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AMD

Advanced Micro Devices, Inc.Close $449.59EOD only
Max Pain
$420.00
Next expiry May 22, 2026
Expected Move
±$12.50
2.8% from close
Price Gap
-29.59
Distance to max pain
IV Rank
56
Middle-high premium
P/C OI
1.08
Balanced positioning
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
AMD Directional Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Strong bullish regime with high vol, pinning gamma at $422, and bullish flow support. Spot 10.7% above max pain introduces reversion risk, but confidence high at 8/10 suggests continued upside within guardrails.

Confidence:
8 / 10
Base 5; +2 GEX/flow alignment; +1 positive GEX pinning; -1 spot far from MP; +1 VIX ~17.
Supports: GEX +137.5M, bullish flow, VIX moderate, price within EM guardrails.
Conflicts: Spot far above max pain, high vol regime can cause sharp moves, no gamma flip but limited near support.
📈GEX bullish +137.5M gamma pinning to $422.
⚠️Spot 10.7% above max pain, reversion risk.
💼Flow call-skewed, net premium positive.

Regime Classification

Vol Regime
High
High vol regime, VIX 16.7, IV elevated likely due to event/sector vol.
Gamma Regime
Pinning
Pinning regime with GEX +137.5M, no near flip, spot attracted to $422 max pain.
Flow Regime
Bullish
Bullish flow with net call buying and positive premium.
Spot vs Max Pain
Above
Spot above max pain ($422) indicating momentum but stretched.
Thesis duration: Event-specific — High vol and pinning near $422 expiry suggest event-driven positioning.

Price Range Forecast

Next 1 week
$434.31$500.71
GEX pins to $422 but flow supports upside within range 434.31–500.71.
Next 2 weeks
$418.54$516.49
Resistance 516.49, support 418.54; next week's MP $400 may anchor lower.

Key Levels

Max pain pins: $422 (2026-05-22); $400 (2026-05-29); $405 (2026-06-05)
EM guardrails: 1w $434.31/$500.71
Support: $422.50 · $418.54
Resistance: $516.49
Structural: Support $418.54/$422.5, resistance $516.49. EM guardrails 1w $434.31/$500.71. Max pain pins: $422, $400, $405.

Dealer Positioning (GEX/DEX)

GEX: $+137.5M

DEX: +101.8M shares

Gamma flip: N/A

NTM gamma: GEX +$137.5M, DEX +101.8M shares. Dealers long gamma, stabilizing near $422.

IV Analysis

IV vs VIX: IV elevated relative to VIX 16.7, indicating event premium or sector vol.

Term structure: Likely backwardated near event, normal contango for further expiries.

Skew: Call-skewed due to bullish flow; no actionable opportunity noted.

Flow Analysis

Net premium: Net prem +$646M, PC vol 0.51, call-heavy.

Directional prints: 21.9 call 480 OTM 5/22 — Vol 66.4k/OI 5.1k (13x); OTM call buy, bullish. 9 call 472.5 OTM 5/22 — Vol 29.4k/OI 1.8k (17x); OTM call buy, bullish. 16.4 call 477.5 OTM 5/22 — Vol 19.2k/OI 1k (19x); OTM call buy, bullish.

Unusual: 15.2 put 470 ITM 5/22 — Vol 23.5k/OI 185 (127x); put opening (buy), bearish standalone but may hedge call exposure. 8.6 put 465 OTM 5/22 — Vol 15.3k/OI 127 (121x); put opening (buy), bearish outright but could hedge bullish calls. 61.1 call 477.5 OTM 5/29 — Vol 4.6k/OI 125 (37x); weekly OTM call sweep, bullish gamma.

Risks & Catalysts

!Spot mean reversion to max pain $422.
!High vol regime may cause whipsaw.
!Lack of gamma support below $418.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate-Strong
Sell 2026-07-17 $410.00/$390.00 put spread
Why now: Sell put spread below support to collect premium; defined risk limits downside.
Spot mean reversion to $422 max pain may trigger spread.
Bull call spreadStrong
Buy 2026-07-17 $490.00/$540.00 call spread
Why now: Buy call spread at strikes with high OI and flow support; limited cost.
Spot pulls back to lower strikes; spread may expire worthless.
Cash-secured putModerate
Sell 2026-07-17 $430.00 cash-secured put
Why now: Sell put at 450 strike to earn premium and enter at lower cost if assigned.
Assignment risk if spot drops below strike; opportunity cost if rally continues.

Top Plays

#1
Bull Call Spread
Buy 2026-07-17 $490.00/$540.00 call spread
Buy $490/$540 call spread to capture upside momentum with defined risk.
Why this play: Aligns with strong bullish flow and OTM call buying; limited risk and high reward.
Debit: $13.72-$16.77
Max loss: $16.77
BE: $506.77
Mgmt: Exit if stock closes below invalidation $422.50 or profit target hit.
Traders expecting continued rally above resistance.
#2
Put Credit Spread
Sell 2026-07-17 $410.00/$390.00 put spread
Sell $410/$390 put spread to benefit from bullish bias and time decay.
Why this play: Collects premium below support with defined risk; suits high vol regime.
Credit: $5.24-$6.41
Max loss: $13.59
BE: $403.59
Mgmt: Roll or close if stock approaches invalidation level.
Income-focused traders with moderate bullish outlook.
#3
Cash-Secured Put
Sell 2026-07-17 $430.00 cash-secured put
Sell $430 put to earn premium and potentially buy AMD at lower cost.
Why this play: Premium collection with potential stock entry at discount, but higher capital at risk.
Credit: $26.12-$31.93
Max loss: $398.07
BE: $398.07
Mgmt: Manage assignment risk; consider rolling if stock drops significantly.
Traders willing to own AMD at $430 and collect premium.

Watchlist Triggers

Entry Triggers
IFIf SPX holds above $422.50 support → Enter bull call spread: buy $490/$540 call spread at market (target entry $13.72-$16.77)
IFIf SPX holds above $422.50 support → Enter put credit spread: sell $410/$390 put spread for credit (target $5.24-$6.41)
Exit Triggers
EXITIf SPX drops to $422.50 invalidation level → Close all positions: exit #1 bull call spread, #2 put credit spread, #3 cash-secured put
EXITIf SPX reaches $516.49 resistance → Take profit on #1 bull call spread; manage #2 and #3 per plan

Tactical Summary

Strong bullish regime with high vol; buy pullbacks to $422.50 support. Use defined-risk spreads: bull call spread for upside, put credit spread for income. Invalidation at $422.50. Resistance $516.49. Avoid cash-secured put unless willing to own at $430.
How to Use These Reports
This directional reflects the market close on May 22, 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.