AMD
Advanced Micro Devices, Inc.Close $447.58EOD onlyThis page reflects AMD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
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
Notable Prints
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.
Read-through: Noise for directional intent. This is expiration mechanics, not a new bearish bet. It reinforces the pinning dynamic around $215.
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.
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.
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
Key Conclusions
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