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AMD

Advanced Micro Devices, Inc.Close $447.58EOD only

Max Pain

$415.00

Next expiry May 22, 2026

Expected Move

±$24.20

5.4% from close

Price Gap

-32.58

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 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

May 20, 2026 close

AMD Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish thesis driven by strong dealer GEX (+$66.9M) and bullish flow, with pinning support near $415. Spot above max pain by 7.9% but positive gamma keeps dips shallow. High vol suggests caution, but alignment of flow and GEX supports continuation towards $450-$471.

Confidence:

8 / 10

Base 5, +2 GEX/flow alignment, +1 GEX positive pinning, -1 spot 7.9% above MP, +1 VIX 17

Supports: Bullish flow, +GEX, pinning regime, above-resistant levels
Conflicts: Spot far above MP, high vol, resistance at $450

🟢GEX +$66.9M: dealers hedging upside, supports rallies

📈Flow bullish net premium: aggressive call buying

⚠️Spot 7.9% above max pain ($415): risk of pin drag

📊VIX 17: elevated vol supports options premium selling

Regime Classification

Vol Regime

High

High vol: IV elevated vs typical range, VIX 17.4 provides context for rich premium.

Gamma Regime

Pinning

Pinning regime: strong positive GEX (+$66.9M) with no flip proximity, dealers stabilize spot.

Flow Regime

Bullish

Bullish flow: net premium buying driven by calls, supports upward bias.

Spot vs Max Pain

Above

Spot above max pain ($415) by 7.9%, indicating bullish bias but potential for pinning pressure.

Thesis duration: Multi-week — Positive GEX and bullish flow suggest sustained momentum over 2-week horizon, with levels holding through weekly expiries.

Price Range Forecast

Next 2 days

$423.38$471.78

Support from $423 (day low) and max pain, resistance at $471 (range high); strong GEX favors upside.

Next 1 week

$407.50$487.65

1w range $407-$487; pinning near $415 could provide bounce if tested.

Next 2 weeks

$394.73$500.43

2w range $394-$500; resistance at $450, break above opens $500.

Key Levels

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

EM guardrails: 2d $423.38/$471.78; 1w $407.50/$487.65

Support: $415.00 · $394.73

Resistance: $450.00 · $500.43

Structural: Max pain $415 (May 22), $400 (May 29, Jun 5). 2d range $423.38-$471.78; support $415/$394.73; resistance $450/$500.43. Gamma flip N/A.

Dealer Positioning (GEX/DEX)

GEX: $+66.9M

DEX: +97.4M shares

Gamma flip: N/A

NTM gamma: GEX +$66.9M (positive), DEX +97.4M shares; gamma pinning near $415; no flip risk within 30% below spot.

IV Analysis

IV vs VIX: IV elevated relative to VIX 17.4, indicating rich premium for options sellers.

Term structure: Term structure not provided; likely contango given high vol regime.

Skew: Skew not available; potential opportunity in bear put spreads due to rich IV on downside.

Flow Analysis

Net premium: Net premium $482M, P/C vol ratio 0.63, bullish call flow.

Directional prints: 68.4 call 505 OTM 2026-05-29 — Vol 1412 vs OI 126 (11.2x), likely bought, bullish OTM call. 67.7 call 445 ITM 2026-05-29 — Vol 4584 vs OI 614 (7.5x), high call volume, bullish.

Unusual: 71.9 put 392.5 OTM 2026-05-29 — Vol 2253 vs OI 149 (15.1x), new put buying, bearish hedge. 77.2 call 487.5 OTM 2026-05-22 — Vol 1861 vs OI 169 (11.0x), call buying, bullish. 196.9 call 850 OTM 2026-05-22 — Vol 1000 vs OI 122 (8.2x), extremely high IV, lottery-like call.

Risks & Catalysts

!Spot 7.9% above max pain could trigger pinning towards $415

!High vol may amplify downside moves on catalyst

!Resistance at $450 may cap short-term gains

!Lack of gamma flip support below spot increases vulnerability if sentiment shifts

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-06-26 $450.00/$500.00 call spread Why now: Dealer GEX and bullish flow support continuation.	Time decay if move delayed; resistance at $450.
Put credit spread	Moderate-Strong	Sell 2026-06-12 $405.00/$360.00 put spread Why now: Defined risk premium sale below support aligns with dealer pinning.	Pinning to max pain at $415 could push against short put if too close.
Bullish risk reversal	Moderate	Buy 2026-06-26 $460.00 call / sell 2026-06-26 $410.00 put Why now: Strong flow and GEX support; risk reversal captures upside with limited cost.	Unlimited downside if sell-off; high IV amplifies put premium.

Top Plays

Bull Call Spread $450/$500

Buy 2026-06-26 $450.00/$500.00 call spread

Leverages dealer gamma support and call flow, capturing move to $450-$500.

Why this play: Best risk/reward aligning with bullish flow and GEX; defined risk targets upside.

Debit: $16.27-$19.88

Max loss: $19.88

BE: $469.88

Mgmt: Exit near $500 or if spot breaks $415.

Traders seeking capped risk bullish exposure.

Bullish Risk Reversal

Buy 2026-06-26 $460.00 call / sell 2026-06-26 $410.00 put

Buy call and sell put to capture upside cheaply, using flow momentum.

Why this play: Unlimited upside with low cost, suited for strong conviction; but higher risk if pinned.

Debit: $11.83-$14.46

Max loss: $410.00

BE: $410.00

Mgmt: Roll if spot drops near $415; take profit on call if $500 hits.

Aggressive bullish traders comfortable with assignment risk.

Put Credit Spread $405/$360

Sell 2026-06-12 $405.00/$360.00 put spread

Sells put spread below support to collect premium; benefits from pinning.

Why this play: Defensive premium sale but contrary to bullish bias; lower rank due to misalignment.

Credit: $8.01-$9.79

Max loss: $35.21

BE: $395.21

Mgmt: Close early if bullish momentum accelerates; invalidation at $415.

Neutral-bearish outlook; not primary bullish play.

Watchlist Triggers

Entry Triggers

IFSpot holds above $415 with RSI > 60 → Buy 2026-06-26 $450/$500 call spread at $16.27-$19.88

Exit Triggers

EXITSpot breaks below $415 → Exit bull call spread immediately

Tactical Summary

Bullish thesis from dealer GEX and flow. Primary play: $450/$500 call spread targeting $500. Invalidation at $415. Exit if spot closes below.

How to Use These Reports

This directional reflects the market close on May 20, 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.