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AMD

Advanced Micro Devices, Inc.Close $532.57EOD only

Max Pain

$525.00

Next expiry Jun 26, 2026

Expected Move

±$18.77

3.5% from close

Price Gap

-7.57

Distance to max pain

IV Rank

Low premium

P/C OI

1.19

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 25, 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 25, 2026 close

AMD Directional Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral with bullish bias as max pain pinning at $525 and positive gamma support spot, but high IV and mixed flow cap upside. Strong confidence from aligned dealer positioning.

Confidence:

9 / 10

Base 5 +2 GEX/flow aligned +1 positive gamma pinning +1 spot near MP +0.5 VIX 18 = 9.

Supports: Positive gamma ($35M GEX), spot at max pain ($525), dealer long delta (80M DEX).
Conflicts: High IV, mixed flow, resistance at $525, $550; gamma flip at $490.

📌Max pain $525 pins spot; expiration day

⚡Gamma flip at $490 (6% below spot) key risk

📐Resistance $525/$550; support $490/$464

Regime Classification

Vol Regime

High

IV high, VIX 18.4, elevated on expiration uncertainty.

Gamma Regime

Pinning

Positive gamma ($35M GEX), pinning near max pain $525; flip level at $490.

Flow Regime

Mixed

Mixed premium; put OI heavy near $490.

Spot vs Max Pain

Spot at max pain $525, within 0.7%.

Thesis duration: Event-specific — Expiration day 2026-06-26, gamma pinning dominates.

Price Range Forecast

Next 1 week

$482.96$560.21

Expiration pinning at $525; range $483-$560

Next 2 weeks

$464.51$578.66

Post-expiration vol drop, drift lower toward $490 support

Key Levels

Max pain pins: $525 (2026-06-26); $510 (2026-07-02); $500 (2026-07-10)

EM guardrails: 1w $482.96/$560.21

Support: $490.00 · $464.51

Resistance: $525.00 · $550.00 · $578.66

Gamma flip: ~$490.00 — Approx — based on put OI concentration of 9,206 (6.1% below spot)

Structural: Support: $490 (gamma flip), $464; Resistance: $525 (max pain), $550, $578; 1w range $483-$560.

Dealer Positioning (GEX/DEX)

GEX: $+35.0M

DEX: +80.3M shares

Gamma flip: ~$490 (Approx — based on put OI concentration of 9,206 (6.1% below spot))

NTM gamma: GEX +$35M, DEX +80M shares; gamma flip ~$490 (put OI 9.2k).

IV Analysis

IV vs VIX: IV elevated vs VIX (18.4) due to expiration event; rich.

Term structure: Near-term elevated; post-expiration contango expected.

Skew: Put skew steep; consider call calendar spreads to vega scalp.

Flow Analysis

Net premium: Net premium $174M bullish, P/C vol ratio 1.08 slightly put-biased.

Directional prints: 25.8 call 517.5 ITM 2026-06-26 — Vol/OI 10.4, high for expiration day; likely closing or rolling; preferred read: mixed. 21.5 put 517.5 OTM 2026-06-26 — Vol/OI 8.9, expiring today; low premium suggests sold puts; preferred read: bearish if opened. 72.1 call 605 OTM 2026-07-24 — Vol/OI 11.1, new positions; likely bought calls for upside; preferred read: bullish.

Unusual: 64.5 call 537.5 OTM 2026-07-02 — Vol/OI 37.7; high relative to OI; likely bought calls; preferred read: bullish. 78.2 put 400 OTM 2026-07-31 — Vol/OI 29.5; deep OTM puts; possibly hedging; preferred read: bearish hedge. 64.4 call 522.5 OTM 2026-07-02 — Vol/OI 16.9; new call buying; preferred read: bullish.

Risks & Catalysts

!Break below $490 triggers dealer gamma hedging.

!Resistance at $525/$550 caps upside; failure to hold $525.

!Post-expiration IV crush may pressure long vol positions.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate	Sell 2026-08-21 $490.00/$480.00 put wing and $520.00/$530.00 call wing Why now: High IV, max pain $525, support $490, resistance $550.	Break below $490 or above $550.
Put credit spread	Moderate-Strong	Sell 2026-08-21 $490.00/$480.00 put spread Why now: High IV, support from dealer gamma near $500, max pain $525.	Break below $500.
Call diagonal	Moderate	Sell 2026-07-31 $525.00 call / buy 2026-08-21 $520.00 call Why now: High near-term IV, term structure edge, near-term slight bearish.	Underlying moves above strike before near-term expiry.
Bull call spread	Moderate-Weak	Buy 2026-08-21 $520.00/$530.00 call spread Why now: Bullish bias with resistance at $550, defined risk.	Break below $525.

Top Plays

Range-Bound Iron Condor

Sell 2026-08-21 $490.00/$480.00 put wing and $520.00/$530.00 call wing

Sell put spread and call spread around expected range to capture premium.

Why this play: Neutral bias with high IV; max pain at $525, support $490, resistance $550. Iron condor profits from range-bound move and premium decay.

Credit: $7.83-$9.57

Max loss: $0.43

BE: 480.43 / 529.57

Mgmt: Close if breaks $490 or $550; adjust wings if IV spikes.

Traders expecting limited movement, seeking defined risk and high probability.

Bullish Put Credit Spread

Sell 2026-08-21 $490.00/$480.00 put spread

Sell put spread at support to collect premium with defined risk.

Why this play: Bullish bias with support at $490 from dealer gamma; high IV favors selling premium.

Credit: $3.89-$4.76

Max loss: $5.24

BE: $485.24

Mgmt: Exit if spot breaks below $490; roll down if bullish view strengthens.

Moderately bullish traders seeking income with defined risk below support.

Defined-Risk Bull Call Spread

Buy 2026-08-21 $520.00/$530.00 call spread

Buy OTM call spread to express moderate bullishness.

Why this play: Bullish bias but capped upside at $550 resistance; defined risk suits neutral-bullish view.

Debit: $3.94-$4.81

Max loss: $4.81

BE: $524.81

Mgmt: Close if spot fails to hold $525 or approaches $550; consider rolling up.

Traders expecting a rally but wanting limited risk and cost.

Watchlist Triggers

Entry Triggers

IFSpot between $490 and $520 with high IV → Enter Iron Condor: sell 2026-08-21 $490/$480 put and $520/$530 call for 7.83-9.57 credit

IFSpot drops to $490 and holds → Enter Put Credit Spread: sell 2026-08-21 $490/$480 put spread for 3.89-4.76 credit

IFSpot rejects at $525 resistance → Enter Call Diagonal: sell 2026-07-31 $525 call, buy 2026-08-21 $520 call for 15.93-19.47 debit

IFSpot rallies above $490 and breaks above $520 → Enter Bull Call Spread: buy 2026-08-21 $520/$530 call spread for 3.94-4.81 debit

Exit Triggers

EXITSpot breaks below $490 → Close all bullish and neutral positions

EXITSpot reaches $550 → Close iron condor and bull call spread; reassess

Tactical Summary

Neutral to slightly bullish bias. Key levels: support $490 (gamma flip), resistance $525 (max pain), $550. High IV favors premium selling. Use iron condor for range, put credit spread on dips, call diagonal at resistance, bull call spread on breakout. Exit if $490 breaks or $550 hits.

How to Use These Reports

This directional reflects the market close on June 26, 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.