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AMD

Advanced Micro Devices, Inc.Close $523.20EOD only
Max Pain
$500.00
Next expiry Jun 5, 2026
Expected Move
±$16.12
3.1% from close
Price Gap
-23.20
Distance to max pain
IV Rank
84
High premium
P/C OI
1.10
Balanced positioning
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
AMD Directional Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish near-term bias: high vol, negative gamma, spot below max pain. DEX support cushions but downside likely toward $428-$413.

Confidence:
6.5 / 10
Base 5; +2 GEX/flow aligned (neg gamma); -1 spot far from MP; +0.5 high VIX.
Supports: DEX +99.2M shares provides buying; high VIX exhaustion.
Conflicts: Mixed flow; MP pull $500 if spot rallies.
🚨High vol regime with negative gamma amplifies downside.
⚖️Spot 15% below MP $500 but far from support $413.
🛡️Long delta from DEX buffers sharp drops.

Regime Classification

Vol Regime
High
Elevated vs typical, driven by tech sell-off (QQQ -4.8%) and VIX 21.5.
Gamma Regime
Trending
Negative GEX -$29.1M; trending conditions with no flip proximity.
Flow Regime
Mixed
Mixed premium context; DEX positive suggests institutional buy-side.
Spot vs Max Pain
Below
Spot below MP $500 by ~15%; bearish options sentiment.
Thesis duration: Event-specific — High vol and negative gamma are short-term; event-driven by sell-off and 6/5 options expiry.

Price Range Forecast

Next 1 week
$427.66$505.11
Support $428, resistance $505; bias lower toward support.
Next 2 weeks
$413.46$519.31
Support $413, resistance $519; continuation likely.

Key Levels

Max pain pins: $500 (2026-06-05); $492 (2026-06-12); $250 (2026-06-18)
EM guardrails: 1w $427.66/$505.11
Support: $413.46
Resistance: $500.00 · $519.31
Structural: Support: $413.46 (2w low). Resistance: $500 (max pain 6/5), $519.31. Guardrails: $427.66-$505.11.

Dealer Positioning (GEX/DEX)

GEX: $-29.1M

DEX: +99.2M shares

Gamma flip: N/A

NTM gamma: Neg gamma (-$29.1M) drives hedging; pos delta (+99.2M shares) provides support but gamma dominates near term.

IV Analysis

IV vs VIX: IV rich vs VIX and sector due to high vol and negative gamma; implied fear elevated.

Term structure: Contango typical; near-term vols higher from event risk (6/5 expiry).

Skew: Put skew steep; consider put spreads or sell call spreads for theta.

Flow Analysis

Net premium: Net premium -$120M signals bearish flow despite slight call volume skew; OI ratio favors puts.

Directional prints: 71.8 put 390 OTM 2026-07-02 — Vol/OI 139.6 in OTM put; massive volume suggests bought (bearish) or sold (bullish). Preferred: bought.

Unusual: 71.8 put 390 OTM 2026-07-02 — Vol/OI 139.6, IV 71.8% - extreme relative to OI; likely new position. 32 call 487.5 OTM 2026-06-05 — Vol/OI 65.7 in 0DTE OTM call; likely closing worthless. 72.1 call 517.5 OTM 2026-06-12 — Vol/OI 24.0, IV 72.1% for OTM call; speculative buys.

Risks & Catalysts

!Reversal to MP $500 if short covering emerges.
!Break below $428 triggers panic selling to $413.
!Gamma squeeze unlikely with negative GEX.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadStrong
Buy 2026-08-21 $440.00/$380.00 put spread
Why now: Net premium -$120M and lead directional prints in OTM puts confirm bearish positioning. Negative gamma suggests further downside.
Capped profit; risk of reversal to $500 if short covering emerges.
Long putModerate-Strong
Buy 2026-08-21 $440.00 put
Why now: Bearish flow and high IV (70%+) offer cheap premium for downside protection/directional play.
Time decay accelerates if spot stabilizes; must manage gamma risk near expiration.

Top Plays

#1
Bear Put Spread
Buy 2026-08-21 $440.00/$380.00 put spread
Buy $440/$380 put spread for downside with capped risk.
Why this play: Better risk-reward per bearish thesis; defined loss, targets $413.
Debit: $21.49-$26.26
Max loss: $26.26
BE: $413.74
Mgmt: Close at 50% gain or if stock > $450.
Traders seeking defined risk.
#2
Long Put
Buy 2026-08-21 $440.00 put
Buy $440 put for unlimited downside.
Why this play: Higher payout but more expensive; suitable if expecting larger drop.
Debit: $42.59-$52.06
Max loss: $52.06
BE: $387.94
Mgmt: Stop at 50% loss, take profit at 100% gain.
Aggressive traders.

Watchlist Triggers

Entry Triggers
IFIF spot breaks below $427.66 → THEN buy $440/$380 put spread
Exit Triggers
EXITIF spot exceeds $500 → THEN close all bearish puts

Tactical Summary

Bearish near-term bias; high vol, negative gamma. Key support $413.46, resistance $500. Preferred: bear put spread on breakdown below $427.66. Stop above $500, target $413.46.
How to Use These Reports
This directional reflects the market close on June 5, 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.