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AMD

Advanced Micro Devices, Inc.Close $467.51EOD only

Max Pain

$400.00

Next expiry May 29, 2026

Expected Move

±$33.20

7.1% from close

Price Gap

-67.51

Distance to max pain

IV Rank

High premium

P/C OI

1.09

Balanced positioning

Consensus

7.5/10

Bullish tilt

Published snapshot: May 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

May 22, 2026 close

AMD Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.2% from MP

Watch next session: New premium or OI buildup at $220-$230 calls (would reinforce pin); Follow-up large put flow at $210-$212.50 (would signal defensive repositioning)

Flow Summary

Net premium: +$36.4M bullish

P/C volume ratio: 1.04 — mildly put-heavy by volume (near neutral)

P/C OI ratio: 1.07 — modest put-biased positioning, but recent premium favors calls

Flow is mixed but leans bullish: dealers are long gamma overall (Total GEX = +$62.0M) and premium flow is net positive (+$36.4M) concentrated in calls at 200, 220 and 225. However persistent put OI clusters at $200 and active put prints into near expirations (Apr-10/Apr-17/Apr-24) show institutions are also hedging downside, producing a pinning environment around $212-$230.

Notable Prints

AMD 2026-04-24 $210.00 Put

Vol: 8,298

OI: 1,487

Vol/OI: 5.6x

IV: 57.9%

Notional: ~$4,978,800

Intent: Protective/defensive buying of puts into multi-week horizon (downside insurance)

Dual read: Bought puts (bearish/hedge) OR sold into a larger structured trade (collar) — but size and concentration point to fresh protection

Read-through: Meaningful defensive flow: large notional (~$5.0M) at $210 suggests institutions are buying protection near the $210-$212 max pain band; supports a pinning/limited-downside thesis near that area.

AMD 2026-04-10 $212.50 Put

Vol: 7,416

OI: 1,398

Vol/OI: 5.3x

IV: 69.6%

Notional: ~$1,557,360

Intent: Short-term downside hedge or directional put accumulation into the Apr-10 expiry

Dual read: Bought protection against near-term weakness OR aggressive dealer-facilitated flow (options sold to collectors)

Read-through: Large short-dated put activity at strikes just below spot is consistent with hedging around the Apr-10 max pain ($212.50) and explains elevated short-term IV (ATM 64.0%). This increases chance of pin pressure into the near expiry.

AMD 2026-04-10 $222.50 Put (ITM at spot)

Vol: 3,823

OI: 742

Vol/OI: 5.2x

IV: 63.2%

Notional: ~$2,114,100

Intent: In-the-money put buying — protective/hedge for large equity exposure or part of closing/restructuring of long stock positions

Dual read: Could be outright puts bought for protection OR part of a spread (e.g., roll/close) given ITM status

Read-through: ITM put flow of this size indicates material hedging activity concentrated precisely at the current spot. Reinforces near-term defensive positioning and likelihood of dealer hedging around spot.

AMD 2026-04-17 $242.50 Call

Vol: 2,845

OI: 503

Vol/OI: 5.7x

IV: 52.8%

Notional: ~$435,285

Intent: Directional call buying (bullish exposure) or purchase of upside in a spread

Dual read: Aggressive buy of OTM calls (bullish/speculative) OR part of a defined spread where calls are bought and higher strikes sold

Read-through: Notable call flow out around $242.50 (near the upside of the 2d EM). Though not huge notional, the high vol/OI suggests fresh directional interest to the upside — aligns with net premium call skew.

AMD 2026-05-01 $265.00 Call

Vol: 2,098

OI: 229

Vol/OI: 9.2x

IV: 52.2%

Notional: ~$274,838

Intent: Speculative/levered upside exposure (long-dated OTM call buy)

Dual read: Spec buy (bullish) OR cheap leg of a multi-leg structured trade — size and OTM distance indicate speculative directional probability

Read-through: Small absolute notional but very high vol/OI points to a fresh directional bet for upside beyond the 1-week EM; limited impact on dealer positioning but worth tracking for momentum narrative.

Institutional Positioning

Call additions: $200/$220/$225 calls concentrated in April expiries (large premium flow at $200 and $220; near-term call OI clusters at $220: 19,098 OI, $225: 8,679 OI, $230: 12,054 OI). Net premium flow shows call-heavy activity at $200 and $220.

Put additions: $200 put OI is large (20,097 OI) and there are sizable short-dated put prints at $212.50, $210, $222.50 suggesting institutions are buying downside protection around the $210-$222 band.

GEX/DEX consistency: Yes — positive Total GEX (+$62.0M) and DEX (+73.383K shares) align with the bullish-premium/long-gamma bias while the concentrated short-dated put buying explains the pinning regime around $212-$230.

OI clusters: Largest OI clusters: $180 call (25,032), $200 put (20,097), $220 call (19,098), $200 call (19,401), $210 call (11,331). These create a mixed magnet: a put floor near $200 and a call wall/magnet in the $220-$230 band.

Hedging evidence: Yes — multiple sizable short-dated put prints (Apr-10/Apr-17/Apr-24 at $212.50, $217.50, $210) and heavy $200 put OI point to material protective demand; evidence of collars is moderate but protective puts dominate the hedging signal.

Max pain context: Max pain near-term is $212.50 (Apr-10) and $210 for subsequent weeks. Given spot is $221.53 (above MP) and strong GEX at $220/$225/$230, dealers are positioned to push toward the pin range while being long gamma into expiries.

Signal vs Noise

~AMD 2026-05-01 $265 Call — high vol/OI but small absolute notional; likely speculative OTM buying rather than institutional directional sizing.

~Large call premium at $200 may include spread activity (call-buy leg with higher strike sells) — premium dominance combined with call OI suggests structured call-selling/buying activity rather than pure naked call accumulation.

~Some short-dated put volume (e.g., $195 Apr-10) could be expiration-related hedging or pin-management by hedgers rather than new directional conviction.

~Dealer/market-maker rebalancing ahead of Apr-10 expiration likely explains parts of the concentrated vol at $210-$217.5 strikes (gamma hedging flows), not pure new directional bets.

Key Conclusions

🐂Net premium is positive (+$36.4M) and dealers are long gamma (Total GEX = +$62.0M) — bias leans bullish despite mixed flow.

📌Pinning pressure into near expiries: max pain $212.50 (Apr-10) and heavy short-dated put buying around $210-$222 indicate likely pin/magnet behavior.

🛡️Material protective activity: large notional put buys (e.g., Apr-24 $210 Put ~ $4.98M) imply institutions hedging downside around the $210 area.

📈Upside resistance clustered at $230-$240 from call OI and GEX concentrations; breakout above $235-$240 would reduce dealer pin influence and accelerate upside.

⚖️Flow is mixed: calls dominate premium but OI and active put prints show meaningful hedging — trade management should watch follow-through flow rather than single prints.

How to Use These Reports

This flow reflects the market close on April 7, 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.