thetaOwl

AMD

Advanced Micro Devices, Inc.Close $495.54EOD only
Max Pain
$440.00
Next expiry May 29, 2026
Expected Move
±$23.40
4.7% from close
Price Gap
-55.54
Distance to max pain
IV Rank
69
High premium
P/C OI
1.09
Balanced positioning
Consensus
6.5/10
Bullish tilt
Published snapshot: May 27, 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 27, 2026 close
AMD Theta Report
Analysis based on market close April 8, 2026

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

You are viewing an older report from April 8, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put spreads near 220-225 OI/GEX support (defined-risk credit spreads, 30-45 DTE)
Invalidation: Close below $216.67 (1-week EM lower guardrail) — re-evaluate; hard invalidation below gamma flip ~$200
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.8% from MP

IV Environment

IV Regime
High
IV vs VIX
Avg IV 61.6% vs VIX not provided — absolute IV is very elevated for a large-cap name
Favorable?
Yes

Term structure: Front-week ATM 56.6% (2d) → 52.1% (9d) → 59.1% (30d): short-end slightly cheaper than 30d, creating a calendar edge; overall term structure is elevated with a bump into the 30-45d band.

💰Avg IV 61.6% — rich environment for sellers
30–45 DTE ATM IV (59.1% at 30d) offers the best theta-to-risk tradeoff

Pin Risk Assessment

Spot vs MP: Spot $231.82 is above Max Pain $215.00 (2026-04-10) — ~7.8% above; MP trend is falling (215 → 210 over expirations)

GEX regime: Pinning (GEX +$104.8M) — dealers short gamma on balance and likely to magnet spot toward clustered strikes

Gamma flip: ~$200.00Gamma flip near $200 — below this dealers shift to negative gamma behavior and moves can accelerate; keep defined-risk if price nears this level

OI concentrations: Call walls: $220 (19,053 OI), $230 (12,279 OI), $240 (16,917 OI). Put walls: $200 (20,293 OI), $190 (15,610 OI). Strong GEX magnets at $230 (+$15.7M), $235 (+$10.9M), $240 (+$8.4M).

Verdict: Favorable — strong positive GEX and nearby call/put magnets (230/235/240) increase pinning probability which supports defined-risk credit selling near 220-230, but MP is trending lower which raises mid-term downside risk.

Premium Opportunities

#1
put spread
Sell 220/215 put spread 2026-05-08 (30 DTE)
225–220 area shows strong dealer hedging and OI support (GEX +7.5M at $225; large put OI at $200 deeper). 30 DTE IV (59.1%) is rich, giving attractive credit while staying defined-risk.
Credit: $1.10-$1.40
Max loss: $3.90
BE: $218.90
Mgmt: Take profit: close at 60-70% of max profit; roll down 1-2 strikes and/or widen to retain credit if short strike tested and position still within risk tolerance; cut losses if AMD closes below $216.67 or if the spread sells for >50% of max loss.
#2
iron condor
Sell 225/220 put spread + sell 245/250 call spread 2026-05-08 (30 DTE)
Wide, defined-risk two-sided trade that uses elevated IV and nearby pin magnets (230/235/240) to collect premium. Uses OI support at the put side (220–225) and call walls above to compress range. Works well when GEX is pinning and implieds are rich.
Credit: $1.80-$2.40
Max loss: $3.20
BE: 221.20 / 247.40
Mgmt: Take profit: close at 50% of max credit; tighten or close the side being tested if short strike is touched or if underlying closes beyond the short strike by EOD; cut the entire IC if AMD closes below $216.67 or rallies above $252 (two-week upper EM).
#3
calendar (front-week call sell)
Sell 230 call 2026-04-17 (9 DTE) and buy 230 call 2026-05-08 (30 DTE) — calendar at 230
Front-week IV (52.1% @ 9d) is slightly cheaper than 30d but front-week decay is rapid. High term structure and pinning near 230 create favorable conditions for a calendar that sells front gamma and buys longer-dated vega; best used if you want directional-neutral premium capture with long vega protection.
Max loss: Debit paid
Mgmt: Target: close calendar for 30-50% gain on debit after front-week decay; if short-week fills heavy and underlying moves >2% against short side, close or roll the short to next weekly; consider converting to diagonal (roll long out) if IV collapses or if trade goes deeply ITM/OTM.
#4
covered call (income)
Sell 240 call 2026-05-08 (30 DTE) against long stock
For longs seeking income: 240 call has significant premium (Apr chain shows 240 call ~4.05 for short-dated; 30d will be richer). Collects elevated call premium while staying beyond nearby call magnets (230/235).
Credit: $3.25-$4.05
Max loss: Unlimited (stock exposure) / opportunity cost of upside
BE: $228.57
Mgmt: Take profit: buy back at 50-70% of premium; consider rolling up-and-out if assigned or if wanting to retain shares and collect more premium; close if price closes below $216.67 or if stock gap up toward $250+ (reassess).

Risk Alerts

!Max Pain trend is falling (current short-dated MP $215 → $210 over next weeks) — downside bias may accelerate; avoid large naked short puts.
!Gamma flip near $200 — below this level dealer behavior changes and moves can accelerate; keep defined-risk or close/hedge if spot approaches $200.
!Earnings 2026-05-05 (TBD) ~27 days out — avoid large naked directional premium positions through the print; move or close high-gamma exposure before earnings.
!Unusual activity concentrated at $230/$232.50/$227.50 puts and heavy call flow at $230/$220 — short strikes near these levels can see pin pressure and early assignment risk for deep ITM short puts.
!IV is very elevated (Avg IV 61.6%) — while favorable for sellers, sudden large directional moves or a volatility spike can inflate wing costs; defined-risk structures recommended.
How to Use These Reports
This theta reflects the market close on April 8, 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.

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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.