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AMD

Advanced Micro Devices, Inc.Close $284.49EOD only
Max Pain
$255.00
Next expiry Apr 24, 2026
Expected Move
±$13.88
4.9% from close
Price Gap
-29.49
Distance to max pain
IV Rank
41
Middle-high premium
P/C OI
1.05
Balanced positioning
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 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
Apr 21, 2026 close
AMD Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Sell short-dated (2–9d) put spreads or iron-condors, collect premium on front-week skew while keeping defined-risk wings; avoid naked short deltas
Invalidation: Spot sustained below $245 or rapid IV collapse (ATM IV <50) which removes skew/pinning thesis
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 16.7% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Underlying IV (avg ~72.5) materially > VIX; extreme short-dated put skew (2d put IV 120.9)
Favorable?
Yes

Term structure: Front-week and 1w elevated put IV and steep skew, mid-term vols elevated then moderate; structure favors collecting premium on short-dated strikes

📌Max-pain concentration at $260 across several near-dated expiries supports pinning into 2–9d buckets
📈Dealer GEX positive (~+$90.7M) and net premium large — flow biased bullish, aiding premium decay
⚠️Short-option sellers face early-exercise/assignment risk, margin needs and heightened gamma on pin — prefer defined-risk structures

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+90.7M)

OI concentrations: Largest open-interest concentration sits at $260 across multiple near expiries; no comparable single put OI wall deeper >30% below spot

Verdict: Moderate-high pin risk into near expiries centered on $260; estimated 40–60% chance of pinning pressure into 2–9 day expiries, falling materially beyond ~30% downside

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $285.00/$280.00 put wing and $325.00/$330.00 call wing
Sell 285/280 put and 325/330 call wings to harvest premium with finite risk.
Credit: $2.88-$3.52
Max loss: $1.48
BE: 281.48 / 328.52
Mgmt: Close or adjust if spot <285 or IV collapses; tighten wings on >5% move.
#2
Call credit spread
Sell 2026-05-15 $325.00/$330.00 call spread
Sell 325/330 call spread to pocket premium with small defined loss.
Credit: $1.35-$1.65
Max loss: $3.35
BE: $326.65
Mgmt: Buy back or roll if spot >322.5 or IV spikes.
#3
Cash-secured put
Sell 2026-05-15 $285.00 cash-secured put
Sell 285 cash-secured put to monetize elevated put IV.
Credit: $10.89-$13.31
Max loss: $271.69
BE: $271.69
Mgmt: Manage if spot <284.4 or rapid IV collapse.

Risk Alerts

!Sharp move >5% intraday can overwhelm dealer GEX and flip exposures
!Early-exercise/assignment and margin requirements for short options rise near pin — use defined-risk or collateralized trades
!Rapid IV spike or collapse invalidates premium-selling edge and increases gamma losses
How to Use These Reports
This theta reflects the market close on April 22, 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.