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AMD

Advanced Micro Devices, Inc.Close $521.58EOD only

Max Pain

$510.00

Next expiry Jul 2, 2026

Expected Move

±$38.62

7.4% from close

Price Gap

-11.58

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.18

Slightly put-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 26, 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 26, 2026 close

AMD Directional Report

Analysis based on market close June 29, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

AMD sees strong dealer gamma support near $510 and elevated vol, favoring bullish drift toward $571 resistance within 2 days but with pinning pullback risk to $510. Confidence high at 8/10.

Confidence:

8 / 10

+2 GEX/flow aligned, +1 GEX positive pinning, -1 spot 5.8% from MP, +1 VIX 17.65, base 5 = 8.

Supports: +$40.1M GEX, bullish gamma, high confidence base, VIX 17.65 stability.
Conflicts: Spot above MP $510, mixed flow, broad market VIX still elevated at 17.65.

🟢+$40.1M GEX support, bullish gamma pinning near $510.

🔴Spot 5.8% above max pain $510, pullback risk if gamma flips.

📈High vol regime offers premium selling opportunities.

🟢VIX 17.65 provides calm backdrop for directional moves.

Regime Classification

Vol Regime

High

IV elevated vs typical; VIX 17.65 indicates broad uncertainty but AMD's high vol suggests event risk.

Gamma Regime

Pinning

Gamma strong and pinning near $510; positive dealer gamma provides support, but spot above MP creates magnetic pull.

Flow Regime

Mixed

Net premium mixed; put/call activity balanced, heavy put OI at $400 signals downside hedging.

Spot vs Max Pain

Above

Spot ~$540 trades above key max pain $510; positive call gamma above reinforces support.

Thesis duration: Event-specific — Gamma pinning around $510 and high vol point to event-driven positioning ahead of next OPEX (July 2).

Price Range Forecast

Next 2 days

$507.96$571.01

Gamma support near $510, upside to $571 resistance.

Next 2 weeks

$471.21$607.76

Wider range $471-$607; structural support at $471, gamma flip at $400 distant.

Key Levels

Max pain pins: $510 (2026-07-02); $505 (2026-07-10); $400 (2026-07-17)

EM guardrails: 2d $507.96/$571.01

Support: $510.00 · $471.21

Resistance: $607.76

Gamma flip: ~$400.00 — Approx — based on put OI concentration of 16,505 (25.9% below spot)

Structural: Support: $510 (max pain), $471.21; Resistance: $607.76; Gamma flip: ~$400.

Dealer Positioning (GEX/DEX)

GEX: $+40.1M

DEX: +79.4M shares

Gamma flip: ~$400 (Approx — based on put OI concentration of 16,505 (25.9% below spot))

NTM gamma: GEX +$40.1M, DEX +79.4M shares, gamma flip ~$400 based on 16,505 put OI.

IV Analysis

IV vs VIX: AMD IV rich vs VIX 17.65, indicating idiosyncratic event risk; premium for direction plays.

Term structure: Term structure steep near-term due to OPEX; backwardation possible if event risk resolves.

Skew: Call skew elevated from positive gamma; put skew heavy at $400. Opportunity: sell short-dated puts at $400 to collect premium with distant strike.

Flow Analysis

Net premium: Net premium $335M positive, put/call volume ratio 1.23, indicates net put buying.

Directional prints: 70.4 put 530 OTM 2026-07-02 — Vol/OI 26.5, likely bought, bearish directional bet. 71.3 put 490 OTM 2026-07-10 — Vol/OI 11.2, likely bought, bearish downside protection.

Unusual: 72.3 call 530 ITM 2026-07-02 — Vol/OI 13.1, potential hedge or bullish bet, noting high IV. 69 put 540 ITM 2026-07-02 — Vol/OI 9.6, likely bought, bearish tail risk. 78.1 put 410 OTM 2026-07-31 — Vol/OI 8.8, long-dated put, unusual downside positioning.

Risks & Catalysts

!Spot 5.8% above MP $510, risk of pinning pullback if gamma support breaks.

!VIX spike above 20 could reverse bullish thesis.

!Gamma flip at $400 if triggered would cause violent downside move.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $545.00/$560.00 call spread Why now: Bull call spread captures upside within 2-week window with defined risk.	Pinning pullback to $510 could reduce spread value; theta decay if move delayed.
Put credit spread	Moderate	Sell 2026-07-17 $505.00/$480.00 put spread Why now: Credit from put spread monetizes elevated IV with defined tail risk.	If $510 support breaks, spread loses; VIX spike expands loss.
Call calendar	Moderate-Strong	Sell 2026-07-17 $570.00 call / buy 2026-08-21 $570.00 call Why now: Calendar/diagonal captures vol premium decay vs. long-dated bullish delta.	Vol crush or sharp drop hurts long back-month call; short leg caps upside.

Top Plays

Bull Call Spread

Buy 2026-07-17 $545.00/$560.00 call spread

Captures upside to $560 within 2 weeks.

Why this play: Best fits bullish drift with defined risk and support at $510.

Debit: $5.99-$7.32

Max loss: $7.32

BE: $552.32

Mgmt: Exit at target or if $510 breaks.

Directional traders seeking capped risk.

Put Credit Spread

Sell 2026-07-17 $505.00/$480.00 put spread

Sell puts to collect premium, risk below $480.

Why this play: Monetizes elevated IV with bullish bias.

Credit: $6.46-$7.89

Max loss: $17.11

BE: $497.11

Mgmt: Monitor gamma support; adjust if $510 breaks.

Income-focused traders with bullish outlook.

Call Calendar

Sell 2026-07-17 $570.00 call / buy 2026-08-21 $570.00 call

Sell near-term call, buy longer-date call.

Why this play: Captures vol decay and time premium.

Debit: $26.84-$32.81

Max loss: $32.81

BE: Path-dependent

Mgmt: Manage theta decay; close if vol spikes.

Volatility traders expecting flat move.

Watchlist Triggers

Entry Triggers

IFIF price holds above $510 (max pain support) with bullish momentum and elevated vol → THEN enter AMD_bull_call_spread (buy 2026-07-17 $545/$560 call spread) for defined upside to $560

Exit Triggers

EXITIF price breaks below $510 (invalidation level) on increased volume → THEN exit all AMD bullish positions, including bull call spread, put credit spread, and call calendar

Tactical Summary

Bullish bias with strong gamma support at $510. Prefer bull call spread for capped risk to $560 resistance. Invalidate all longs below $510. Elevated vol supports premium collection via put credit spread as secondary.

How to Use These Reports

This directional reflects the market close on June 29, 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.