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AMD

Advanced Micro Devices, Inc.Close $284.49EOD only
Max Pain
$255.00
Next expiry Apr 24, 2026
Expected Move
±$13.88
4.9% from close
Price Gap
-29.49
Distance to max pain
IV Rank
41
Middle-high premium
P/C OI
1.05
Balanced positioning
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 21, 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 21, 2026 close
AMD Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Pinning likely into 2026-05-05 earnings around $285–$300 driven by concentrated short-dated puts and supporting GEX; asymmetric upside pressure from OTM call interest may cap downside.

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 16.7% from MP; +0.5 VIX 19; override: Consistent put-heavy flow/GEX alignment around $285–$300 supports pinning; confidence modestly reduced after recalibrating IV crush.
Most important: Concentrated 04/24–05/01 put prints and GEX alignment around $285–$300 create a focal pin band into the event.
📌Pin band $285–$300: concentrated short-dated puts and GEX align to anchor spot into earnings
⚠️Front-week IV elevated (~55–65%): expect a moderate IV crush (~20–30%) on a routine print

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above

Earnings Overview

Next earnings: 2026-05-05 (13 days)explicit

Expected moves:

  • 2026-04-24 (2d): ±$12.90 (4.3%)
  • 2026-05-01 (9d): ±$24.22 (8.0%)
  • 2026-05-08 (16d): ±$19.05 (6.3%)

IV Setup

Term structure: Front-week IV elevated (~55–65%) with steep front-end premium; weekly expiries priced notably higher than longer-dated options.

Crush estimate: Moderate — expect ~20–30% IV drop on a routine print, lower if move exceeds expectations.

Skew: Put-heavy skew into 04/24 and 05/01 expiries around $285–$300; OTM calls concentrated further out, creating asymmetric hedging demand.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Historical beat rate ~75%; realized moves typically in line-to-slightly-above expected ranges (realized moves often 1.0–1.5x expected).

Directional bias: Slight bullish tilt historically, amplified when put concentration/GEX align as seen now.

Key Levels

1EM guardrails: 2d $290.56/$316.36; 1w $279.23/$327.68
2Max pain pins: $260 (2026-04-24); $260 (2026-05-01); $245 (2026-05-08)

Flow Highlights

Concentrated put prints at $285–$300 for 04/24 and 05/01.

Large short-dated put flow increases gamma exposure and creates a pin band in that strike range.

Heavy OTM call interest and call OI wall beyond $350.

Upside call positioning can drive asymmetric hedging if spot rallies, limiting downside momentum.

Strategies

May08 Iron Condor
Sell 2026-05-08 $277.50/$250.00 put wing and $350.00/$380.00 call wing
Credit: $7.24-$8.84
Max loss: $21.16
Max gain: $8.84
BE: 268.66 / 358.84
Trigger: Trim or close if spot breaks $285–$300 band or IV drops >15% pre-release.
Collect rich front-week premium with defined risk against expected pin near $285–$300.
Outperforms: Sell 277.5/250 put wing and 350/380 call wing to harvest elevated theta and GEX-constrained move.
Underperforms: Move outside short strikes invalidates range thesis.
May01/Jun18 Call Diagonal
Sell 2026-05-01 $332.50 call / buy 2026-06-18 $360.00 call
Debit: $7.63-$9.32
Max loss: $9.32
Max gain: Variable
BE: Path-dependent
Trigger: Buy back if heavy sweep flow lifts short call or if spot > invalidation 284.41 (flow flip) or front-week IV collapses.
Exploits steep short-dated IV and term structure while limiting outright short gamma.
Outperforms: Sell May01 332.5 call, buy Jun18 360 call to collect decay and keep upside participation.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
May08 Bull Call Spread
Buy 2026-05-08 $300.00/$320.00 call spread
Debit: $7.40-$9.05
Max loss: $9.05
Max gain: $10.95
BE: $309.05
Trigger: Let run if momentum post-print; cut below $284 or after IV crush removes edge.
Aligns with slight bullish tilt and put/GEX support, caps vega exposure.
Outperforms: Buy 300/320 call spread to play modest upside with defined loss.
Underperforms: Loss of support weakens upside continuation thesis.
Short strangle
Sell 2026-05-08 $277.50 put + sell $340.00 call
Credit: $12.67-$15.48
Max loss: Unlimited
Max gain: $15.48
BE: 262.02 / 355.48
Front‑end IV elevated; selling May08 strangle captures premium after expected crush and fast theta.
Outperforms: Sell balanced strangle into May08 post‑earnings decay (earnings 2026-05-01) to capture front‑end IV.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Moderate IV crush if result is routine (~20–30%)
!Pinning reversal risk if flow flips or significant pre-event gap below $285
!Event gap risk if surprise catalyst produces >1.5x expected move

What to Watch

?Spot vs pin band $285–$300 and short-dated gamma
?Unusual prints and sweep activity in 04/24 and 05/01 expiries
?Front-week IV moves and dealer hedging flow immediately pre/post-release
How to Use These Reports
This earnings reflects the market close on April 22, 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.