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AMD

Advanced Micro Devices, Inc.Close $303.46EOD only
Max Pain
$260.00
Next expiry Apr 24, 2026
Expected Move
±$12.90
4.3% from close
Price Gap
-43.46
Distance to max pain
IV Rank
60
Middle-high premium
P/C OI
1.06
Balanced positioning
Consensus
7.0/10
Consensus signal
Published snapshot: Apr 22, 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 22, 2026 close
AMD Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Primary signal: pinning toward 300–310 driven by concentrated short-dated put flow and GEX profile; max-pain levels (~272/265/255) are secondary longer-horizon references and currently conflicted with near-term flow.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.0% from MP; +0.5 VIX 19; override: High aligned short-dated put flow and GEX concentration supporting pin; historical beat tendency adds modest support
Most important: Short-dated put/call flow and GEX profile suggesting near-term pin ~300–310; treat max-pain as lower-weight, multi-expiry context.
📌Primary pin signal: concentrated 302.5–307.5 put flow and GEX point to 300–310 near-term.
⚠️Front-month IV (~50–58%) is high — sizable premium at risk to post-print crush.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$300.00 — Approx — based on put OI concentration of 13,179 (1.7% below spot)

Earnings Overview

Next earnings: 2026-05-05 (12 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$9.00 (2.9%)
  • 2026-05-01 (8d): ±$22.20 (7.3%)
  • 2026-05-08 (15d): ±$17.90 (5.9%)

IV Setup

Term structure: Front-month IV ~50–58% elevated vs longer-dated; steep into earnings.

Crush estimate: Expect material front-month IV crush post-print (~20–35%).

Skew: Heavy put skew around 300–310; call interest concentrated at 305/312.5 with long-dated calls out at 450.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Beat rate strong historically (~75%); realized moves on beats often meet/exceed expectations.

Directional bias: Slightly bullish into event given beat history plus current bullish short-dated flow and GEX alignment.

Key Levels

1$300.00 gamma flip
2EM guardrails: 2d $296.33/$314.33; 1w $283.13/$327.53
3Max pain pins: $272 (2026-04-24); $265 (2026-05-01); $255 (2026-05-08)

Flow Highlights

Concentrated short-dated put flow in 302.5–307.5 strikes on 4/24.

Reinforces near-term pin target ~300–310 via dealer hedging.

Notable call OI at 305/312.5 and long-dated call interest at 450.

Upside convexity exists longer dated, but near-term action dominated by puts.

Strategies

Front-month call diagonal (debt-reduced bullish)
Sell 2026-05-08 $335.00 call / buy 2026-06-18 $390.00 call
Credit: $0.38-$0.47
Max loss: $0.01
Max gain: Variable
BE: Path-dependent
Trigger: Trim if spot breaches 300 or front IV collapses >20%; roll long call out if momentum continues.
Keeps bullish exposure while harvesting rich front-month IV and capping tail gamma via Jun calls.
Outperforms: Sell May-08 335 call, buy Jun-18 390 call to monetize steep May IV, limit downside theta bleed and reduce naked short gamma into pinning flow near 300–310.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle (premium collection)
Sell 2026-05-08 $295.00 put + sell $335.00 call
Credit: $17.78-$21.73
Max loss: Unlimited
Max gain: $21.73
BE: 273.27 / 356.73
Trigger: Keep size small, hedge if spot approaches 295 or 335, exit into IV crush or after print.
Max premium collection from elevated front IV and GEX-driven pinning, but unlimited upside risk and sensitivity to misses.
Outperforms: Sell May-08 295 put + 335 call to collect peak premium; expresses view that pinning/flow keeps spot inside range through print.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Spot elevated above strikes increases gap-down risk on a miss.
!High front IV amplifies premium loss on adverse prints.
!Gamma hedging around 300–310 could accelerate pin if flow persists.

What to Watch

?Short-dated put prints/volume around 300–310 (primary signal).
?Front-month IV crush magnitude and post-print decay.
?Dislocation vs lower max-pain levels (272/265/255) — watch if multi-expiry positioning shifts toward those levels.
How to Use These Reports
This earnings reflects the market close on April 23, 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.