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AMD

Advanced Micro Devices, Inc.Close $278.39EOD only
Max Pain
$240.00
Next expiry Apr 24, 2026
Expected Move
±$15.60
5.6% from close
Price Gap
-38.39
Distance to max pain
IV Rank
100
High premium
P/C OI
1.14
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 17, 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
Apr 17, 2026 close
AMD Earnings Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Bullish pinning into the Apr 24 earnings/expiry window; concentrated short-dated put OI and recent put-heavy flow favor maintenance near $250–$287 ahead of the event.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.0% from MP; +0.5 VIX 19; override: Deterministic base + flow/GEX alignment into the Apr 24 earnings expiry
Most important: Large concentrated April-24 put OI and heavy short-dated put flow create pinning risk around $275–$285 into the Apr 24 expiry.
📌Pinning pressure from concentrated April-24 puts near 275–285
⚖️Flow and GEX skew favor muted drift into Apr 24 then event-driven gap risk

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 17,830 (27.3% below spot)

Earnings Overview

Next earnings: 2026-05-05 (15 days)explicit

Expected moves:

  • 2026-04-24 (4d): ±$13.38 (4.9%)
  • 2026-05-01 (11d): ±$21.20 (7.7%)
  • 2026-05-08 (18d): ±$31.00 (11.3%)

IV Setup

Term structure: Short-dated IV into Apr 24 is elevated (~50–72%); IV falls with tenor, long-dated vols moderately rich.

Crush estimate: Expect material IV crush after Apr 24 event for front-dated strikes (roughly 20–35% IV drop possible).

Skew: Put-heavy skew into Apr 24 around 275–285; higher strikes show call interest in mid/long-dates as upside hedges.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Small sample (4 prior events); moves have tended to meet or modestly undershoot expected front-week move.

Directional bias: Limited evidence of bullish bias — 3 of last 4 events favored upside or muted downside, but sample size is small so bias is low-confidence.

Key Levels

1$200.00 gamma flip
2Max pain pins: $250 (2026-04-24); $240 (2026-05-01); $245 (2026-05-08)

Flow Highlights

Very large April-24 put prints concentrated at 275–285.

Concentrated short-dated put OI and flow can pin price below or near those strikes into expiry.

Notable call flow in mid/long-dates (335/350 and 400+).

These are tail-hedges/positioning that could amplify upside following a favorable print and IV crush.

Strategies

Defined-risk iron condor
Sell 2026-05-15 $250.00/$230.00 put wing and $310.00/$320.00 call wing
Credit: $5.04-$6.16
Max loss: $13.84
Max gain: $6.16
BE: 243.84 / 316.16
Trigger: Enter after May 5; tighten or roll wings if stock breaches wings or IV collapses; cut losses at ~50% of max gain.
Balances selling rich post-event IV while capping gap risk from pinning near 275–287.
Outperforms: Expresses short-Vega and time decay on high front-week IV with defined wings to limit assignment/gap loss.
Underperforms: Move outside short strikes invalidates range thesis.
Put calendar vs concentrated puts
Sell 2026-05-08 $250.00 put / buy 2026-06-18 $250.00 put
Debit: $6.41-$7.84
Max loss: $7.84
Max gain: Variable
BE: Path-dependent
Trigger: Sell into elevated May IV, adjust short leg or roll out if stock trades near 250 or put delta >0.30; close short after crush.
Sells short dated put into heavy put OI while owning longer put to limit assignment and gap exposure.
Outperforms: Captures front-week premium decay and benefits if short IV collapses more than long IV.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-05-08 $250.00 put + sell $305.00 call
Credit: $10.33-$12.62
Max loss: Unlimited
Max gain: $12.62
BE: 237.38 / 317.62
Front-week IV elevated and expected to crush after May 5; plan: maintain defined rules — buy back or convert to defined-risk spreads (buy OTM call or put wings) or roll strikes/expiry if move exceeds ~4–6% or delta per side >0.30; monitor margin.
Outperforms: Sell both OTM wings into elevated IV to harvest premium expecting a modest realized move and IV crush.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Pinning risk that compresses intraday range then yields gap moves on surprise
!High front-week IV — rapid post-event crush penalizes long premium buyers
!Large put concentration can flip to downside if flow reverses or stock gaps down

What to Watch

?Price behavior and volume around 275–287 into Apr 24 expiry
?Front-week IV moves pre/post Apr 24 vs 20–35% crush estimate
?Unusual call prints (335/350+) that could signal squeeze potential
How to Use These Reports
This earnings reflects the market close on April 20, 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.