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AMD

Advanced Micro Devices, Inc.Close $303.46EOD only

Max Pain

$260.00

Next expiry Apr 24, 2026

Expected Move

±$12.90

4.3% from close

Price Gap

-43.46

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.06

Balanced positioning

Consensus

7.0/10

Consensus signal

Published snapshot: Apr 22, 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 22, 2026 close

AMD Theta Report

Analysis based on market close April 23, 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; +1 GEX positive (pinning); -1 spot 12.0% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Very elevated front‑end IV vs VIX; 1d put IV extreme (tail risk) — not a simple sell setup.

Favorable?

Term structure: Very steep front‑end skew flattening into mid‑dated expiries; near‑term IV ~72% average with extreme 1d spikes.

⚠️Extreme 1d put IV (124%) creates asymmetric tail/assignment risk — prefer defined‑risk spreads or avoid outright short puts

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+88.1M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 13,179 (1.7% below spot)

OI concentrations: OI clustered at $272/$265/$255 with gamma flip near $300; significant put concentration a few percent below spot.

Verdict: Moderate–high pin & assignment risk: concentrations can anchor price and increase short‑put assignment probability; expect pin migration on roll.

Premium Opportunities

Put diagonal

Sell 2026-05-29 $255.00 put / buy 2026-06-18 $300.00 put

Sell near‑OTM May‑29 $255 put, buy Jun‑18 $300 put to collect premium, limit downside to defined diagonal skew exposure.

Debit: $17.46-$21.34

Max loss: $21.34

BE: Path-dependent

Mgmt: Close or roll if spot <300, IV spikes >+30% day, or assignment threat rises; size ≤2% notional.

Call diagonal

Sell 2026-05-29 $360.00 call / buy 2026-06-18 $300.00 call

Sell May‑29 $360 call, buy Jun‑18 $300 call to pocket decay with capped risk on the long call.

Debit: $22.46-$27.45

Max loss: $27.45

BE: Path-dependent

Mgmt: Trim/roll if spot approaches 360, monitor IV and delta; invalidate on spot<300 or large IV jump.

PMCC / LEAPS diagonal

Buy 2026-10-16 $300.00 call + sell 2026-05-29 $370.00 call

Buy Oct‑16 2026 $300 call, sell May‑29 $370 call to reduce cost of long LEAP and extend upside past earnings.

Debit: $43.78-$53.51

Max loss: $53.51

BE: Path-dependent

Mgmt: Avoid if front‑end IV extreme; close/roll short leg into earnings or on strong assignment risk.

Risk Alerts

!Assignment risk on short puts (use defined‑risk spreads)

!Margin and liquidation risk on naked positions

!Gapping risk on overnight moves causing large P&L swings

!Rapid front‑end IV spike (+30% day) increasing hedging cost

!IV collapse post‑event eroding premium capture

!Pin migration/roll toward lower strikes

!Spot breach and close < $300 triggering regime change

How to Use These Reports

This theta reflects the market close on April 23, 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.