Home Options SMCIReports

SMCI

Super Micro Computer, Inc.Close $37.10EOD only

Max Pain

$31.00

Next expiry May 29, 2026

Expected Move

±$2.61

7.0% from close

Price Gap

-6.10

Distance to max pain

IV Rank

Low premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 26, 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 26, 2026 close

SMCI Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

4 / 10

base 4.0/10 (provided): +1 pinning GEX concentration; -1 mixed flow / large net put premium; -1 spot 6.2% from MP

Watch next session: Follow additional activity in $23.50-$24.00 strikes (gamma concentration at +$31.7M and +$24.7M); New large put premium or block buys in the $20-$23 band (would push bias more bearish)

Flow Summary

Net premium: -$20.4M bearish skew (net premium to puts)

P/C volume ratio: 0.72 — modest call bias by volume

P/C OI ratio: 0.81 — moderate call OI lean but not extreme

Flow is mixed: volume-based P/C (0.72) shows call activity, but net premium is strongly negative (-$20.4M) driven by large put premium pockets (notably the $70 put and several near-term/near-spot put buys). Dealers show positive GEX (+$89.0M) producing pinning behavior around $23.50-$24.00 even as institutions add downside protection via puts and selectively buy calls at $25-$26 strikes.

Notable Prints

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 192.0%

Notional: ~$13.9M (Top Premium shows Net -$17,800,942 premium)

Intent: Large institutional tail hedge or systematic portfolio protection (buying deep-tail puts)

Dual read: Tail-hedge (bearish protection) OR long-dated speculative put position; less likely dealer sell since net premium indicates heavy put demand

Read-through: Significant risk-hedging demand: big premium outflow to puts signals institutional caution despite pinning gamma — not a simple directional short sale.

SMCI 2026-04-10 $23.50 Put

Vol: 1,170

OI: 267

Vol/OI: 4.4x

IV: 83.6%

Notional: ~$0.075M

Intent: Near-term protective put buying (short-dated hedges ahead of Apr 10 expiry)

Dual read: Protective (institutional/flow hedges) OR aggressive short-term directional put purchases

Read-through: Near-term downside protection concentrated right around spot; supports a cautious stance into immediate expiries even as dealers are gamma-short/pinning.

SMCI 2026-05-15 $26.00 Call

Vol: 3,088

OI: 963

Vol/OI: 3.2x

IV: 85.4%

Notional: ~$0.49M (last=$1.60)

Intent: Directional call accumulation (bullish exposure) or call spread leg

Dual read: Fresh directional bullish buying OR part of a call conversion/collar construction

Read-through: Institutions are also allocating to upside exposure around $26 while buying downside insurance — supports mixed positioning rather than outright one-sided.

SMCI 2026-06-18 $26.00 Call

Vol: 3,762

OI: 2,174

Vol/OI: 1.7x

IV: 84.0%

Notional: ~$0.91M (last=$2.43)

Intent: Long-dated call accumulation (bullish or part of spread structures)

Dual read: Directional bullish or paired with long-dated downside hedges (collars)

Read-through: Adds to evidence of selective upside exposure at $26 while risk is also being hedged — consistent with mixed institutional positioning.

Institutional Positioning

Call additions: Concentrated call OI and flow in the $25.00-$26.00 area (Top OI: $25.00 OI=40,783; near-term premium flow shows net positive at $26.00 and $25.00). Several multi-expiry call buys around $26 indicate selective upside exposure.

Put additions: Notable put premium demand: giant $70 put buys (net premium -$17.8M), near-term $23.50 Apr10 puts, and put flow at $20.00 and $22.00 strikes. Net premium -$20.4M signals overall put buying pressure despite call volume.

GEX/DEX consistency: Partially consistent — positive GEX (+$89.0M) creates pinning pressure around $23.50-$24.00 while institutional flow shows both protective put buying and selective call accumulation, producing the mixed flow regime noted.

OI clusters: Major call OI clusters at $25.00 (40,783), $23.50 (33,900), $24.00 (27,711) — these create short-term pin/resistance bands; largest put OI clusters sit at $20.00 (30,490 total across expiries) and $13.00 (24,413), which form a structural put floor deeper below spot.

Hedging evidence: Clear hedging: large, long-dated tail puts ($70), concentrated near-term protective puts ($23.50 Apr10), and modest put activity at $22.00-$20.00. Minimal evidence of full collar blocks, but mixed call buys plus put purchases imply hedged directional exposure.

Max pain context: Max pain pins near-term at $22 (Apr10) and $23 (Apr17) align with dealer GEX concentration; MP trend rising (to $25 over longer expiries) suggests dealers/institutions collectively skew strike pain higher into later expiries.

Signal vs Noise

~$70.00 May15 put: large, long-dated tail hedges — important for hedging stance but not an immediate directional signal for front-month price moves.

~Apr10 $23.50 put block: likely near-term protective buys/expiration hedging rather than a macro new-short signal.

~Large OI call walls at $25-$32 are structural (dealer inventory) and often represent gamma walls or resistance rather than fresh directional conviction.

~Some vol in far-OTM small strikes (e.g., $4.00 call) shows extreme IV and likely reflects illiquid structured trades or mispriced blocks—treat as noise unless followed up.

Key Conclusions

🔁Flow is mixed: call-volume activity exists, but net premium (-$20.4M) and large put buys point to active downside hedging.

📌Dealers/GEX are pinning around $23.50-$24.00 (GEX +$31.7M at $23.50 and +$24.7M at $24.00) creating a short-term magnet even while institutions buy protection.

🛡️Big long-dated tail put activity (May $70) signals institutional risk-off/portfolio protection — important for positioning but likely not immediate front-month price driver.

🧭Key levels to watch within ±10%: Support = ["$23.00","$22.00","$21.15"] from max pain and put/GEX concentrations; Resistance = ["$24.00","$25.00","$25.50"] from call OI walls and EM guardrails.

👀If near-term put flow (around $22-$23) accelerates and spot slips toward $22, expect dealers to hedge and volatility to rise; conversely, concentrated call buying at $25-$26 that lifts net premium would invalidate the protective-put narrative.

How to Use These Reports

This flow reflects the market close on April 8, 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.