AMD Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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.

Read the Flow analysis for AMD for 2026-04-09. 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.