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SMCI

Super Micro Computer, Inc.Close $35.58EOD only

Max Pain

$31.00

Next expiry May 29, 2026

Expected Move

±$2.83

8.0% from close

Price Gap

-4.58

Distance to max pain

IV Rank

Low premium

P/C OI

0.81

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

SMCI Flow Report

Analysis based on market close April 7, 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 7, 2026. A newer flow report is available for May 22, 2026.

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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.

How to Use These Reports

This flow reflects the market close on April 7, 2026.

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If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.