and DEX +92.8M shares create a near-term pin/magnet around $300

⚠️Spot sits ~12% above longer-dated max-pain levels; broad market drop could flip gamma and amplify downside

📈Front-end IV elevated vs VIX ~19 — premium selling attractive but risky into the pin

Regime Classification

Vol Regime

High

IV elevated vs typical; front-month rich relative to VIX, making hedging/premium selling costly.

Gamma Regime

Pinning

Pinning regime: concentrated put OI and dealer gamma create a local magnet near $300; flip proximity moderate.

Flow Regime

Bullish

Net bullish premium flow consistent with dealers short put/long delta dynamics supporting price around the pin.

Spot vs Max Pain

Above

Distinguish horizons: near-term MPs and gamma pin sit ~300 (price magnet), while multi-week max-pain is lower (~$272), hence spot is ~12% above those longer-dated MPs.

Thesis duration: Multi-week — Sustained dealer GEX and concentrated short-dated put OI imply a multi-week pin unless a major market catalyst shifts positioning.

Price Range Forecast

Next 2 days

$296.33$314.33

Choppy trading toward the $296–314 band with magneting toward $300

Next 1 week

$283.13$327.53

Higher chance to test upper 1w range if broad market holds; break above $327 would change trend

Next 2 weeks

$287.43$323.23

Pin near $300 likely to persist absent broad-market selloff; monitor gamma flip

Key Levels

Max pain pins: $272 (2026-04-24); $265 (2026-05-01); $255 (2026-05-08)

EM guardrails: 2d $296.33/$314.33; 1w $283.13/$327.53

Support: $300.00 · $287.43

Resistance: $323.23

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 13,179 (1.7% below spot)

Structural: Near-term pin/magnet: ~$300 (short-dated put concentration). Multi-week max-pain: ~$272 (longer-dated expiries). EM guardrails 2d $296.33/$314.33; 1w $283.13/$327.53. Resistance ~323.23.

Dealer Positioning (GEX/DEX)

GEX: $+88.1M

DEX: +92.8M shares

Gamma flip: ~$300 (Approx — based on put OI concentration of 13,179 (1.7% below spot))

NTM gamma: GEX +$88.1M; DEX +92.8M shares. Short-dated put concentration ≈13,179 contracts centered near the $300 strike (strike cluster ≈1.7% below spot when measured vs current spot), driving local gamma pin and flip proximity.

IV Analysis

IV vs VIX: Ticker IV is rich vs VIX ~19; elevated option costs favor premium sellers but increase risk around the pin.

Term structure: Front-month IV elevated with kinks at weekly expiries; short-dated expiries show pronounced put concentration near $300.

Skew: Put skew richer than calls around $300; actionable if comfortable: sell near-term elevated IV into the pin, but size for potential gamma flip.

Flow Analysis

Net premium: Very large net premium inflow favoring calls versus puts despite elevated short-dated put activity; overall flow reads bullish.

Directional prints: 50 call 305 ITM 2026-04-24 — Massive 51,210 vol vs 5,188 OI—likely aggressive call buying or opening call spread leg; bullish delta exposure and gamma support near-term. 50.1 call 312.5 OTM 2026-04-24 — 16,512 vol, 1,847 OI—large call flow reinforcing short-dated upside pressure; favors pinning/high gamma to strikes below this. 50.6 put 305 OTM 2026-04-24 — 15,953 vol, 818 OI—heavy short-dated puts indicating downside hedging or bearish bets but smaller premium than call ledger; two‑sided action.

Unusual: 57.2 put 305 OTM 2026-05-01 — 5,294 vol vs 104 OI (vol/oi 50.9) — clear opening/block put purchase, outsized for monthly; directional bearish tail risk or structured hedge. 57.7 put 310 ITM 2026-05-01 — 2,230 vol vs 220 OI — elevated May put interest at higher IV suggesting longer-dated downside protection. 60.6 call 450 OTM 2026-07-17 — 2,082 vol vs 237 OI — notable long-dated call flow, directional bullish LEAP interest or bullish spread leg.

Risks & Catalysts

!Broad market selloff that breaches the $300 pin and flips gamma

!Unexpected macro/earnings catalyst widening IV and invalidating the pin

!Dealer delta unwind if spot moves decisively through the gamma flip

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-15 $300.00/$290.00 put spread Why now: Pin/bullish dealer flows favor call-side; defined-risk put spread profits if spot mean-reverts toward $300.	Broad-market selloff or gamma flip wiping premium; maintain defined risk.
Bull call spread	Moderate	Buy 2026-06-18 $310.00/$330.00 call spread Why now: Aggressive call buying and net call premium inflow supports upside; defined-risk spread benefits from mean-reversion.	IV pops into earnings or broad selloff compressing P/L; cost is limited but upside capped.
Cash-secured put	Moderate-Strong	Sell 2026-06-18 $300.00 cash-secured put Why now: Bullish flow and dealer gamma support reduce tail risk; use cash-secured put to set entry at desirable strike.	Earnings or macro shock could gap below strike; position requires cash and assignment plan.
Call diagonal	Moderate	Sell 2026-05-15 $305.00 call / buy 2026-06-18 $340.00 call Why now: Front-week call demand and elevated short-dated IV make calendar favorable; benefits if spot pins near $300 into near-term expiry.	Near-term IV spike from earnings/macro widens front/back vol and can hurt the short leg; require active management.

Top Plays

Short put spread into $300 pin

Sell 2026-05-15 $300.00/$290.00 put spread

Sell 5/15 300/290 put spread to profit if spot reverts to the pin; aligns with bullish call-heavy flow and lowers tail exposure vs naked puts.

Why this play: Defined-risk way to express bullish mean-reversion toward the $300 magnet while collecting premium from dealer bias.

Credit: $3.78-$4.62

Max loss: $5.38

BE: $295.38

Mgmt: Take partial gains as spot approaches 300; cut or roll if price breaches 300 decisively or market selloff begins.

Traders seeking limited-risk bullish exposure with premium collection.

Front-week call sell / longer call buy (diagonal)

Sell 2026-05-15 $305.00 call / buy 2026-06-18 $340.00 call

Sell 5/15 305 call, buy 6/18 340 call to monetize short-dated call flow and retain directional upside.

Why this play: Harvest front-week call demand while keeping upside optionality into June amid elevated short-dated IV.

Credit: $3.38-$4.12

Max loss: $0.01

BE: Path-dependent

Mgmt: Buy back short leg before pin expiration or if IV spikes; adjust long leg if trend resumes above 330.

Traders who want income with convex upside exposure.

Bull call spread (buy 310/330)

Buy 2026-06-18 $310.00/$330.00 call spread

Buy 6/18 310/330 call spread to capture mean-reversion and continued call demand.

Why this play: Directional upside play using defined risk to ride call buying tailwinds.

Debit: $7.00-$8.55

Max loss: $8.55

BE: $318.55

Mgmt: Trim into gains toward 330; exit or roll if market volatility expands or invalidation at 300 occurs.

Bullish traders wanting capped risk/reward on multi-week horizon.

Watchlist Triggers

Entry Triggers

IFIF AMD spot is between $287.43 and $300 AND SPX intraday move > -2% (i.e., not a selloff) AND VIX change < +15% from open → Sell 2026-05-15 $300/$290 put spread (s1) sized per risk limits; enter only if received credit ≥50% of max credit

IFIF AMD pins near $300 into front-week expiry AND front-week implied vol (IV30) ≤ 30 and VIX change < +15% → Sell 2026-05-15 $305 call and buy 2026-06-18 $340 call diagonal (s4); enter only if net premium collected ≥50% of front-week short-call premium

Adjustment Triggers

ADJIF spot rallies toward $300 and position P/L ≥ +30% → Trim 25–50% of s1 or take profit on equivalent notional of s4 short legs; tighten risk per size limits

ADJIF spot breaches $300 downside with SPX drop ≥2% or IV30 rises ≥+30% vs. prior close → Close or roll short put spread/short call leg (s1/s4) to lower delta and reduce risk; consider hedges

Exit Triggers

EXITIF spot falls below $287.43 OR SPX down ≥2% intraday OR IV30 rises ≥+30% (IV spike defined) → Exit bullish defined-risk trades (s1 and s4) to limit loss; stop out cash-secured put plans

Tactical Summary

Multi-week bullish bias: dealer net-long gamma supports a $300 pin. Prefer defined-risk bullish entries (put credit spread, diagonal) sized for gamma flip risk. Rules: treat market selloff as SPX ≤ -2% intraday or IV30 ≥ +30% vs prior close; exit on spot < $287.43 or those market/IV signals.

How to Use These Reports

This directional reflects the market close on April 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.