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AMD

Advanced Micro Devices, Inc.Close $449.59EOD only

Max Pain

$420.00

Next expiry May 22, 2026

Expected Move

±$12.50

2.8% from close

Price Gap

-29.59

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.08

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

AMD Theta Report

Analysis based on market close April 6, 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 6, 2026. A newer theta report is available for May 21, 2026.

View latest report

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.8% from MP

IV Environment

IV Regime

High

IV vs VIX

IV 61.2% — extremely elevated

Favorable?

Yes

Term structure: Humped at 2026-05-08 (58.9%), elevated across all expirations

💰Extremely rich IV (61.2%) favors premium sellers

📊IV term structure humped at 32 DTE — ideal for 30-45 DTE credit spreads

Pin Risk Assessment

Spot vs MP: Above by 4.8% (spot $220.18 vs max pain $210)

GEX regime: Pinning (GEX +$57.8M)

Gamma flip: ~$200.00 — Below $200, dealers amplify moves downward

OI concentrations: Put wall $200 (21,310 OI), call wall $240 (16,892 OI)

Verdict: Favorable — strong positive GEX (+$57.8M) and max pain clustering at $210 supports pinning, protecting credit positions

Premium Opportunities

put spread

Sell $210/$205 put spread 2026-04-24 (18 DTE)

Max pain at $210 provides strong support; positive GEX pinning; IV elevated (53.4%) for 18 DTE; below spot but above gamma flip

Credit: $1.45-$1.51

Max loss: $3.55

BE: $208.55

Mgmt: Close at 65% profit; exit if price closes below $205; roll if tested but not breached

iron condor

Sell $210/$205P x $240/$245C 2026-04-24 (18 DTE)

Captures full expected move range ($199.38-$240.98) with buffer; positive GEX pinning at $220; call OI wall at $240 provides resistance

Credit: $1.10-$1.40

Max loss: $3.60

BE: 208.60/241.40

Mgmt: Close at 50% profit; manage wings independently — roll tested side if price approaches short strike

covered call

Own stock at $220.18, sell $240 call 2026-04-24 (18 DTE)

IV elevated (51.4% at $240 strike); call OI wall at $240 provides resistance; collects theta with upside to $240

Credit: $1.78-$1.86

BE: $218.40

Mgmt: Close at 80% profit; roll up and out if price approaches $240; consider assignment if above $240 at expiration

calendar spread

Sell $220 put 2026-04-10 (4 DTE), buy $220 put 2026-04-24 (18 DTE)

IV term structure backwardation (57.7% vs 53.4%) favors short near-dated; pinning at $220 with +$12.1M GEX magnet

Credit: $2.85-$3.15

Mgmt: Close when short put decays to 20% of credit; exit if price moves beyond $215 or $225

Risk Alerts

!Gamma flip at $200 — breach could trigger accelerated selling; exit all credit positions below this level

!Earnings on 2026-05-05 (29 days out) — close all short premium positions at least 1 week before to avoid IV crush

!Unusual put volume at $220 (16,594 vol vs 566 OI) for 2026-04-10 — monitor for directional pressure

!Spot 4.8% above max pain $210 — pinning may pull price lower toward pain point

!Extreme IV (61.2%) — favorable for selling but beware of volatility mean reversion crushing premium

How to Use These Reports

This theta reflects the market close on April 6, 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.