thetaOwl
HomeOptionsAMDReports

AMD

Advanced Micro Devices, Inc.Close $449.59EOD only
Max Pain
$420.00
Next expiry May 22, 2026
Expected Move
±$12.50
2.8% from close
Price Gap
-29.59
Distance to max pain
IV Rank
56
Middle-high premium
P/C OI
1.08
Balanced positioning
Consensus
7.0/10
Bullish tilt
Published snapshot: May 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
May 21, 2026 close
AMD Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short Put Spread
Invalidation: Spot breaks below $420 support
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.0% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV significantly above VIX (83% vs 17%)
Favorable?
Yes

Term structure: Steep near-term contango, decays after 2 weeks

📊Dealer net premium +$335M bullish skew
📍Max pain $420, spot $450 above

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+77.9M)

OI concentrations: Max pain clusters at $420 (nearest expiry), $400. Call wall $600, put floor $255.

Verdict: Moderate pin risk due to spot above max pain, but strong put support at $420

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $420.00/$415.00 put spread
Sell $420/$415 put spread to capture premium with limited downside risk.
Credit: $1.55-$1.90
Max loss: $3.10
BE: $418.10
Mgmt: Exit if spot drops below $420; profit target 50% of max gain or hold to expiry.
#2
Iron condor
Sell 2026-06-18 $420.00/$410.00 put wing and $450.00/$460.00 call wing
Sell $420/$410 put and $450/$460 call wings to profit from range-bound move.
Credit: $7.27-$8.88
Max loss: $1.12
BE: 411.12 / 458.88
Mgmt: Adjust if spot approaches either wing; close at 50% max gain or before earnings.
#3
Call calendar
Sell 2026-06-18 $450.00 call / buy 2026-07-17 $450.00 call
Sell near-term $450 call and buy back-month $450 call to capture time decay.
Debit: $12.51-$15.29
Max loss: $15.29
BE: Path-dependent
Mgmt: Close if spot moves outside $430-$470; take profits if near-term IV expands.

Risk Alerts

!Spot 7% above max pain increases downward pull risk
!High put OI ratio (1.08) may amplify downside gamma
How to Use These Reports
This theta reflects the market close on May 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.