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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 Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Conservative
Primary: Short-dated put spreads / defined-risk iron condors (small size)
Invalidation: Either a VIX regime spike (VIX >30) indicating fast vol repricing OR a sustained IV collapse (>30% drop from current IV with skew flattening) — either condition invalidates premium-selling thesis
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

IV Environment

IV Regime
High
IV vs VIX
Avg IV ~68 vs VIX 19.5 — IV materially elevated to spot
Favorable?
Yes

Term structure: Very steep near-term put skew (24Apr–15May); front-week puts richest, longer-dated IV moderates

🟢Elevated front-week skew creates higher short-premium edge if managed
⚠️Gap/open downside tail risk present — prefer reduced size and uplimit hedges (OTM calls or shares) for front-week sells

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+80.1M)

Gamma flip: ~$200.00 — Approx — based on put OI concentration of 17,607 (29.7% below spot)

OI concentrations: Put OI concentrated ~29.7% below spot; max-pain cluster 255/250/245

Verdict: Pinning is probable given OI/GEX concentrations (estimated probability ~60–75%) but sensitive to large spot gaps, earnings, or dealer flows

Premium Opportunities

#1
Put credit spread
Sell 2026-05-22 $250.00/$245.00 put spread
Sell 2026-05-22 250/245 put spread to collect elevated IV while capping downside.
Credit: $1.15-$1.40
Max loss: $3.60
BE: $248.60
Mgmt: Enter within quoted range; tighten or close if VIX>30 or IV collapses >30%; roll or cut if spot breaches 250.59.
#2
Iron condor
Sell 2026-05-29 $275.00/$260.00 put wing and $300.00/$305.00 call wing
Sell 2026-05-29 275/260 put wing and 300/305 call wing to express neutral bias post-earnings.
Credit: $6.73-$8.22
Max loss: $6.78
BE: 266.78 / 308.22
Mgmt: Use reduced size, monitor OI concentrations; hedge or unwind on VIX spike >30 or rapid IV drop. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Max-pain cluster at 255/250/245 — elevated pin risk
!Front-week gap/downside tail risk — use reduced size or explicit hedges
!VIX >30 (regime spike) OR sustained IV collapse (>30% from current) invalidates premium-selling edge
How to Use These Reports
This theta 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.