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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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.8% above MP

Watch next session: Follow additional premium or OI build at $235-$240 calls (would reinforce bullish pinning); Watch put flow into $220/$200 — major increase would invalidate bullish read

Flow Summary

Net premium: +$305.4M bullish

P/C volume ratio: 0.74 — call-dominant today

P/C OI ratio: 1.08 — slight put-heavy OI background but volume is call-biased

Strong call-biased premium and concentrated call-side flow is driving a bullish options regime. Dealers are long gamma overall (GEX +$109.2M) with multiple near-term pin magnets at 235-240, so flow is compressing spot into the pin region while sizable put OI remains down around $200 creating a protective floor further below.

Notable Prints

AMD 2026-04-10 $235.00 PUT

Vol: 14,789

OI: 533

Vol/OI: 27.8x

IV: 52.5%

Notional: ~$2.72M

Intent: Short-dated protective buys or last‑day pinning/hedge activity into 4/10 expiry

Dual read: Aggressive put buying (bearish/protection) OR option-seller/market-maker adjustments forcing large traded size into close (gamma hedge activity)

Read-through: Large, concentrated 4/10 put demand right near spot is consistent with end‑of‑cycle hedging and pin management; on balance it looks like short-dated protection rather than establishment of a multi-week directional bearish position because OI was small (533) before this volume burst.

AMD 2026-04-10 $232.50 PUT

Vol: 16,062

OI: 1,161

Vol/OI: 13.8x

IV: 54.7%

Notional: ~$1.72M

Intent: Short-dated protection / gamma play

Dual read: Buy to protect or aggressive intraday directional put buying; could also be dealers rebalancing into heavy short-dated activity

Read-through: Another heavy 4/10 put print clustered just below spot; strengthens the view that activity is concentrated into same‑day expiries — likely hedging/pinning rather than new structural bearish position.

AMD 2026-04-10 $237.50 CALL

Vol: 23,045

OI: 4,430

Vol/OI: 5.2x

IV: 51.4%

Notional: ~$4.81M

Intent: Directional call buying or call-heavy spread leg into 4/10

Dual read: Fresh bullish call buys OR sellers establishing covered call/overwrite (less likely given net premium and GEX)

Read-through: Large same‑day call activity at $237.50 directly on top of spot is a clear bullish signal and a likely driver of dealer delta hedging that supports upside into the 235–240 pin band.

AMD 2026-04-10 $230.00 PUT

Vol: 20,668

OI: 2,771

Vol/OI: 7.5x

IV: 57.2%

Notional: ~$1.30M

Intent: Short-dated hedges or directional put buying into expiry

Dual read: Protective puts against sharp intraday moves OR aggressive downside speculative buying; larger OI here makes it more structurally relevant than the smaller‑OI strikes

Read-through: High volume into $230 puts (4/10) is part of the same short-dated cluster; combined with call buys it points to gamma/pin management with active two‑sided hedging rather than a one-sided new position sweep.

AMD 2026-04-17 $232.50 PUT

Vol: 1,782

OI: 300

Vol/OI: 5.9x

IV: 50.7%

Notional: ~$0.92M

Intent: Near-term protective put buying (rolling of short-dated hedges) or fresh 8‑day protection

Dual read: Hedge roll from 4/10 into 4/17 or fresh protection

Read-through: Smaller but notable follow-through into the 4/17 chain at the same strike suggests some hedges are being pushed out into the next expiry rather than entirely closing.

Institutional Positioning

Call additions: $180, $210, $220, $230-$240 range (notable premium at $180 and $210 and large premium flow at $235/$240/$250); strongest premium concentration at $180 ($126.1M net) and $210 ($85.4M net) with near-spot build at $235-$240

Put additions: $200 and $190 show largest OI clusters (20,485 and 15,776 OI respectively) and near-term protector demand concentrated into $230-$235 short-dated puts — structural put floor sits below at $120-$200

GEX/DEX consistency: Yes — positive total GEX $+109.2M and DEX +79.8K shares align with bullish flow and pinning; multiple GEX concentration pins at $235-$240 reinforce dealer hedging that supports the bullish thesis

OI clusters: $180 call OI 24,998, $200 put OI 20,485, $220 call OI 17,422, $240 call OI 16,924, $230 call OI 11,947 — creates short-term magnet between $230-$240 while a put wall at $200 creates a deeper structural floor

Hedging evidence: Significant short-dated put buying into 4/10 and some roll into 4/17 indicates active protective hedging; limited evidence of widespread collars — activity looks skewed to discrete short-dated protection (4/10) and aggressive call accumulation rather than balanced collars

Max pain context: Max pain near-term pins at $218 (4/10) and $220 (4/24) sit below spot but MP trend is rising ($218 → $220), while dealers' GEX pins at $235-$240 are currently closer to spot and are acting as a stronger short-term magnet.

Signal vs Noise

~Bulk of the largest single-day prints are on 4/10 expiries — high same-day volume is likely expiration risk management, gamma/pinning and dealer rebalancing rather than initiation of long-term directional positions.

~Large historical OI at deep strikes like $180 and $200 are structural and reflect longer-term positioning or spreads — individual prints there can be index-like or institutional tail hedges, not immediate directional signals.

~Call-heavy net premium at lower strikes combined with short-dated put trades suggests market-maker inventory hedging (delta/gamma) is a major driver of today's flow.

Key Conclusions

🐂Bullish bias: heavy call premium ($305.4M) + positive GEX (+$109.2M) — dealers positioned to support upside into 235–240 pin band.

📌Pin region to watch: $235–$240 shows concentrated GEX (+$14.9M at $240; +$12.6M at $235; +$9.8M at $230) and recent call flow — likely short-term magnet.

🛡️Short-dated protection active: extremely elevated 4/10 put volumes at $232.50, $235 and $230 indicate end-of-cycle hedging and gamma management — this can limit intraday downside but is not a long-term bearish signal.

⚖️Divergence: P/C volume 0.74 (call-dominant) vs P/C OI 1.08 (slightly heavier put OI) — today’s flow is call-driven vs an OI structure that still preserves downside protection around $200.

👀Key invalidation trigger: meaningful put premium build or OI accumulation into $220-$200 strikes accompanied by rising P/C volume ratio (>1.0) would flip the read to bearish.

How to Use These Reports

This flow reflects the market close on April 9, 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.