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AMD

Advanced Micro Devices, Inc.Close $503.89EOD only

Max Pain

$405.00

Next expiry May 29, 2026

Expected Move

±$32.08

6.4% from close

Price Gap

-98.89

Distance to max pain

IV Rank

High premium

P/C OI

1.07

Balanced positioning

Consensus

6.5/10

Bullish tilt

Published snapshot: May 26, 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 26, 2026 close

AMD Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 7.0; -0.5 because flow mixed: +$109.0M net premium (bullish) vs heavy short-dated put buying and MP below spot

Watch next session: Short-dated (2026-04-10/04-17) put volume at $230/$225/$227.5; Call premium accumulation at $240-$250 (net premium and GEX movement)

Flow Summary

Net premium: +$109.0M bullish

P/C volume ratio: 0.97 — roughly balanced (slight call bias intraday)

P/C OI ratio: 1.07 — modest put-heavy positioning in OI (contrasts with today's premium flow)

Large net premium and positive GEX point toward dealer buy-puts / seller-of-vol activity that mechanically supports the stock near-term. However concentrated, unusual short-dated put buying at/just below spot (exp 2026-04-10) signals either protective hedging or aggressive bearish directional bets, creating a mixed read. Gamma is pinning and max pain is substantially lower ($215), so dealers are positioned to dampen moves but the short-dated put flow could force downside if it continues.

Notable Prints

AMD 2026-04-10 $230.00 Put

Vol: 18,154

OI: 790

Vol/OI: 23.0x

IV: 57.1%

Notional: ~$5,627,740

Intent: Protective put buying or fresh directional put buying into the 2-day expiry (hair-trigger hedge)

Dual read: Bought puts (bearish/insurance) OR dealers sold into flow (overwritten/hedged by dealers, neutral-ish)

Read-through: High short-dated activity at the $230 strike (≈1% from spot) is a bearish/hedging signal that could pressure price into the $224-$239 2d EM band if renewed. Because OI is low vs volume, many are new/one-off positions rather than closing.

AMD 2026-04-10 $227.50 Put

Vol: 15,942

OI: 197

Vol/OI: 80.9x

IV: 59.1%

Notional: ~$3,618,234

Intent: Very short-dated directional put buying or urgent hedging (exp 4/10, 2% from spot)

Dual read: Aggressive buy of protection (bearish) OR part of a defensive roll/close into expiry (non-directional)

Read-through: Extreme volume vs tiny OI indicates near-term, likely retail or institutional hedge initiation into expiry — raises probability of short-term downside/volatility around Friday.

AMD 2026-04-10 $225.00 Put

Vol: 17,529

OI: 964

Vol/OI: 18.2x

IV: 61.2%

Notional: ~$2,804,640

Intent: Protective put buying and/or spread leg into expiry

Dual read: Protective (institutional/portfolio hedge) OR sold (dealer-led) to create positioning; context favors buys given heavy volume across strikes

Read-through: Significant short-dated interest at $225 adds a near-term support test level if those are sold into (dealers hedging delta) — but if buyers persist, could indicate downside risk toward max pain ($215).

AMD 2026-04-10 $232.50 Put

Vol: 5,781

OI: 129

Vol/OI: 44.8x

IV: 56.2%

Notional: ~$2,427,570

Intent: Immediate downside hedge (ITM put) or speculative bearish bet into expiry

Dual read: Bought as insurance (portfolio protection) OR sold by market makers responding to demand (neutral)

Read-through: ITM activity exactly at spot shows urgency — buyers are willing to pay ITM premium into the weekend, increasing risk of near-term pin toward lower EM bound if flow continues.

Institutional Positioning

Call additions: $220-$250 calls (notable premium flow at $230: Call $33,962,470; $220: Call $27,179,890; $250: Call $15,803,243) — institutions appear to add call exposure across 220-250 strikes in multiple expiries

Put additions: Concentrated short-dated put buying at $230/$227.5/$225 (exp 2026-04-10) and sustained OI at $200 puts (20,293 OI) — mixture of immediate hedges and longer dated downside protection

GEX/DEX consistency: Yes — GEX +$104.8M and DEX +77.3M shares indicate dealers are long gamma/pinning, which aligns with call premium accumulation; however short-dated put flows create localized gamma demand that can conflict with dealer positioning intraday

OI clusters: Large call OI clusters at $180 (25,030), $220 (19,053), $200 call (19,400), $230 call (12,279), $250 call (13,902). Large put OI at $200 (20,293), $190 (15,610), $175 (15,458), and concentrated near-term puts at $225-$232.5. These create call-side resistance pockets above and put-side support/magnets below, with a significant OI concentration pulling gamma flip toward ~$200.

Hedging evidence: Clear evidence of short-term protective put buying (4/10 expiries) — consistent with portfolio hedging into a falling max-pain regime. Little sign of widespread collars; activity reads more like standalone put protection or directional put buys.

Max pain context: Max pain short-term is $215 (4/10) and trends lower to $210 across subsequent weeks; spot (231.82) sits ~7.8% above MP per the confidence note — dealers are positioned to pin, but short-dated put flow increases downside risk toward MP.

Signal vs Noise

~Heavy 4/10 activity is concentrated in the front-week expiry; some prints are likely expiration-driven hedges (not necessarily fresh directional convictions).

~High volume / low OI (extreme vol/oi ratios) at 4/10 strikes often reflect opening of protective positions or option-to-stock conversions ahead of expiry rather than large, multi-week directional bets.

~Large established OI at $200 puts (20,293 OI) is structural positioning (long-dated protection or synthetics) — do not interpret that as new intraday bearish intent.

~Call premium at $230 and above appears as genuine premium flow (net premium +$109.0M) rather than a single-structure spread; some mid-dated roll activity into $250/$260 strikes is possible but not dominant.

Key Conclusions

🔁Flow is mixed: big net premium and positive GEX argue for dealer pinning, but heavy short-dated put buying (4/10) elevates near-term downside risk.

⚠️Front-week put prints at $230/$227.5/$225 are the highest-probability catalysts for near-term movement — continued buying would likely pressure price toward the 2d EM lower bound $224.05 and max pain $215.

🛡️Evidence points to active protective hedging rather than pure long-term bearish conviction: many front-week trades show extremely high volume-to-OI ratios (opening hedges).

📌Key technical/derivative magnets: $230-$235 range has concentrated GEX pinning (+$15.7M at $230, +$10.9M at $235) so expect mean-reversion pressure into that band absent persistent put buying.

🐻Max pain trend is downward (next expiries $215 → $210) — if put buying persists into the weekend, skew and positioning could shift price pressure lower across the next week.

How to Use These Reports

This flow reflects the market close on April 8, 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.