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SMCI

Super Micro Computer, Inc.Close $33.46EOD only

Max Pain

$30.50

Next expiry May 22, 2026

Expected Move

±$1.92

5.7% from close

Price Gap

-2.96

Distance to max pain

IV Rank

Low premium

P/C OI

0.82

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

SMCI Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +1.5 net premium bearish; +1 large put flow; -1 P/C ratio call-dominant

Watch next session: $20 PUT OI (31K) for defense; Spot vs $22.50 CALL OI wall (37K)

Flow Summary

Net premium: -$18.7M bearish

P/C volume ratio: 0.73 — call-dominant volume

P/C OI ratio: 0.76 — moderate put lean in positioning

A significant bearish net premium flow (-$18.7M) conflicts with a call-dominant P/C volume ratio, creating a mixed signal. The dominant narrative is large, concentrated bearish bets in deep OTM puts, while near-term call flow attempts to pin price near max pain.

Notable Prints

SMCI 5/15/26 $70 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 185.5%

Notional: ~$18.2M (Premium Flow)

Intent: Large, fresh bearish positioning or tail-risk hedge.

Dual read: Bought (bearish hedge) or sold (yield generation, but unlikely given size/IV).

Read-through: This single print is the primary driver of the bearish net premium. It's a massive, low-delta bet for a catastrophic drop, indicating significant fear or portfolio protection.

SMCI 4/24/26 $25 Call

Vol: 4,155

OI: 1,159

Vol/OI: 3.6x

IV: 74.9%

Notional: ~$1.1M (Premium Flow)

Intent: Directional call buying targeting a move above the $24 OI wall.

Dual read: Bought (bullish) or sold as part of a spread (e.g., call credit).

Read-through: Bullish flow targeting a key resistance level ($24/$25). This works against the bearish put flow, suggesting a battle between near-term bullish pinning and longer-term bearish hedging.

SMCI 5/15/26 $19 Put

Vol: 679

OI: 443

Vol/OI: 1.5x

IV: 92.5%

Notional: ~$683K (Estimated from $20 Put Net Prem)

Intent: Nearer-to-spot protective put buying.

Dual read: Bought (bearish/downside protection).

Read-through: Adds to the bearish flow closer to the money, defending the $19-$20 zone. This is a more tactical bearish bet than the $70P.

SMCI 1/15/27 $1 Call

Vol: 402

OI: 169

Vol/OI: 2.4x

IV: 246.1%

Notional: ~$959K (Premium Flow)

Intent: Lottery ticket long-dated call buying or a spread leg.

Dual read: Bought (ultra-long-term bullish) or sold (unlikely given low premium).

Read-through: Noise in the context of today's flow. Extremely low delta, likely a negligible-cost speculative bet on a massive long-term rally.

Institutional Positioning

Call additions: $25 Calls (4/24) and general premium in $22-$25 zone.

Put additions: Massive $70 Puts (5/15) and defensive $19-$20 Puts.

GEX/DEX consistency: Mixed. Positive GEX (+$108.8M) suggests pinning support, but large put flow is bearish.

OI clusters: Major Put OI at $3 (54.5K), Call OI at $32 (54K) and $24 (50.8K). Creates a wide range but with a near-term magnet between $22 (MP) and $24 (call wall).

Hedging evidence: Clear. The $70 Put print is a textbook large-scale, low-delta hedge. The $19 Put flow is nearer-term protection.

Max pain context: Spot ($22.77) is just above nearest max pain ($22). Positive GEX and near-term call flow support a pin in the $22-$24 range.

Signal vs Noise

~The $1 Call (1/15/27) is a lottery ticket, not a meaningful directional signal for near-term price action.

~High volume in deep OTM puts (e.g., $9 Put) often has minimal delta impact and can be part of complex multi-leg strategies or volatility plays.

~Some of the call flow at $22-$25 may be selling (e.g., covered calls) against large underlying positions, not outright bullish bets.

Key Conclusions

⚠️Flow is schizophrenic: massive bearish premium vs. call-dominant volume.

🛡️Institutions are buying large, far OTM puts ($70P) as tail-risk protection.

📌Near-term GEX is positive and spot is near max pain ($22), favoring a pinning range.

🎯Watch the battle between the $24 call wall (50.8K OI) and the $20 put support (31K OI).

How to Use These Reports

This flow reflects the market close on March 31, 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.