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AMD

Advanced Micro Devices, Inc.Close $510.13EOD only

Max Pain

$485.00

Next expiry Jun 5, 2026

Expected Move

±$34.35

6.7% from close

Price Gap

-25.13

Distance to max pain

IV Rank

High premium

P/C OI

1.10

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

AMD Theta 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 theta report is available for May 26, 2026.

View latest report

Theta 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

IV Environment

IV Regime

High

IV vs VIX

ATM IV ~50.9% (16d) vs VIX 18.17 — option IV is materially richer than market volatility (Avg IV 63.3%), so premium is abundant.

Favorable?

Yes

Term structure: Front-week IV (2d ATM 46.6%) → 16d ATM 50.9% → 30d ATM 56.3%: term structure is elevated with a modest front-week dip and higher next-month vols (kink around earnings window).

💰ATM IV (~50–57% across 9–37d) is well above VIX 18.17 — favorable for selling premium.

⚠️Earnings in 20d (2026-05-05) inflate May expirations (May 1 and May 8 show larger expected moves); avoid naked premium through earnings.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+91.4M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 28,229 (22.5% below spot)

OI concentrations: Large put OI cluster at $200 (28,229 OI) and call/flow concentration at $260/$255/$250 (GEX +$14.6M @260, +$6.3M @255, +$7.8M @250). Max pain is $225 (near-term expirations).

Verdict: Favorable — positive total GEX (+$91.4M) and concentrated call-side GEX near 260/255 creates a pinning magnet around 250–260 that supports short-put/defined-risk put selling while pressuring large one-way tails. However, max pain at $225 is far (14.7% below spot) so structural downside remains — manage risk.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $230.00/$210.00 put spread

Sell put credit spreads around the 250–255 GEX magnet with 25–55 DTE to collect rich premium while capping downside with a long put 10 points below the short. Focus on strikes inside the available strike list and size conservatively.

Credit: $3.07-$3.75

Max loss: $16.25

BE: $226.25

Mgmt: Take 50–65% profit on credit; cut/roll if price closes below $235.54 or if short put delta >0.40; avoid holding through 2026-05-05 earnings unless hedged.

Iron condor

Sell 2026-04-24 $242.50/$222.50 put wing and $275.00/$295.00 call wing

Sell an iron condor in the 2–9d expirations with short strikes outside the expected move and defined wings for protection; keep position small vs undefined strangles.

Credit: $3.96-$4.84

Max loss: $15.16

BE: 237.66 / 279.84

Mgmt: Close at 50–70% profit; widen or roll wings if volatility compresses or when price approaches a short strike; exit before earnings window (~May 5).

Risk Alerts

!Earnings on 2026-05-05 (20d) — do NOT sell naked premium through earnings; prefer defined-risk if holding into earnings.

!Front-week expirations (2026-04-17 & 2026-04-24) show heavy activity around 255–260 (unusual activity on 257.50 strikes) — front-week pinning can create rapid intraday pin moves.

!Gamma flip ~ $200 and large put OI at $200 (28,229 OI) — structural downside exists well below spot; avoid oversized naked short puts.

!Close below support $235.54 would invalidate bullish/neutral premium thesis and can accelerate selling despite positive GEX.

!Positive total GEX (+$91.4M) favors pinning but can also amplify intraday stops into a directional move if dealers rebalance aggressively — watch position sizing.

How to Use These Reports

This theta 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.