Home Options SMCIReports

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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

4 / 10

base 4.0/10 (provided): +1 pinning GEX; -1 spot above MP; -1 mixed flow/GEX contradictions

Watch next session: Large premium or OI build at $24.00 calls (pin area, watch if dealers need to sell into strength); Further put flow at $22.00–$23.50 (would reinforce bearish/sub-protection positioning)

Flow Summary

Net premium: -$25.2M bearish

P/C volume ratio: 0.64 — call-dominant by contracts, but premium-weighted tells different story

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

Premium flow is skewed toward puts (net premium -$25.2M) despite a lower P/C volume ratio (0.64). Dealers are long gamma (Total GEX +$87.6M) which creates a pinning/gravity to the $23.50–$24.00 band while institutional activity shows large protective or directional put buying in multiple expirations. Net picture: mixed flow with a bearish tilt driven by premium, but dealer gamma is creating resistance to large down moves and a pin near $23.50–$24.00.

Notable Prints

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 159.4%

Notional: ~$13.86M

Intent: Large tail hedge / long-dated protective put buying (institutional downside insurance)

Dual read: Bought puts (bearish/insurance) OR sold structured volatility (less likely given size and IV)

Read-through: Significant notional in deep-tail puts — institutions buying long-dated down protection rather than short-term directional exposure. Supports bearish protection narrative and raises skew/volatility term structure.

SMCI 2026-08-21 $22.00 Call

Vol: 1,006

OI: 320

Vol/OI: 3.1x

IV: 89.7%

Notional: ~$558k

Intent: Directional call accumulation or buy-write hedge unwind (medium-term bullish exposure)

Dual read: Fresh call buying (bullish) OR closing of short calls from prior overwrites (neutral)

Read-through: Not huge notional but concentrated in a near-spot long-dated call — could be a targeted bullish stance against which dealers would sell gamma; however premium flow overall remains put-biased.

SMCI 2026-04-24 $22.00 Put

Vol: 2,619

OI: 1,188

Vol/OI: 2.2x

IV: 75.6%

Notional: ~$225k

Intent: Near-term directional/expiration protection (protective puts or directional put buys into near-term gamma)

Dual read: Bought protection ahead of expirations (bearish/insurance) OR rolling/reshaping expirations (neutral)

Read-through: High activity at the $22 strike ties into the 4/24 max pain and dealer GEX concentration; suggests participants are actively protecting or positioning into near-term expiries.

SMCI 2026-04-10 $23.50 Put

Vol: 1,315

OI: 597

Vol/OI: 2.2x

IV: 82.8%

Notional: ~$75k

Intent: Near-expiry protective puts / expiration-related positioning

Dual read: Bought puts to hedge short stock or concentrated positions; could also be expiry administration by institutions

Read-through: Activity at the immediate max pain ($22/$23 area) — consistent with dealers managing gamma near pins and institutions buying short-dated protection.

Institutional Positioning

Call additions: $22.00–$26.00 calls (OI concentrated at $23.50, $24.00, $25.00 and large long-dated $32/$25-$32 call walls); selective longer-dated calls seen at $22.00 (08/21) indicating some targeted bullish exposure but smaller notional vs puts

Put additions: Notable long-dated tail puts ($70.00 exp 05/15) and heavy near-term put premium at $22.00–$23.50 (04/10 and 04/24) — evidence of both tail hedges and short-dated protection

GEX/DEX consistency: Mixed: GEX is strongly positive (+$87.6M) and creating pinning pressure around $23.50–$24.00, while premium flow (net -$25.2M) indicates institutional put buying. Dealers' long-gamma neutralizes some directional pressure, producing the 'pinning' regime.

OI clusters: Largest call OI clusters at $25.00 (41,295), $23.50 (33,917), $24.00 (27,801) — create resistance/pin region in the $23.50–$25.00 band; put clusters concentrated at $20.00 (30,472 and additional entries) and $13.00 (24,413) which act as structural downside floors farther below spot.

Hedging evidence: Clear: long-dated deep-tail puts (05/15 $70) and concentrated short-dated $22–$23.5 puts imply protective buying; minimal evidence of broad collar structures in the near chain, more of isolated protective puts and selective call purchases.

Max pain context: Max pain pins at $22.00 (04-10) and $23.00 (04-17) align with dealer GEX concentration; MP trend rising over expirations (from $22 → $25) suggests option structure is gradually shifting strike gravity higher, but short-term pins are $22–$23.

Signal vs Noise

~SMCI 04-10 short-dated ITM small-volume calls ($3/$4 strikes with extreme IV) look like expiry/odd-lot corporate or settlement flows — treat as noise for directional read.

~Large single-print long-dated tail puts (05/15 $70) are insurance positions — important for skew/vol but not necessarily an immediate directional bet into the next session.

~Repeated volume at $22.00–$23.50 into near expiries likely contains expiration management and dealer gamma flows; some prints may be roll/close activity rather than fresh directional exposure.

~High IV and tiny OI strikes (very ITM $3/$4 calls) are likely illiquid/structural and not representative of market directional conviction.

Key Conclusions

🐻Premium-weighted flow is bearish: net premium -$25.2M driven by put buying in near and long expirations (notably 05/15 $70 puts).

📌Dealers long gamma (Total GEX +$87.6M) creates a pinning magnet at $23.50–$24.00 — expected to slow moves away from this band.

🛡️Institutions are buying protection rather than taking large near-term directional call risk; evidence: concentrated short-dated puts and large long-dated tail puts.

🚧Call OI wall at $25.00–$32.00 provides resistance; a sustained break above $25.50 with call OI build would invalidate the bearish premium signal.

🔍Watch $22.00 and $23.50 activity into expiries — further put flow there would confirm bearish protection accumulation and reinforce the pin.

How to Use These Reports

This flow reflects the market close on April 9, 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.