Home Options SMCIReports

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 April 2, 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 April 2, 2026. A newer flow report is available for May 20, 2026.

View latest report

Flow Verdict

Confidence:

5.5 / 10

base 5; +1 sustained large bearish hedge flow; -0.5 conflicting near-term call dominance; +0.5 spot above MP with positive GEX

Watch next session: Spot defense at $22 (max pain); Follow-on activity in $24-$25 calls after large prints

Flow Summary

Net premium: -$19.0M bearish

P/C volume ratio: 0.61 — call-dominant

P/C OI ratio: 0.83 — moderate put lean

A sustained, significant bearish net premium flow (-$19M) driven by massive, concentrated OTM put buying conflicts with call-dominant volume. The dominant narrative is large-scale tail-risk hedging or bearish positioning, while near-term call flow attempts to pin price above max pain.

Notable Prints

SMCI 4/17/26 $13 Put

Vol: 9,626

OI: 325

Vol/OI: 29.6x

IV: 151.6%

Notional: ~$1.25M (Premium Flow Estimate)

Intent: Fresh, aggressive bearish positioning or hedge.

Dual read: Bought (bearish) or sold (unlikely given high IV and size).

Read-through: This is a new, large bearish signal. The $13 strike is 44% below spot, targeting a significant breakdown. The 29.6x volume/OI ratio and 151.6% IV confirm this is a new, high-conviction bet, not a roll.

SMCI 4/10/26 $25.50 Call

Vol: 18,085

OI: 667

Vol/OI: 27.1x

IV: 63.9%

Notional: ~$1.16M (Premium Flow Estimate)

Intent: Fresh directional call buying targeting a breakout.

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

Read-through: This is a significant new bullish bet just 9.8% above spot, expiring in 8 days. It works directly against the bearish put flow, suggesting a battle between near-term bulls targeting $25.50 and longer-term bears. The high vol/OI ratio indicates new positioning.

SMCI 1/15/27 $8 Put

Vol: 19,465

OI: 3,149

Vol/OI: 6.2x

IV: 109.5%

Notional: ~$1.66M (Premium Flow)

Intent: Long-dated, deep OTM protective put buying.

Dual read: Bought (long-term hedge/portfolio protection).

Read-through: This is a massive, long-dated bearish hedge. The $8 strike is 65% below spot, expiring in 288 days. Combined with the prior $70 Put, it shows institutions are layering in extreme downside protection across multiple expirations, a clear tail-risk hedging signal.

SMCI 4/10/26 $25 Call

Vol: 36,112

OI: 4,740

Vol/OI: 7.6x

IV: 63.7%

Notional: ~$1.87M (Premium Flow)

Intent: Directional call buying or call selling against existing positions.

Dual read: Bought (bullish) or sold (covered call/neutral).

Read-through: Enormous volume at a key near-term resistance level. This could be bullish breakout positioning or sellers writing calls against long stock. Given the net premium is positive at this strike (+$1.61M), the flow leans bullish, adding to the near-term pinning pressure above $22.

SMCI 5/15/26 $70 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 179.1%

Notional: ~$17.86M (Premium Flow)

Intent: Large-scale tail-risk hedge.

Dual read: Bought (bearish hedge) — confirmed by massive negative net premium.

Read-through: This print from the prior report remains the single largest driver of bearish net premium. Its persistence confirms it was a meaningful institutional hedge, not a one-off anomaly. It anchors the bearish flow thesis.

Institutional Positioning

Call additions: $24-$25.50 calls for April expirations, targeting a move above current spot.

Put additions: Deep OTM puts across multiple tenors: $13P (April), $8P (Jan '27), $70P (May).

GEX/DEX consistency: Mixed. Positive GEX (+$15.8M) suggests near-term pinning support, but massive DEX (58.4M shares equiv) and bearish put flow indicate underlying hedging pressure.

OI clusters: Major Put OI at $3 (57.5K) and $20 (47.9K combined). Major Call OI at $32 (53.9K) and $24-$25 range. Creates a wide range but with near-term focus between $22 (MP) and $25 (call resistance).

Hedging evidence: Overwhelming. The $70P, $8P, and new $13P prints are textbook large-scale, low-delta hedges. This is a clear institutional tail-risk protection overlay.

Max pain context: Spot ($23.22) is above nearest max pain ($22). Positive GEX and near-term call flow support a pin in the $22-$24 range, but bearish hedges suggest fear of a breakdown.

Signal vs Noise

~The $5.00 Put shows high volume (11,419) but its net premium is massively positive (+$4.9M), indicating it was likely sold (not bought). This is yield generation/covered put writing, not a bearish signal.

~High IV in deep OTM puts (e.g., $9P at 224% IV, $70P at 179%) often reflects volatility selling or complex strategies, not pure directional bets, though the premium flow confirms buying in the $70P and $8P.

~Some of the high volume in near-term calls (e.g., $24C, $25C) could be selling (covered calls) against large underlying positions, which is neutral/bearish for volatility, not outright bullish.

Key Conclusions

⚠️Flow conflict intensifies: massive, multi-tenor bearish hedging vs. concentrated near-term call buying.

🛡️Institutions are systematically adding deep OTM put protection ($70P, $8P, $13P), signaling elevated tail-risk concerns.

📌Spot above max pain ($22) with positive GEX supports a near-term pinning range between $22 and the $24-$25 call wall.

🎯Key near-term battle: Bulls target $25-$25.50 (call flow), while bears hedge for a breakdown below $22 (max pain).

How to Use These Reports

This flow reflects the market close on April 2, 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.