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AMD

Advanced Micro Devices, Inc.Close $255.07EOD only

Max Pain

$220.00

Next expiry Apr 17, 2026

Expected Move

±$10.20

4.0% from close

Price Gap

-35.07

Distance to max pain

IV Rank

High premium

P/C OI

1.09

Balanced positioning

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

AMD Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (GEX +$93.0M; DEX +81.2M); +1 pinning regime; -1 spot 15.9% from MP (pre-computed); +0.5 VIX 18.36 (calm tail)

IV Environment

IV Regime

High

IV vs VIX

Avg IV 62.4% vs VIX 18.36 — equity-specific vol is very elevated relative to index vol (rich for options on AMD)

Favorable?

Yes

Term structure: Front-months are elevated but slope is modest: 3d ATM 48.6% -> 31d ATM 55.3% -> 45d ATM ~53.4% (humped but generally rich in front/near term)

💰Avg IV 62.4% is rich versus VIX 18.36 — favorable for selling premium

📈Dealer GEX +$93.0M and DEX +81.2M shares create pinning dynamics around key strikes (250/255/260)

Pin Risk Assessment

Spot vs MP: Above by 15.9% (spot $255.07 vs max pain cluster around $220 pre-computed; near-term mp pins: $220/$225 for April expirations)

GEX regime: Pinning (GEX +$93.0M) — concentrated positive gamma near-the-money acts as a magnet

Gamma flip: ~$200.00 — Gamma flip ~ $200; below that dealers switch sign and can amplify moves — well below spot so not an immediate threat to near-term credit spreads

OI concentrations: Large put OI at $200 (27,969) and heavy call OI at $250 (18,243), $260 (11,831) and $255 (6,538) — strong magnetic call-wall around $250-$260

Verdict: Favorable for defined-risk credit (call spreads) and covered-call sellers who want to harvest theta; pinning reduces short-strike breach probability near 250–260 but requires position management if price tests those strikes

Premium Opportunities

call spread

Sell 260/270 call spread exp 2026-05-29 (45 DTE)

Heavy call flow and GEX pinning at 250/260 (net premium flow concentrated on $260 and $250) with elevated IV (Avg IV 62.4%) — defined-risk call spreads capture rich premium while respecting bullish flow.

Credit: $1.10-$1.60

Max loss: $8.90

BE: 261.10

Mgmt: Take profit at 50–65% of max credit; roll higher by one strike and +30–45 DTE if AMD closes >260 on 3-consecutive sessions; cut losses and close if AMD >270 (short strike) on 2nd daily close, or if IV collapses >20% vs entry.

put spread (bull put)

Sell 245/240 put spread exp 2026-05-15 (31 DTE)

Spot $255.07 is above near-term EM lower bounds and dealer pinning is bullish; selling a tight bull-put spread beneath current price benefits from positive flow and elevated IV (front-month ATM ~51–55%).

Credit: $0.90-$1.60

Max loss: $3.10

BE: 244.10

Mgmt: Take profit at 60–70% of realized credit; roll down 3–5 strikes and out 30–45 DTE if price closes below 244.87 (2d EM lower guardrail); close immediately if price drops below $237.55 (1-week EM lower).

covered call

Buy 100 shares AMD and sell 1x 255 call exp 2026-05-15 (31 DTE)

Covered call harvest: 255 strike is ATM/nearly ATM with mid-term IV elevated; bullish flow and pinning make assignment less likely until strong move, and the credit materially lowers effective basis.

Credit: $5.50-$7.00

Max loss: Shares-dependent (unlimited) — hedged by ownership; effective cost basis reduced by credit

BE: Net cost basis = 255.07 - credit

Mgmt: Close short call at 50–75% profit or if AMD rallies and tests 260 on any close; if assigned and you want to stay long, buy to close and re-sell a higher call or roll out 30–45 DTE.

iron condor (defined-risk wings)

Sell 247.5/255 call spread + sell 235/227.5 put spread exp 2026-05-29 (45 DTE)

Wide defined-risk wings take advantage of rich IV and pinning near 250–255; structure balances bullish flow with protected downside (put wing well above structural put floor $140-$200).

Credit: $1.00-$1.75

Max loss: $6.25

BE: Upper 258.25 / Lower 233.75

Mgmt: Take profit at 40–60% of max credit; tighten or close if AMD closes outside either short strike for 2 consecutive sessions; roll the tested side out 1–2 strikes and +30 DTE only if skew/IV remain supportive.

calendar (long-dated call sell short front)

Long 2026-08-21 (129d) 260 call, short 2026-04-24 (10d) 260 call (front-week decay capture)

Term structure shows carry in near-term IV with front-month still rich; use calendar to monetize high short-term theta while keeping long protection given bullish flow. Use only if you can manage early assignment and margin.

Debit: $0.30-$0.80

Max loss: $5.00

BE: Complex — depends on forward term structure; target break-even band ~260 +/- expected move

Mgmt: Close short leg into 50–70% of its max value decay (or before earnings); if short leg is threatened (price tests 260 within 3 days), close or roll short leg out 1 week and collect further premium; monitor IV skew.

Risk Alerts

!Earnings on 2026-05-05 (TBD) — do not hold unhedged naked options through earnings; close or roll positions with expirations that cross the date.

!Gamma flip ~ $200 — large structural change below that level could accelerate move; while far from spot, it's the dealer regime boundary.

!Short-strike concentration at $250/$255/$260 (GEX magnets) — these strikes can pin the stock but also concentrate liquidation/assignment risk if price rapidly gaps through them.

!IV front-month is elevated (3d ATM 48.6%) — can compress quickly if no catalyst (IV crush risk); defined-risk spreads preferred over naked short options.

!Unusual activity: near-term puts at $252.50 (exp 4/17 OI=318, Vol 2,766) and heavy 4/17 put flow at $250 and $245 — pay attention to block flows; could signal institutional hedges or directional bias into near expirations.

Read the Theta analysis for AMD for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.