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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 15, 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 15, 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); -1 spot 14.7% from MP; +0.5 VIX 18; NOTE: large structural put OI at $200 (OI=28,229) remains a material tail-hedge that would reduce effective confidence if activated

Watch next session: Follow-up large call prints / bid lift at $257.50-$260.00 (does the 11,373-lot front-week ITM call see follow-through?); Any acceleration in put activity referencing the $200 cluster or sharp IV repricing on long-dated puts

Flow Summary

Net premium: +$133.6M bullish

P/C volume ratio: 0.79

P/C OI ratio: 1.11

Flow is clearly bullish and materially reinforced by a very large front-week ITM call print at $257.50 (Vol=11,373, OI=2,608) alongside concentrated call premium at $260/$255/$270. That front-week ITM call increases short-term upside pressure and strengthens pinning around $257.50-$260.00; however, significant structural put OI at $200 (OI=28,229) remains a material tail hedge that could cap rallies in stress scenarios.

Notable Prints

AMD260417C00257500

Vol: 11,373

OI: 2,608

Vol/OI: 4.4x

IV: 47.0%

Notional: ~$5.23M

Intent: Fresh, aggressive directional call buying (front-week ITM) — clear short-dated upside bet

Dual read: Could be a call overwrite or exercise-driven flow in expiry window, but size and concentration vs OI favor opening buy flow rather than pure rollover.

Read-through: Upside conviction is materially stronger: this print amplifies pinning at $257.50-$260 and raises the probability of spot gravitating to the upper 2d EM bound if follow-through continues.

AMD260417P00255000

Vol: 8,330

OI: 829

Vol/OI: 10.1x

IV: 46.2%

Notional: ~$2.4M

Intent: Protective front-week put buying or hedging against a near-term dip ahead of event risk

Dual read: Could be financing for nearby call buys (risk reversal) or genuine client insurance; presence of large ITM call buys suggests many are paired structures or collars.

Read-through: Shows demand for downside protection alongside aggressive calls; tempers unilateral bullish read unless puts fade.

AMD260417P00257500

Vol: 3,848

OI: 168

Vol/OI: 22.9x

IV: 46.1%

Notional: ~$1.5M

Intent: Lastday/short-dated protection (insurance) or expiry re-hedging

Dual read: High Vol/OI can be expiration-related gamma trades or genuine protection buys; given concurrent call flow, leans toward targeted insurance.

Read-through: Adds short-term downside insurance; significant but not large enough to negate strong call prints unless it accelerates.

AMD260417P00260000

Vol: 2,921

OI: 432

Vol/OI: 6.8x

IV: 46.9%

Notional: ~$1.5M

Intent: ITM put activity likely tied to hedging, collars, or dealer adjustments against concentrated call gamma

Dual read: Could be clients buying protection or dealers managing delta; paired call activity suggests it forms part of structured exposure.

Read-through: Reinforces that front-week positioning includes paired downside protection rather than pure long call exposure.

AMD260417P00252500

Vol: 4,645

OI: 731

Vol/OI: 6.3x

IV: 46.9%

Notional: ~$957K

Intent: Front-week protective/hedge flow or part of expiry roll activity

Dual read: May be hedging for newly established call positions or isolated client protection; treat as tactical hedge unless repeated.

Read-through: Contributes to clustered short-dated put interest around $252.50-$260.

Institutional Positioning

Call additions: Concentrated additions in the $255-$270 band, with particularly large front-week ITM call demand at $257.50 and heavy premium at $260.00 (GEX +$14.6M). Near-month call OI clusters at $250/$260/$270 show institutional upside exposure across short and medium expiries.

Put additions: Active short-dated protective buying at $252.50-$260.00 coexists with large structural put OI far below spot (notably $200.00 OI=28,229). The $200 put cluster is a material long-dated tail hedge that could be monetized in a stress sell-off and would act to cap upside in extreme moves.

GEX/DEX consistency: Yes 1 flow is consistent with positive Total GEX (+$91.4M) and DEX (+82.5M shares); concentrated positive GEX at $257.50-$260 amplifies dealer hedging toward those strikes and supports the pinning regime.

OI clusters: Near-term OI clusters create a magnet in the $250-$260 zone (calls: $250.00 OI=15,751; $260.00 OI=11,660; $270.00 OI=11,112). Deeper structural put clusters at $200.00 (28,229 OI) and other below-spot strikes create a put floor between $140-$200 in stressed scenarios.

Hedging evidence: Clear evidence of large-scale hedging: front-week put buying and ITM put activity indicating protective collars, while large long-dated put OI at $200 represents institutional tail-hedging that remains a key tactical risk.

Max pain context: Max pain for the front expirations is $225.00 while spot sits above; however, the short-term pinning concentration (GEX at $260/$255) suggests dealers are incentivized to hedge toward the $260 area in the next sessions rather than the longer-dated $225 max pain.

Signal vs Noise

~Very small far-OTM print AMD260515C00520000 ($520 call) — likely speculative lotto flow (Vol/OI 10x but tiny notional and outside available strikes relevance).

~Large Vol/OI ratios in front-week puts (e.g., AMD260417P00257500 Vol/OI 22.9x) can reflect expiry-day re-hedging or rolling rather than fresh directional conviction — treat these as hedge/noise unless repeated.

~Some front-week ITM activity (both calls and puts) looks like expiration rolls or dealer gamma management rather than pure directional flow — correlate with net premium and further prints before acting.

Key Conclusions

🐂Flow is call-leaning and concentrated at $260/$255 — dealers are long gamma (Total GEX +$91.4M) which supports near-term upside and pinning near $260.

🛡️Elevated front-week put prints at $252.50-$260 indicate active protective hedging/collars; downside protection tempers a pure bullish trade and warrants watching put follow-through.

📍Important levels to watch are the 2d EM bounds $249.59 (support) and $266.64 (resistance) — front-week flow will likely determine whether pinning at $260 strengthens or fails.

How to Use These Reports

This flow reflects the market close on April 15, 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.