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AMD

Advanced Micro Devices, Inc.Close $274.95EOD only
Max Pain
$250.00
Next expiry Apr 24, 2026
Expected Move
±$13.38
4.9% from close
Price Gap
-24.95
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
1.07
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Apr 20, 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
Apr 20, 2026 close
AMD Flow Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Observed GEX ≈ +$80M and concentrated put prints near 280–287 with high vol_oi; dealers appear net short options and thus effectively long gamma exposure (positive GEX), which supports pinning around that zone.
Invalidation: If spot drops toward estimated gamma-flip (~200), GEX turns negative, or VIX spikes with heavy broad-market selling, the bullish pinning view would break.
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 11.6% from MP; +0.5 VIX 20

Watch next session: Spot vs strike 280–287; GEX change and dealer hedging flow; Large block fills/IV moves; VIX direction and breadth

Flow Summary

Net premium: +$230.3M bullish

P/C volume ratio: 0.73

P/C OI ratio: 1.05

Metrics: GEX ≈ +$80M; spot ~11.6% above mark. Flow shows concentrated put buying at 280–287 and rising vol_oi. Dealers are net short options (hence net long gamma exposure implied by positive GEX), which tends to pin price absent a broad volatility shock.

Notable Prints

#1
AMD 2026-04-24 $287.50 Put
Vol: 3,566
OI: 106
Vol/OI: 33.6x
IV: 57.1%
Notional: ~$3.1M
Intent: Buy
Dual read: []

Read-through: []

#2
AMD 2026-05-01 $282.50 Put
Vol: 3,296
OI: 100
Vol/OI: 33.0x
IV: 58.4%
Notional: ~$3.5M
Intent: Buy
Dual read: []

Read-through: []

#3
AMD 2026-04-24 $282.50 Put
Vol: 13,466
OI: 542
Vol/OI: 24.9x
IV: 58.7%
Notional: ~$8.1M
Intent: Buy
Dual read: []

Read-through: []

#4
AMD 2026-04-24 $280.00 Put
Vol: 20,055
OI: 1,192
Vol/OI: 16.8x
IV: 59.1%
Notional: ~$9.9M
Intent: Buy
Dual read: []

Read-through: []

#5
AMD 2026-05-01 $307.50 Call
Vol: 1,644
OI: 111
Vol/OI: 14.8x
IV: 58.6%
Notional: ~$613K
Intent: Buy
Dual read: []

Read-through: []

Institutional Positioning

Call additions: Concentrated call buys near 272.5–307.5 (May expiries) suggesting bullish directional exposure and upside hedged positions.

Put additions: Heavy put prints clustered 280–287.5 into 4/24–5/01; these strikes are roughly 8–9% below spot (~307.5) indicating short-dated defensive buying.

GEX/DEX consistency: GEX +$80M and DEX +83.4M shares are consistent with net dealer gamma exposure that can bias pinning, but this link is probabilistic—other flows or spot moves could override it.

OI clusters: Largest OI around 280–287.5 puts (notable 1,192 OI at 280 put) and call interest at 272.5–307.5.

Hedging evidence: Put-heavy flow plus call buys is indicative of collars/protective structures, though some activity may be directional rather than pure hedging.

Max pain context: Spot sits above MP; clustered short-dated put OI raises pinning risk into near expiries but with moderate confidence.

Signal vs Noise

~Signal: clustered near-dated put OI 280–287.5 signals genuine hedging/pinning potential.
~Signal: net positive GEX/DEX supports dealer gamma exposure that can accentuate pinning, but causality is uncertain.
~Noise/Low-confidence: far-OTM call prints (e.g., 400 strike) are likely low-confidence directional bets rather than definitive flow signals.

Key Conclusions

📌Bullish institutional flow with concentrated short-dated put hedges creates elevated pin risk near 280–287.5.
⚠️High IV and net premium mean moves can be amplified; treat far-OTM calls as low-confidence directional exposure, not definitive.
How to Use These Reports
This flow reflects the market close on April 21, 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.