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AMD

Advanced Micro Devices, Inc.Close $467.51EOD only

Max Pain

$400.00

Next expiry May 29, 2026

Expected Move

±$33.20

7.1% from close

Price Gap

-67.51

Distance to max pain

IV Rank

High premium

P/C OI

1.09

Balanced positioning

Consensus

7.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

AMD Earnings Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer earnings report is available for May 22, 2026.

View latest report

Earnings Verdict

High-IV, pinning regime (GEX +$62.0M) with mixed flow into a May 5 earnings event. Best strategy: premium-selling into near-term pin magnets (4/10/4/17 expiries) or a directional long straddle into the actual May event if you want raw exposure. Key risk: gap risk from guidance or an earnings beat/miss that exceeds the expected move and defeats dealer pinning.

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.2% from MP

Most important: Watch IV term-structure and front-week (4/10 → 4/17) moves: ATM IV spikes to 64.0% for 4/10 then falls to 55.5% at 4/17 — that front-end kink determines short vs long trade edge.

📌Max pain pins at $212/$210 across April expiries — dealer pinning likely to pull price toward low-220 to low-210 on front-dated expiries.

⚖️GEX +$62.0M and big call premium at $200/$220 — the dealers' hedges are the primary short-term market mover, not just fundamentals.

Regime Classification

Vol Regime

High

Gamma Regime

Pinning

Flow Regime

Mixed

Spot vs MP

Above

Gamma flip: ~$200.00 — Gamma flip near $200 — below this dealers amplify moves; large put OI concentration (20,097) sits ~9.7% below spot.

Earnings Overview

Next earnings: 2026-05-05 (28 days)explicit

Expected moves:

2026-04-10 (3d): : : :
2026-05-01 (24d): :

IV Setup

Term structure: Front-end spike: ATM IV 64.0% for 2026-04-10 then drops to 55.5% at 2026-04-17 and ~55.8% at 2026-05-01 — clear near-term kink that highlights immediate pin/flow dynamics even though the earnings date is 2026-05-05.

Crush estimate: ~7-9 vol pts from 64.0% down toward 55-56% on front-week expiries (front-week crush if event risk recedes); back-to-normal into mid-May ~55-57%.

Skew: Put-side richness around $200-$220 (notable put OI at $200 and elevated IVs on front-dated puts), while call premium is concentrated at $220-$240 (large call flow at $200 and $220).

Historical Context

Beat rate: 75% (3/4 recent quarters beat estimates)

Avg move vs expected: Not provided explicitly in data; available trade history shows frequent small beats but not reliably larger-than-EM moves.

Directional bias: Mild upside bias (3 of last 4 quarters beat; mixed guidance historically)

Key Levels

1$230.00

2$220.00

3$200.00

4EM: $211.23-$231.83 (3d)

5EM: $205.23-$237.83 (1w)

Flow Highlights

Heavy net call premium at $200.00 (Call $18,276,022 / Put $5,125,978 / Net $13,150,045).

Aggressive call buying at $200 suggests dealers have taken the other side and are short calls—this helps create the pinning dynamics and contributes to positive GEX near 220-230.

Large call premium at $220.00 (Call $17,901,968 / Put $8,618,588 / Net $9,283,380) and big OI at $220/$225/$230 strikes.

Concentrated call premium and OI around $220-$230 creates resistance/pin magnet behavior in that band; dealers will hedge into this region.

Strategies

Short front-week iron condor (gamma fade / pin play)

Sell 4/10 expiration: sell 220C / buy 230C ; sell 210P / buy 200P (use 4/10 expiry strikes from available list)

Credit: $1.80-$2.40

Max loss: $8.60

Max gain: $2.40

BE: 210.00 / 222.40

Trigger: Enter 1-2 days before 4/10 if IV stays elevated (~64% ATM) and flow remains call-heavy into 220-230.

Front-week ATM IV 64.0% is rich; GEX concentrations at 220/225/230 (pin magnets) make selling risky but favorable if you believe dealers will pin into those levels.

Outperforms: Stock remains inside the 4/10 EM ($211.23-$231.83) and dealer pinning holds.

Underperforms: A >4.7% gap (beyond 4/10 EM) occurs or front-week guidance-driven gap overwhelms pinning.

Long straddle into May earnings (direction-agnostic large-move play)

Buy 222.50 straddle exp 2026-05-01 (buy 222.50C + 222.50P)

Max loss: $25.20

Max gain: Unlimited

BE: Approx Breakevens: 197.30 / 247.70 (using May1 EM ±25.20)

Trigger: Enter 3-7 days before 2026-05-01 if IV for May hasn't spiked significantly above current ATM ~55.8%.

May 1 ATM IV ~55.8% (pre-earnings) is lower than the front-week spike; buying a May straddle captures the actual earnings move while avoiding front-week dealer pin churn.

Outperforms: Actual move on/after earnings exceeds the May1 EM (~±$25.20) or when directional gap plus IV re-rate increases value.

Underperforms: Stock pins near strike and IV collapses without a large price move.

Directional put spread (defensive bearish skew play)

Buy 210/200 put spread exp 2026-05-01 (long 210P, short 200P)

Debit: $1.00-$1.80

Max loss: $1.80

Max gain: $8.20

BE: $208.20

Trigger: Enter if you expect a downside beat on guidance or IV is elevated on puts (front-dated put IVs high) and you want limited risk.

Put OI concentrated at $200 with elevated IV on front-dated puts; a tight vertical limits cost while capturing asymmetric downside if guidance disappoints.

Outperforms: Stock gaps below ~208 into the May window; skew favors put buying near $200.

Underperforms: Pinning and call flow hold price above 220-230 and no large downside gap occurs.

Risk Assessment

!Gap risk: EM for 4/10 is ±$10.30 (4.7%) and for 5/01 is ±$25.20 (11.4%) — guidance or surprise could exceed these bounds, producing large gaps at open.

!IV crush: Front-week IV sits at 64.0% (4/10) and can compress ~7-9 vol pts; selling premium may be left exposed if a surprise drives a large directional gap.

!Liquidity: Option liquidity is robust (Total OI 2,552,782; volume 323,076) but some strikes (e.g., 225/230) show concentrated OI — slippage possible on large fills.

!Sizing: Keep front-week credit trades smaller because pinning can reverse quickly; larger size OK for defined-risk spreads (put vertical) than for naked premium.

!Dealer risk: GEX +$62.0M means dealers are long gamma exposure on net; this can amplify pin behavior but also accelerate moves if flip occurs (gamma flip ~ $200).

What to Watch

?IV trajectory in the next 7 trading days (watch 4/10 ATM IV 64.0% vs 4/17 55.5%).

?Unusual put activity at $210-$230 (multiple front-dated puts showing elevated flow and OI).

?Large prints or block trades in $220-$230 calls that could re-price pin magnets.

?Any early guidance or news ahead of 2026-05-05 that would shift the May IV and expected move.

How to Use These Reports

This earnings reflects the market close on April 7, 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.