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AMD

Advanced Micro Devices, Inc.Close $495.54EOD only
Max Pain
$440.00
Next expiry May 29, 2026
Expected Move
±$23.40
4.7% from close
Price Gap
-55.54
Distance to max pain
IV Rank
69
High premium
P/C OI
1.09
Balanced positioning
Consensus
6.5/10
Bullish tilt
Published snapshot: May 27, 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 27, 2026 close
AMD Earnings Report
Analysis based on market close April 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 8, 2026. A newer earnings report is available for May 26, 2026.

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Earnings Verdict

High-IV, pinning regime ahead of the (near-term) 2026-04-10 window with dealers long gamma (GEX +$104.8M). Best strategy: neutral premium-selling into the pin (iron-condor / short condor) for traders who can accept gap risk; for directional risk-takers, a front-month call skew play (buy calls ~240+) on breakout or a long straddle if you expect a >EM surprise. Key risk: a guidance-driven gap beyond EM bounds that overwhelms dealer pinning and causes large directional move (gap risk).

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.8% from MP
Most important: Dealer GEX +$104.8M (pin magnets at 230/235/240) — watch price reaction into those strikes as dealers will try to pin into expiry.
📌Max pain near-term is $215.00 (2026-04-10) while spot is $231.82 — pin pressure is downward but dealers have concentrated GEX around 230-240.
⚠️GEX +$104.8M concentrated at 230/235/240 — abrupt guidance-driven gaps can overwhelm pinning and produce outsized P/L for sellers.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$200.00 — Gamma flip ~200 (put OI concentration 20,293, 13.7% below spot) — below that, dealer gamma turns negative and moves can accelerate.

Earnings Overview

Next earnings: 2026-05-05 (TBD) (27 days)unknown

Expected moves:

  • 2026-04-10 (2d): 7.77 (3.4%) [$224.05 - $239.60]
  • 2026-04-17 (9d): 15.15 (6.5%) [$216.67 - $246.97]

IV Setup

Term structure: Front-week kink: 2d ATM IV 56.6% vs 9d ATM 52.1% (front-end elevated and staying elevated into 30d), average ATM IV 61.6%.

Crush estimate: ~4-8 vol pts front-week (from 56.6% down toward ~52%+ post-event), larger moves possible if realized vol and flow stay bid.

Skew: Call premium dominates flow (top premium flow: $230, $210, $250, $220, $240) while puts have concentrated OI at $200; puts are skewed deeper, but immediate front-week IV% is only modestly richer on puts vs calls.

Historical Context

Beat rate: 75% (4/4 provided recent quarters beat/meet modestly)

Avg move vs expected: Not provided explicitly beyond listed moves; recent EPS surprises small (e.g., 2025-12-31 surprise +0.16) — tendency toward modest beats

Directional bias: No strong sustained directional bias in supplied recent history; results show small upside surprises

Key Levels

1$215.00 (max pain 2026-04-10)
2EM 2d: $224.05 - $239.60
3EM 1w: $216.67 - $246.97
4Gamma flip: $200.00

Flow Highlights

Top premium flow concentrated at $230.00 (Call $33,962,470 / Put $15,511,505 / Net $18,450,965)

Large net call premium centered at-the-money: institutional call buying/leverage into spot that aligns with dealer pinning at 230.

Significant put OI cluster at $200.00 (20,293 OI total) and heavy short-dated put volume around 225-235 strikes (multiple unusuals)

Structural downside interest concentrated well below spot; supports dealer hedging profile and explains gamma flip near $200.

Near-term GEX concentration: +$15.7M at $230, +$10.9M at $235, +$8.4M at $240

Dealer hedging will actively try to pin/hold price near these levels into expiry; expect reduced realized move inside the EM band unless a gap occurs.

Strategies

Front-week iron condor (front-run pin)
4/10 expiry: Sell 230/225 put vertical and sell 240/245 call vertical (wings 10/5 structure using available strikes: short 230P, long 225P; short 240C, long 245C).
Credit: $1.10-$1.80
Max loss: $8.90
Max gain: $1.80
BE: Put side: 228.90; Call side: 241.80
Trigger: Enter 1-2 days before expiry if price is trading inside the 2d EM ($224.05-$239.60) and IV remains near 56%+.
High GEX pinning at 230/235/240 and falling max pain support premium-selling; short time to expiry limits theta risk while capturing elevated front-week IV.
Outperforms: AMD remains inside the 2d EM band and dealers successfully pin around 230-235; realized vol < front-week IV.
Underperforms: Guidance or a print drives a gap outside the 2d EM; sharp up move past 245 or down below 225 causes large loss.
Long front-week call spread (directional upside)
Buy 235C / Sell 245C 4/10 (debit call spread using strikes available 235 & 245).
Debit: $0.90-$1.60
Max loss: $1.60
Max gain: $8.40
BE: $236.60
Trigger: Enter if price breaks convincingly above 235 with call flow ramping and IV not spiking >+5 pts intraday.
Large call premium flow and call-side OI (220/230/240) plus dealer pinning make a defined-risk long spread an efficient way to play upside breakout without paying for full straddle IV.
Outperforms: Post-earnings upside gap >~4% (exceeds the 2d EM) and call skew remains supported; limited capital required vs outright calls.
Underperforms: Price pins near 230 and IV collapses; small upside move that does not clear 235.
Front-week long straddle (volatility play)
Buy 232.5 straddle 4/10 (buy 232.50C + 232.50P) using available 232.5 strikes.
Debit: $10.50-$13.50
Max loss: $13.50
Max gain: Unlimited
BE: Approx spot 7.0 pts (e.g., 232.5 7.50 / +7.50 depending on mid prices)
Trigger: Enter 1 day before if you anticipate a material surprise and front-week IV has not moved higher than the current 56.6%.
If you expect a rare, outsized print or guidance swing beyond EM, this captures both directions. Use only when conviction on a >EM move exists.
Outperforms: Realized move exceeds EM by >~30% (actual move >~4.5%+), or a strong directional gap occurs with IV not collapsing before you can sell tails.
Underperforms: Stock pins near 230-235 and IV crushes post-announcement; also expensive given current ATM IV.

Risk Assessment

!Gap risk: EM (2d) ±$7.77 (3.4%) but guidance can create gaps that far exceed EM — selling premium carries non-linear tail risk.
!IV crush: Front-week IV is elevated (2d ATM 56.6%) and likely to compress post-event; long vol strategies pay that cost, short premium benefits but can be wrecked by initial gap.
!Liquidity & execution: Front-week contracts show heavy volume and OI (e.g., 230/240 strikes); tight markets near ATM but wide spreads on far OTM or deep ITM strikes—use limit orders.
!Sizing: Given dealer pinning (GEX +$104.8M) and concentrated OI, size short premium smaller than usual (start 1/3 normal) to limit gamma re-pricing and gap exposure.
!Concentration risk: Large institutional call flows at 230 and heavy put OI at 200 create asymmetric dealer hedging — unexpected directional flow can flip the pin quickly.

What to Watch

?IV trajectory into the 4/10 expiry (2d ATM IV = 56.6%) — a rising IV suggests directionally-biased flow; a falling IV favors sellers.
?Price vs GEX magnets at 230/235/240 — failure to hold these with heavy buying/selling will indicate a break from pinning.
?Unusual activity in short-dated puts around 225-235 (several unusuals listed) — could signal protective hedging or synthetic repositioning.
?Large trade prints at 240/250 calls (premium flow present) — watch for follow-through on upside flow.
How to Use These Reports
This earnings reflects the market close on April 8, 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.