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AMD

Advanced Micro Devices, Inc.Close $516.10EOD only
Max Pain
$460.00
Next expiry Jun 5, 2026
Expected Move
±$41.42
8.0% from close
Price Gap
-56.10
Distance to max pain
IV Rank
89
High premium
P/C OI
1.10
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 29, 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 29, 2026 close
AMD Earnings Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 17, 2026. A newer earnings report is available for May 26, 2026.

View latest report

Earnings Verdict

Bullish pinning into earnings with elevated IV; market positioning favors upside pin near mid-$230s–$240s but spot sits above MP.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 19.7% from MP; +1 VIX 17; override: Flow, GEX and historical beat rate align with bullish pinning
Most important: Large concentrated put OI below spot (28.2%) + strong call flow and positive GEX supporting pinning and reduced downside tail risk
📌Pinning signal: concentrated put OI ~28% below spot aligns with strong call flow — supports mid-$230s–$240s pins
⚠️Guidance or revenue/EPS misses are key catalysts that can abruptly break pinning despite supportive flow
🔥Elevated near-term IV (~47–50%) and very high long-dated IV (50s–90s) — significant post-event crush likely on weekly expiries

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$200.00 — Approx — based on put OI concentration of 28,406 (28.2% below spot)

Earnings Overview

Next earnings: 2026-05-05 (18 days)explicit

Expected moves:

  • 2026-04-24 (7d): ±$15.60 (5.6%)
  • 2026-05-01 (14d): ±$22.50 (8.1%)
  • 2026-05-08 (21d): ±$32.20 (11.6%)

IV Setup

Term structure: Near-term expiries (next 1–3 weeks) show elevated IV (~47–50%); intraday prints within those expiries can dip lower but terminal expiry IV remains high. Long-dated IV sits noticeably higher (50s–90s).

Crush estimate: Post-earnings IV crush likely meaningful for weekly expiries (~40–60% drop vs pre-event bands) and smaller relative move for longer-dated options.

Skew: Put skew steep into near-term strikes (265–280) with call demand concentrated 290–325.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Historical beat rate 75%; realized moves often at-or-below expected ranges.

Directional bias: Tendency to pin to concentrated OI region; bias slightly bullish given recent flow and GEX.

Key Levels

1$200.00 gamma flip
2EM guardrails: 1w $262.79/$293.99
3Max pain pins: $232 (2026-04-17); $240 (2026-04-24); $235 (2026-05-01)

Flow Highlights

Large unusual call prints (May 1 325, May 29 290) and heavy April put activity around 265–280.

Buy-side call flow plus clustered put OI concentrates gamma and supports pinning.

Net premium large and put_call_oi_ratio >1 with put OI concentrated ~28% below spot.

Dealer hedging creates positive GEX ahead of event, reducing downside volatility.

Strategies

Defined-risk bull-call into pin
Buy 2026-04-24 $280.00/$290.00 call spread
Debit: $3.20-$3.91
Max loss: $3.91
Max gain: $6.09
BE: $283.91
Trigger: Trim into strength pre-earnings; close or roll if spot breaches invalidation ~256 or if skew steepens.
Highest risk-adjusted upside given pin bias, concentrated put OI and lower vega cost.
Outperforms: Buy 4/24 280/290 call spread to play modest upside toward mid-$230s–$240s while capping IV exposure.
Underperforms: Loss of support weakens upside continuation thesis.
Mid-dated strangle for sustained move
Buy 2026-05-29 $240.00 put + buy $325.00 call
Debit: $12.33-$15.07
Max loss: $15.07
Max gain: Unlimited
BE: 224.93 / 340.07
Trigger: Leg into size after post-print volatility settles; cut if one wing loses >70%.
Keeps exposure to post-earnings directional move while avoiding largest weekly crush.
Outperforms: Buy 5/29 240 put + 325 call to capture larger move driven by guidance or later volatility re-pricing.
Underperforms: Insufficient realized move reduces long-strangle edge.
Near-term straddle (high IV)
Buy 2026-04-24 $280.00 put + buy $280.00 call
Debit: $14.04-$17.16
Max loss: $17.16
Max gain: Unlimited
BE: 262.84 / 297.16
Trigger: Sell into first realized spike; if no move, exit before decay accelerates.
Maximizes sensitivity to immediate earnings move but faces steep IV crush risk.
Outperforms: Buy 4/24 280 straddle to monetize jump around earnings date.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Event-driven IV crush can still produce sharp stock moves beyond expected ranges
!Pinning can fail if earnings surprise materially negative or macro shocks occur
!Long-dated tail IV remains elevated—larger moves possible later in cycle

What to Watch

?Company guidance tone (downside revisions or cautious commentary can break pinning)
?Revenue/adj. EPS vs street and key segment metrics that drive forward estimates
?Pre-earnings shifts in 4/24–5/01 put IV and volumes at 265–280 strikes
?Unusual call flow size vs OI (May 1 325 and May 29 290) for directional conviction
?SPY/QQQ risk-on moves that can unwind pinning quickly
How to Use These Reports
This earnings reflects the market close on April 17, 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.