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AMD

Advanced Micro Devices, Inc.Close $274.95EOD only
Max Pain
$250.00
Next expiry Apr 24, 2026
Expected Move
±$13.38
4.9% from close
Price Gap
-24.95
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
1.07
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
AMD Earnings Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Pinning setup into earnings window: concentrated put OI and heavy put prints near $280–287 increase pinning risk; dealer positioning could compress moves but also create asymmetric upside if puts unwind.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 11.6% from MP; +0.5 VIX 20; override: Base input confidence
Most important: Concentrated put OI and large put prints at $280–287 suggest downside pinning into the event and asymmetric risk if flow reverses.
📌Heavy put OI and prints near $280–287 concentrate pinning risk
⚠️Guidance and macro commentary are key — bad guidance can trigger outsized gap moves

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 17,607 (29.7% below spot)

Earnings Overview

Next earnings: 2026-05-05 (14 days)explicit

Expected moves:

  • 2026-04-24 (3d): ±$13.88 (4.9%)
  • 2026-05-01 (10d): ±$23.18 (8.1%)
  • 2026-05-08 (17d): ±$33.90 (11.9%)

IV Setup

Term structure: Front-week IV ~58–59% with higher IV in near-dated expiries vs longer-dated; overall elevated term structure.

Crush estimate: Post-earnings IV crush likely large (estimate ~20–35% drop from front IV).

Skew: Near-dated skew is put-heavy around the $280–287 cluster; call IV elevated only for far-tail strikes.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Recent beats historically produce realized moves similar-to-slightly-larger than expected.

Directional bias: Neutral-to-slightly bearish from put-heavy positioning and pinning flows; directional bias can flip quickly if puts unwind.

Key Levels

1$200.00 gamma flip
2EM guardrails: 2d $270.61/$298.36; 1w $261.31/$307.66
3Max pain pins: $255 (2026-04-24); $250 (2026-05-01); $245 (2026-05-08)

Flow Highlights

Large put prints concentrated 280–287 for 4/24 and 5/1 expiries

Build of pinning gamma around $280–287 increasing downside pin risk

Overall P/C OI ~1.05 with net put-heavy prints

Put skew and OI point to dealer short-delta exposure and pinning pressure (not bullish)

Strategies

Earnings iron condor
Sell 2026-05-08 $250.00/$225.00 put wing and $330.00/$360.00 call wing
Credit: $5.08-$6.21
Max loss: $23.79
Max gain: $6.21
BE: 243.79 / 336.21
Trigger: Exit or hedge if price breaches $280–287 cluster or IV reprices >20% before close; close into crush.
Defined-risk neutral with put-cluster pinning and rich front IV.
Outperforms: Collect front-week credit; wings cap gap risk if surprise gaps through $280–287 cluster.
Underperforms: Move outside short strikes invalidates range thesis.
Call diagonal (short front, long back)
Sell 2026-05-08 $310.00 call / buy 2026-06-18 $350.00 call
Debit: $0.20-$0.25
Max loss: $0.25
Max gain: Variable
BE: Path-dependent
Trigger: Trim front short if price nears $310 or IV collapses; roll long if extended past earnings.
Sell elevated front-week calls to capture rich premium while keeping longer convexity.
Outperforms: Small upfront debit/credit harvests front IV; benefits if calls decay and back month holds value for upside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Sharp gap vs max pain if headlines surprise
!Post-earnings IV crush can erase option premia quickly
!Guidance/forward-looking commentary risk — adverse guidance or macro commentary can drive outsized moves

What to Watch

?Earnings release 2026-05-05 and management guidance/forward outlook
?Price action vs $280–287 cluster and $250–255 reference levels
?Order flow continuation or rapid IV repricing pre/post event
How to Use These Reports
This earnings reflects the market close on April 21, 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.