thetaOwl

SMCI

Super Micro Computer, Inc.Close $33.46EOD only
Max Pain
$31.50
Next expiry May 22, 2026
Expected Move
±$1.13
3.4% from close
Price Gap
-1.96
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.80
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 2026 close
End-of-day snapshot

This page reflects SMCI options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 21, 2026 close
SMCI Earnings Report
Analysis based on market close April 7, 2026

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

You are viewing an older report from April 7, 2026. A newer earnings report is available for May 21, 2026.

View latest report

Earnings Verdict

SMCI is in a High-vol, Pinning regime with strong dealer long-gamma (GEX +$51.2M) concentrated between $23.50–$25.00 and max pain clustered at $22/$23. The best high-probability trade is to sell premium inside the 2–7 day EM (e.g., short verticals/condors) while sizing for gap risk; a directional long vol (straddle/strangle) only makes sense if you expect a move materially larger than the 2d EM ±$1.47. Key risk: an earnings-driven gap outside the EM bounds will blow through dealer pins and inflict rapid losses on sellers because IV is elevated (ATM short-term IV ~89.7%).

Confidence:
4.5 / 10
base 4.5 (pre-computed): base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.0% from MP
Most important: Watch IV term structure and the $23.50–$24.00 GEX concentration / call OI wall — dealers are trying to pin into that range.
📌Max pain concentrated at $22/$23 across near expirations while GEX lumps at $23.50–$25.00 — expect pinning pressure in the $22–$24 band.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$20.00Gamma flip ~20. Dealers amplify moves below $20; large put OI concentrated ~11.8% below spot

Earnings Overview

Next earnings: 2026-05-05 (28 days)explicit

Expected moves:

  • 2026-04-10 (3d): : :

IV Setup

Term structure: Short-term IV is highly elevated with a near-term peak: 2026-04-10 ATM 89.7% then 80.0% at 2026-04-17 and mid-80s thereafter — front-week kink consistent with dealer pinning and event sensitivity.

Crush estimate: ~8–12 vol pts (short-term ATM 89.7% vs later near-term ~80.0–84.0%)

Skew: Puts are slightly cheaper in aggregate by OI, but calls show concentrated demand between $23.50–$25.50 (call OI walls) — skew favors call-side pinning ahead of event.

Historical Context

Beat rate: 50% (2/4 quarters)

Avg move vs expected: Not explicitly provided; recent EPS surprises mixed (+0.41, -0.10, -0.07, +0.04).

Directional bias: Mixed (two small beats, two misses across last four quarters); no durable directional edge.

Key Levels

1$20.00 gamma flip
2$23.50 call OI wall / GEX concentration
3EM (2d): $21.20 - $24.14

Flow Highlights

Heavy call-side premium at $23.00 (Top Premium Flow shows $23.00: Call $1,087,884 / Put $238,517 / Net $849,368).

Buy-side interest at $23 indicates positioning toward pinning or upside protection; aligns with GEX pin at $23.50 and max pain close to $22–$23.

Net premium flow is strongly put-heavy at very high strikes (example: $70.00 Put net $-18,043,244) and concentrated unusual puts at deep strikes.

Large institutional hedges or tail risk trades are present but are far from spot and less relevant to the near-term pin.

Strategies

Short call vertical (pin-play)
Sell 23.50 Call / Buy 25.50 Call exp 2026-04-17
Credit: $0.20-$0.35
Max loss: $2.30
Max gain: $0.35
BE: 23.85 (sell-side breakeven)
Trigger: Enter 1–3 days before earnings roll if net premium remains elevated and IV not spiking further
Large GEX at $23.50 (+$18.2M) and call OI walls at $23.50/$24.00 make a capped upside trade attractive; premium is high (avg IV 88.4%), so selling defined-risk call spread captures skew premium while respecting dealer pinning.
Outperforms: Stock pins between $22.00–$24.00 (inside the 2d EM and GEX pins); limited upside beyond sold strike
Underperforms: Gap up >~10% or sustained run above $25.50 into/after prints
Short iron-condor (front-week)
Sell 23 Call / Buy 25 Call and Sell 22 Put / Buy 20 Put exp 2026-04-17
Credit: $0.60-$1.10
Max loss: $3.40
Max gain: $1.10
BE: Upper: spot + credit; Lower: spot - credit (approx $23.00±credit depending on fill)
Trigger: Enter 2–4 days before event if delta neutral and IV stays elevated
Collects premium around strong pinning bands: sells into call OI walls and buys protective wings under the gamma flip; works well with GEX +$51.2M constraining moves near $23–$24.
Outperforms: Stock remains inside the 10d EM $20.25–$25.10 (high-probability range)
Underperforms: Post-earnings gap >~10% or directional volatility exceeds EM causing both wings to be breached
Buy straddle (vol play)
Buy 23 Straddle exp 2026-04-17 (Buy 23 Call + Buy 23 Put)
Debit: $2.40-$2.60
Max loss: $2.60
Max gain: Unlimited
BE: Downside ~20.4 / Upside ~25.6 (approx, using 23 straddle cost range)
Trigger: Enter 1 day prior if you expect a >~30% beat/miss or if IV collapses below mid-80s before entry (rare)
High short-term IV (~89.7%) makes this expensive; use only if you anticipate a shock outside dealer pin bands.
Outperforms: A big surprise or guidance swing drives a move materially exceeding the EM (>> ±6.5% 2d)
Underperforms: Stock pins near $23 and IV crushes post-announcement — sellers collect premium from dealer pinning
Long put diagonal (bearish tilt, reduced cost)
Buy 21 Put exp 2026-05-01 / Sell 22 Put exp 2026-04-17
Debit: $0.15-$0.40
Max loss: $0.40
Max gain: $99999.00
BE: Depends on net debit; downside breakeven roughly strike - debit
Trigger: Enter if you want directional exposure with cheaper net cost and view that post-earnings reaction will be negative
Uses front-week premium sale to fund longer-dated directional put exposure; fits mixed flow and cheaper cost than outright puts given elevated IV.
Outperforms: A downside gap or follow-through below $21 (below the 2d EM lower bound $21.20)
Underperforms: Stock pins at/above $23 or rallies through call walls

Risk Assessment

!Gap risk: EM 2d ±$1.47 (6.5%) but earnings/guidance can easily exceed that — sellers can be caught if gap >10%.
!IV crush: Short-term ATM ~89.7% implies large premium; expect IV to drop 8–12 vol pts if event is non-surprising, hurting long-vol but benefiting sellers (but gap risk remains).
!Liquidity: Options chain is active (Total OI 2,096,266; daily vol 125,025) and near-spot strikes are liquid (notably 23.50/24.00/25.00 OI), so fills are attainable but watch wide bid-ask on some strikes.
!Sizing: Because GEX is concentrated and pinning can exacerbate fast moves, keep position sizes limited relative to account and have pre-defined stop/risk parameters (particularly for short-premium trades).
!Dealer concentration: GEX +$51.2M concentrated at $23.50–$25.00 increases the likelihood of intra-day pinning; if price approaches those levels, delta/gamma flows can create sharp intraday mean reversion or rapid reversals.

What to Watch

?IV trajectory into expiry (front-week ATM 89.7% vs 10d 80.0%) — rising IV argues for long vol, falling IV favors selling
?Unusual call buying at $23.00 and heavy call OI at $23.50/$24.00 (could reinforce pinning or signal upside demand)
?Max pain movement (current pins $22 on 4/10 and $23 on 4/17) relative to spot and intraday attempt to test $23.50 GEX level
?Large out-of-range put flows (unusual activity at deep strikes) that could indicate tail-hedging events
How to Use These Reports
This earnings reflects the market close on April 7, 2026.
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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.

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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.