SMCI Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

4.5 / 10

base 4.5; -0.5 net premium negative (-$24.6M); +1 GEX positive/pinning (+$51.2M); -0.5 P/C vol 1.11 (put-heavy); -0.0 spot vs MP above

Watch next session: New premium or volume at $23.50-$24.00 calls (dealer pin magnets); Further long-dated put prints (e.g., June $17 or May $20) or continued buying at $70 put line

Flow Summary

Net premium: -$24.6M bearish

P/C volume ratio: 1.11 — modest put-dominant today

P/C OI ratio: 0.80 — OI shows a moderate call lean vs today's put-heavy flow

Today's flow is mixed but leans bearish: traders bought/printed a lot of put premium (net premium -$24.6M and P/C vol 1.11) while open interest remains concentrated in calls at $23.50-$25.00. Dealers are long gamma (GEX +$51.2M), creating a pinning regime toward the $23.50-$24.00 area even as institutional buyers add downside protection via long-dated puts.

Notable Prints

SMCI260618P00017000 2026-06-18 $17.00 Put

Vol: 6,632

OI: 998

Vol/OI: 6.6x

IV: 94.8%

Notional: ~$795,840

Intent: Directional downside / portfolio protection (long put accumulation)

Dual read: Bought puts (bearish/hedge) or sold complex spreads (part of a multi-leg structure); volume/OI ratio suggests fresh buy interest

Read-through: Material long-dated downside protection ~25% below spot; institutions/speculators are insuring against larger drawdowns into summer — supports bearish skew despite dealer pinning around $23.5-$24.

SMCI260515P00070000 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 186.1%

Notional: ~$13.9M

Intent: Large protective position or structured trade (deep ITM long put exposure for large notional protection)

Dual read: Likely purchase of deep ITM puts (insurance) or part of a corporate/asset-backed program; could also represent transfer/closing of one-off block

Read-through: Very large notional for a single strike — indicates sizable institutional hedging or a redeployment of protection. Not a simple directional speculative bet given strike is far above spot for a put; treat as balance-sheet/portfolio protection signal.

SMCI260424P00009000 2026-04-24 $9.00 Put

Vol: 536

OI: 210

Vol/OI: 2.6x

IV: 217.2%

Notional: ~$5,360

Intent: Speculative tail hedge / cheap crash protection

Dual read: Bought cheap deep-OTM puts (low-cost tail protection) or opening leg of a multi-leg; size small in absolute dollars

Read-through: Noise-scale protection — consistent with investors buying catastrophe protection but not large enough to move positioning materially.

Institutional Positioning

Call additions: OI concentrates at $23.50 (33,767), $24.00 (24,861), $25.00 (40,373) — evidence of call stacking in $23.50–$25.00 band (short-term call walls/resistance).

Put additions: Notable put buying in flow: long-dated $17 (6/18) and significant put premium shown in Top Premium Flow (e.g., $70 put net premium large). Near-term put OI clusters at $20.00 (18,678) and $19.00 (12,574) indicate protective floors.

GEX/DEX consistency: Yes — positive Total GEX +$51.2M aligns with pinning gamma concentrated at $23.50 and $24.00, which is consistent with heavy call OI there even while flow sold/added puts.

OI clusters: Call walls: $23.50 (33,767 OI), $25.00 (40,373 OI), $24.00 (24,861 OI). Put concentration: $20.00 (30,490 / 18,678 split across expirations), $19.00 (12,574), $18.00 (10,197). These clusters create a near-term magnet in the $23–$25 corridor and a put floor around $18–$20.

Hedging evidence: Clear evidence of hedging: large-volume long-dated puts (June $17 and May deep ITM $70 puts) point to institutional downside protection; near-term put OI at $20 and $19 also function as protective collars/floors for holders.

Max pain context: Max pain pins are $22 (4/10) → $23 (4/17) → $22 (4/24) with an overall rising MP trend toward $25 over longer expirations; combined with positive GEX this supports pinning near $23–$24 despite put-buying.

Signal vs Noise

~Top Premium Flow entries at extreme strikes (e.g., $70 put net -$18,043,244 and $880 put) are likely portfolio-level hedges or block trades, not simple directional bets vs near-term price moves.

~High IV and many long-dated put prints suggest protective hedging rather than pure speculative shorting — treat long-dated deep ITM/OTM put activity as balance-sheet protection.

~Large call OI at $23.50–$25 reflects structural dealer positioning and may be the result of past selling/rolling rather than fresh bullish conviction; single-session call prints with low vol/OI should be treated as dealer inventory adjustments.

Key Conclusions

🐂Dealer pinning to $23.50–$24.00: GEX concentration (+$18.2M at $23.50, +$13.2M at $24.00) suggests dealers will supply gamma that pins spot in that corridor unless broken by heavy directional flow.

🐻Net premium is bearish (-$24.6M) and P/C volume is put-heavy (1.11) — active buyers of downside protection (notably June $17 and May $70 puts) are increasing tail risk hedging.

🧾Call OI walls at $23.50/$24/$25 create near-term resistance; expect chop between ~$21.20 and $24.14 (2-day EM) if no new directional prints.

🛡️Large deep-ITM/long-dated put activity (notional ~$13.9M on the $70 put) reads as institutional protection rather than pure directional shorting; monitor for additional similar prints.

🔭Watch for follow-through at $23.50-$24.00: more call OI or dealer hedging unwind will confirm a move higher; fresh put premium or a break below $21.20 would invalidate the pin and favor a bearish move toward the $19–$20 put floor.

Read the Flow analysis for SMCI for 2026-04-07. 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.