AMD Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 massive bullish net premium (+$181.5M) and call dominance in premium flow; +1 flow aligns with strong positive GEX (+$144.4M) pinning regime; +0.5 spot well above max pain ($217.50 vs $205); -1 elevated IV (59.5%) and P/C OI ratio (1.13) show underlying put overhang

Watch next session: $215 Put (4/2) OI for expiration pressure; Flow into $220 Calls for resistance test; Any large block trades in the $130 Put (4/17) for hedging context

Flow Summary

Net premium: +$181.5M bullish

P/C volume ratio: 0.92 — balanced volume, but call-dominant premium

P/C OI ratio: 1.13 — underlying put-leaning positioning

Massive bullish net premium driven by aggressive call buying at key strikes ($210, $205, $215). While volume is balanced, the premium flow is overwhelmingly call-skewed, indicating high-conviction upside bets. The market is tactically bullish but remains strategically hedged via long-dated puts.

Notable Prints

AMD 2026-04-02 $212.50 Put

Vol: 27,567

OI: 2,152

Vol/OI: 12.8x

IV: 19.9%

Notional: ~$2.75M (est. $1.00 avg premium)

Intent: Closing of existing bearish positions or short put selling.

Dual read: Likely sold to open (bullish) or bought to close (bullish). The low IV (19.9%) and proximity to spot ($217.50) strongly suggest selling for premium collection with the expectation spot stays above $212.50.

Read-through: This is a bullish signal within the context of high spot and positive GEX. It represents a bet that the stock will not fall below $212.50 by tomorrow's close, adding to the pinning pressure.

AMD 2026-04-02 $215.00 Put

Vol: 21,017

OI: 1,198

Vol/OI: 17.5x

IV: 10.9%

Notional: ~$1.05M (est. $0.50 avg premium)

Intent: Expiration-related closing or short selling.

Dual read: Almost certainly sold to open or bought to close. Extremely low IV (10.9%) indicates these are near-worthless puts being traded for minimal premium, consistent with dealers managing gamma exposure ahead of expiry with spot above the strike.

Read-through: Noise for directional intent. This is expiration mechanics, not a new bearish bet. It reinforces the pinning dynamic around $215.

AMD 2026-04-10 $275.00 Call

Vol: 1,925

OI: 117

Vol/OI: 16.4x

IV: 57.8%

Notional: ~$0.77M (est. $4.00 avg premium)

Intent: Fresh directional lottery-ticket call buying.

Dual read: Bought to open. Extremely OTM (+26% from spot), high IV, and low premium. This is a low-cost, high-risk bet on a massive upside move over the next week.

Read-through: A sentiment indicator showing speculative appetite for extreme upside, complementing the more serious bullish flow at nearer strikes. Not a primary driver but confirms bullish sentiment exists.

AMD 2026-04-17 $130.00 Put

Vol: 10,086

OI: 1,593

Vol/OI: 6.3x

IV: 98.8%

Notional: ~$5.04M (est. $5.00 avg premium)

Intent: Long-dated, far OTM protective put purchase.

Dual read: Bought to open as a strategic hedge. The extremely high IV (98.8%) indicates buying pressure for deep out-of-the-money protection, not a near-term directional bet.

Read-through: Contrasts sharply with near-term bullishness. This is a capital-efficient tail-risk hedge, indicating institutions are willing to bet on upside but are buying cheap protection against a catastrophic drop. Similar to the $150 Put hedge noted in the prior report.

AMD 2026-04-10 $210.00 Put

Vol: 8,061

OI: 1,161

Vol/OI: 6.9x

IV: 50.4%

Notional: ~$4.03M (est. $5.00 avg premium)

Intent: Protective put buying or a spread leg.

Dual read: Could be bought to open (bearish/hedging) protection just below spot, or sold to open (bullish) as part of a put spread. The moderate IV suggests it's not clear-cut selling.

Read-through: This is meaningful size and could represent institutional hedging near a key level. Given the overwhelming call premium flow, it's more likely part of a collar (long stock + long put) or a bull put spread, rather than a standalone bearish bet.

Institutional Positioning

Call additions: Major additions at $210, $205, $215, and $207.50 Calls per premium flow data, generating tens of millions in net bullish premium. This is concentrated in the April monthly (4/10, 4/17) expiries.

Put additions: Strategic, long-dated hedging continues (e.g., $130 Put 4/17). Near-term, put flow is focused around $210-$215, likely for protection or as spread legs against the bullish call bets.

GEX/DEX consistency: Yes — Strongly consistent. Large positive GEX (+$144.4M) indicates a 'pinning' or mean-reverting regime where dealers are long gamma. This acts as a stabilizer, damping volatility and pulling spot toward high gamma strikes. The bullish call flow is betting on a grind higher within this stabilizing regime.

OI clusters: Major Put OI: $165 (30,770), $180 (17,101), $200 (21,370) — these are likely long-dated strategic hedges. Major Call OI: $180 (25,052), $220 (17,372), $240 (16,830). The $220 call wall is now the nearest major resistance cluster.

Hedging evidence: Clear multi-layered hedging: 1) Massive, long-dated OTM put OI ($140-$165). 2) New long-dated OTM put buying ($130 Put 4/17). 3) Near-the-money put flow at $210. This creates a 'bullish but heavily protected' posture, allowing for upside bets while defining catastrophic risk.

Max pain context: Spot ($217.50) is significantly above the dominant near-term max pain of $205 (by 6.1%). This is a bullish deviation. The clustering of call premium flow above $205 and the positive GEX suggest the market is comfortable holding above max pain, with dealers potentially supporting the price to hedge their long gamma.

Signal vs Noise

~High volume in weekly (4/2) $215 and $212.50 Puts is primarily expiration-related noise—closing of positions and dealer gamma management due to spot trading above the strikes. Not a new bearish signal.

~The $20.00 Call with $8.7M net premium is a data error or structured product leg. Ignore completely.

~The $275 Call (4/10) and $265 Call (4/10) are low-premium lottery tickets. They indicate speculative sentiment but are not meaningful directional size on their own.

Key Conclusions

💰Net premium flow is overwhelmingly bullish (+$181.5M), driven by high-conviction call buying at $205-$215 strikes. This is the dominant signal.

📌Strong positive GEX (+$144.4M) creates a pinning/mean-reverting regime. Dealers are long gamma and will dampen volatility, supporting a controlled grind higher favored by the call flow.

🛡️Institutions are buying bullish calls but simultaneously adding long-dated tail-risk hedges (e.g., $130 Put). This is a 'risk-on with catastrophic protection' stance, not outright fear.

🧱Watch the $220 level. It's the nearest major call OI wall (17,372). A break above could trigger accelerated covering, but it may act as initial resistance.

Read the Flow analysis for AMD. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.