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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 Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 21, 2026.

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Earnings Verdict

Earnings expected around 2026-05-05 (approx 29 days out). IV is elevated (57.7% for 4/10), but term structure shows a sharp kink, indicating earnings premium is already priced in. Strong pinning dynamics and bullish flow support selling premium or directional upside plays, with max pain at $210 providing a gravitational pull.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.8% from MP
Most important: IV term structure kink at 4/10 (57.7%) vs 4/17 (53.8%) confirms earnings premium is concentrated in the near-term, making IV crush plays attractive.
📅Earnings confirmed 2026-05-05 (TBD timing), 29 days out
📊Max pain at $210 across near-term expirations, strong pinning signal

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$200.00 — Below $200, dealers amplify moves due to put OI concentration.

Earnings Overview

Next earnings: 2026-05-05 (29 days)explicit

Expected moves:

  • 4/10 (4d): ±$10.60 (4.8%)
  • 4/17 (11d): ±$16.40 (7.5%)

IV Setup

Term structure: Sharp kink at 4/10 (57.7% vs 53.8% for 4/17), elevated near-term IV

Crush estimate: ~4 vol pts post-earnings, back to ~53%

Skew: Puts slightly richer than calls (P/C OI ratio 1.08), but flow is net bullish (P/C volume 0.77).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Insufficient data for move comparison

Directional bias: All 4 quarters positive EPS surprise

Key Levels

1$220.00 (GEX +$12.1M, pin magnet)
2$215.00 (GEX +$3.6M, support)
3$200.00 (put OI cluster, max pain, gamma flip)
4$230.00 (GEX +$7.5M, resistance)
5$240.00 (call OI wall, EM upper bound)

Flow Highlights

$225.00 call: $17,132,412 premium flow (net $10.5M bullish)

Large bullish bet targeting upside through earnings

$220.00 put: 16,594 volume vs 566 OI (29.3x) on 4/10

Unusual put selling or hedging activity near spot

Strategies

Iron condor (sell premium)
Sell $209.58/$199.38P x $230.78/$240.98C 4/10
Credit: $2.50-$3.50
Max loss: $6.50
Max gain: $3.00
BE: $212.08
Trigger: Enter 2-3 days before earnings
Elevated IV (57.7%) and pinning regime favor premium decay. Max pain at $210 aligns with short put wing.
Outperforms: Stock stays within EM bounds ($209.58-$230.78) and IV crushes
Underperforms: Gap exceeds EM by >50% or pin fails
Bull call spread
Buy $220C / Sell $240C 4/17
Max loss: $8.30
Max gain: $11.70
BE: $228.30
Trigger: Enter on pullback to $215 support
Bullish flow (net premium $39.9M), historical EPS beat rate, and call OI wall at $240 provide upside target.
Outperforms: Stock rallies toward $240 call wall post-earnings
Underperforms: Stock stays flat or drops below $220
Long straddle (directional volatility)
Buy $220 straddle 4/10
Max loss: $10.60
Max gain: Unlimited
BE: $209.40
Trigger: Enter if IV dips below 55% pre-earnings
Historical 100% beat rate suggests potential for surprise, but IV crush risk is high.
Outperforms: Actual move exceeds EM (4.8%) by >30%
Underperforms: Stock pins near $220 and IV crushes post-earnings

Risk Assessment

!Gap risk: 4.8% EM, but pinning at $220 could suppress volatility
!IV crush: Estimated ~4 vol pts drop post-earnings could hurt long premium strategies
!Liquidity: Excellent (2.5M OI, 478K volume)
!Sizing: Moderate due to elevated IV and pinning dynamics.

What to Watch

?IV trajectory into earnings (watch for further spike)
?Unusual put activity at $220 (possible hedging)
?Spot reaction to $215 support and $230 resistance
How to Use These Reports
This earnings reflects the market close on April 6, 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.