SMCI Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.2% from MP

Watch next session: $24.00C OI buildup (21,872 OI); Put flow at $20.00 (30,492 OI)

Flow Summary

Net premium: -$26.6M bearish

P/C volume ratio: 0.83 — moderate put lean

P/C OI ratio: 0.79 — moderate call lean

Mixed signals with bearish net premium flow but call-dominant open interest. The market is pinned near max pain with positive gamma creating a tug-of-war between flow and positioning.

Notable Prints

SMCI 2027-03-19 $10.00 Put

Vol: 10,021

OI: 175

Vol/OI: 57.3x

IV: 103.6%

Notional: ~$1.55M

Intent: Long-term protective hedge or speculative downside bet

Dual read: Bought (bearish) or sold/overwritten (neutral)

Read-through: Significant notional for a deep OTM put suggests institutional hedging against extreme downside

SMCI 2026-04-10 $22.50 Put

Vol: 2,963

OI: 489

Vol/OI: 6.1x

IV: 77.1%

Notional: ~$2.87M

Intent: Near-term directional put buying or hedge

Dual read: Bought (bearish) or sold/overwritten (neutral)

Read-through: ITM put with high volume suggests bearish positioning as spot trades at $22.05

SMCI 2026-04-17 $19.00 Put

Vol: 10,166

OI: 2,827

Vol/OI: 3.6x

IV: 90.4%

Notional: ~$2.95M

Intent: Protective put buying or speculative downside bet

Dual read: Bought (bearish) or sold/overwritten (neutral)

Read-through: High volume OTM put adds to bearish flow narrative

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 259.7%

Notional: ~$138.6M

Intent: Extreme hedge or structured trade leg

Dual read: Likely part of a complex spread given extreme IV and deep ITM nature

Read-through: Massive notional but likely noise due to extreme moneyness and IV

SMCI 2026-04-24 $24.00 Call

Vol: 2,729

OI: 998

Vol/OI: 2.7x

IV: 81.1%

Notional: ~$2.05M

Intent: Directional call buying targeting upside breakout

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Contrasts with put flow, showing bullish interest at key resistance

Institutional Positioning

Call additions: $23.50-$25.00 calls in near-term expirations (32,640-36,649 OI clusters)

Put additions: Protective $20.00 puts (30,492 OI) and long-term $10.00 puts (10,021 volume)

GEX/DEX consistency: No — positive GEX (+$31.1M) contradicts bearish net premium flow (-$26.6M)

OI clusters: $25.00 call wall (36,649 OI), $23.50 call cluster (32,640 OI), $20.00 put floor (30,492 OI)

Hedging evidence: Yes — deep OTM puts ($10.00, $18.00) with high volume suggest institutional downside protection

Max pain context: Spot at $22.05 pinned between max pain $22.00 (4/10) and $24.00 (4/17), creating compression

Signal vs Noise

~$70.00 put (5/15) likely structured trade leg given extreme IV (259.7%) and deep ITM nature

~$1.00 call net premium (+$1.46M) is noise due to extreme OTM strike

~$880.00 put net premium (-$639,860) is noise due to unrealistic strike far from spot

Key Conclusions

⚖️Mixed flow with bearish premium but call-dominant OI and positive GEX pinning

📌Spot pinned near max pain $22.00 with gamma support at $20.00

🛡️Institutional hedging evident via deep OTM puts ($10.00, $18.00)

Read the Flow analysis for SMCI for 2026-04-06. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.