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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

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 Flow Report

Analysis based on market close April 6, 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 6, 2026. A newer flow report is available for May 21, 2026.

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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)

How to Use These Reports

This flow reflects the market close on April 6, 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.