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AMD

Advanced Micro Devices, Inc.Close $519.85EOD only

Max Pain

$530.00

Next expiry Jun 26, 2026

Expected Move

±$33.85

6.5% from close

Price Gap

+10.15

Distance to max pain

IV Rank

Low premium

P/C OI

1.17

Slightly put-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

AMD Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with dealer gamma support near $528 max pain. Spot below MP suggests mean reversion up. High IV offers premium selling opportunity.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; +0.5 spot 1.5% from MP; +0.5 VIX 19.

Supports: Strong GEX/flow alignment, GEX positive pinning, spot near max pain, high IV premium.
Conflicts: Mixed flow, high vol, VIX elevated.

📌Max pain $528 (Jun26) and $500 (Jul2/10) pinning.

📈Dealer GEX +$17.4M, positive gamma support.

⚠️High IV may compress; premium selling attractive.

Regime Classification

Vol Regime

High

Volatility is High (IV elevated vs historical). VIX at 18.6, AMD IV likely higher, indicating rich premium.

Gamma Regime

Pinning

Gamma is Pinning. GEX positive (+$17.4M) with strong dealer support near max pain levels.

Flow Regime

Mixed

Flow is Mixed. Net premium context unclear, but put OI concentration suggests downside hedging.

Spot vs Max Pain

Below

Spot is Below MP (1.5% below $528 max pain), implying upward drift tendency.

Thesis duration: Multi-week — Dealer gamma positive provides pinning support over next 1-2 weeks, with max pain at $528 and $500. High vol suggests mean reversion potential.

Price Range Forecast

Next 2 days

$491.91$547.56

Range $491.91-$547.56; bias upward toward max pain $528.

Next 1 week

$471.51$567.96

Range $471.51-$567.96; support from dealer gamma, resistance $527.5.

Next 2 weeks

$455.81$583.66

Range $455.81-$583.66; upside target $583.66 if max pain holds.

Key Levels

Max pain pins: $528 (2026-06-26); $500 (2026-07-02); $500 (2026-07-10)

EM guardrails: 2d $491.91/$547.56; 1w $471.51/$567.96

Support: $455.81

Resistance: $527.50 · $583.66

Gamma flip: ~$390.00 — Approx — based on put OI concentration of 16,402 (25.0% below spot)

Structural: Max Pain: $528 (Jun26), $500 (Jul2/10). EM guardrails: 2d $491.91/$547.56; 1w $471.51/$567.96. Support $455.81, resistance $527.5, $583.66. Gamma flip ~$390.

Dealer Positioning (GEX/DEX)

GEX: $+17.4M

DEX: +80.2M shares

Gamma flip: ~$390 (Approx — based on put OI concentration of 16,402 (25.0% below spot))

NTM gamma: GEX +$17.4M, DEX +80.2M shares. Gamma flip near $390 (put OI concentration 16,402 below spot).

IV Analysis

IV vs VIX: IV is elevated relative to VIX, indicating rich premium for option sellers.

Term structure: Likely contango with event kinks around expiration cycles; near-term IV higher.

Skew: Put skew elevated; selling puts or strangles may be favorable.

Flow Analysis

Net premium: Net premium +$212M, call volume lower (0.93 ratio), put volume higher, but call OI elevated (1.18 ratio) suggests hedging.

Directional prints: 73.8 call 520 OTM 2026-06-26 — Vol 9908/OI 1978 (5x). Heavy ATM call buying. Bullish. 76.4 call 590 OTM 2027-01-15 — Vol 1319/OI 195 (6.8x). Long-dated deep OTM call bought. Bullish. 74.6 call 512.5 ITM 2026-06-26 — Vol 1955/OI 426 (4.6x). ITM call buying. Bullish.

Unusual: 78.7 put 492.5 OTM 2026-06-26 — Vol 2077/OI 284 (7.3x). OTM put buy, tail hedge or bearish. 75 put 512.5 OTM 2026-06-26 — Vol 2210/OI 415 (5.3x). OTM put bought alongside calls, straddle/hedge. 85.2 put 467.5 OTM 2026-06-26 — Vol 935/OI 212 (4.4x). Deep OTM put bought for downside protection.

Risks & Catalysts

!Break below gamma flip at $390

!Market selloff increasing VIX

!Failure to hold max pain $528

!Earnings event volatility

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-08-21 $470.00/$400.00 put spread Why now: High IV offers rich premium; defined-risk bullish play.	Break below gamma flip $390 or market selloff.
Bull call spread	Moderate	Buy 2026-08-21 $650.00/$720.00 call spread Why now: Defined-risk upside capture with lower cost.	Upside capped; time decay if no move.
PMCC / LEAPS diagonal	Moderate-Weak	Buy 2026-09-18 $460.00 call + sell 2026-08-21 $650.00 call Why now: High IV for premium collection; long call benefits from theta.	Short call assignment; long call time decay if no move. Liquidity constraints: long_call: Volume below 5.

Top Plays

Put Credit Spread at Support

Sell 2026-08-21 $470.00/$400.00 put spread

Sell $470/$400 put spread to collect premium with defined risk, targeting mean reversion to max pain.

Why this play: Highest probability due to dealer gamma support near $528; high IV offers rich premium.

Credit: $19.64-$24.01

Max loss: $45.99

BE: $445.99

Mgmt: Exit if AMD breaks below $456 or a week before earnings.

Bullish traders seeking defined risk and high IV premium.

Bull Call Spread Upside

Buy 2026-08-21 $650.00/$720.00 call spread

Buy $650/$720 call spread to profit from upward move with capped risk.

Why this play: Lower cost upside capture with strong upside skew.

Debit: $9.20-$11.25

Max loss: $11.25

BE: $661.25

Mgmt: Take profits at 50% of max gain; stop if below $456.

Aggressive traders targeting upside breakout.

PMCC Diagonal

Buy 2026-09-18 $460.00 call + sell 2026-08-21 $650.00 call

Buy long call and sell short call to collect theta while maintaining upside.

Why this play: Leverages high IV for premium selling but liquidity concerns.

Debit: $75.15-$91.85

Max loss: $91.85

BE: Path-dependent

Mgmt: Roll short call if challenged; monitor liquidity. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Experienced traders comfortable with illiquid options.

Watchlist Triggers

Entry Triggers

IFIF AMD holds above $455.81 and trades between $470 and $500 → THEN sell the 2026-08-21 $470/$400 put credit spread for 19.64 to 24.01 credit

IFIF AMD pulls back to $470-$490 and RSI drops below 30 → THEN buy the 2026-08-21 $650/$720 call spread for 9.20 to 11.25 debit

Exit Triggers

EXITIF AMD breaks below $455.81 → THEN close put credit spread at market

EXITIF AMD breaks below $455.81 → THEN exit bull call spread at market

Tactical Summary

Bullish bias, support at $456, gamma flip ~$390. Key resistances: $528 (max pain) and $583.66. High IV favors selling premium via put credit spread or low-cost upside via bull call spread. Avoid PMCC due to liquidity concerns.

How to Use These Reports

This directional reflects the market close on June 24, 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.