Home Options SMCIReports

SMCI

Super Micro Computer, Inc.Close $28.56EOD only

Max Pain

$24.00

Next expiry Apr 24, 2026

Expected Move

±$2.00

7.0% from close

Price Gap

-4.56

Distance to max pain

IV Rank

High premium

P/C OI

0.82

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 17, 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

Apr 17, 2026 close

SMCI Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 17, 2026.

View latest report

Flow Verdict

Confidence:

4 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 14.8% from MP

Watch next session: Activity and OI change at $26.00 and $27.00 calls (large intraday call prints today); Put flow / dealer hedging around $24.00-$23.00 (pins and max pain for near expirations)

Flow Summary

Net premium: -$1.2M — slight put-paid (mixed)

P/C volume ratio: 0.26 — strong call-dominant volume

P/C OI ratio: 0.91 — OI only slightly favors puts (near parity)

Volume today is decisively call-heavy (P/C vol 0.26) with concentrated short-dated call prints around $25.50-$27.50, but net premium is slightly negative (-$1.2M) indicating some large put premium (likely targeted, not broad-based). Dealers are net long gamma (GEX +$31.2M) and pinning sits just under spot, so the immediate mechanics favor stability around $24-$26 even as mixed flow leaves direction ambiguous.

Notable Prints

SMCI 2026-04-17 $26.00 Call

Vol: 38,967

OI: 5,758

Vol/OI: 6.8x

IV: 68.9%

Notional: ~$24.5K underlying-equivalent (39,000 contracts × $0.63 ≈ $24.6K premium) — meaningful short-dated directional action

Intent: Fresh directional call buying or call-heavy spread leg (bullish exposure into weeklies)

Dual read: Could be buyers opening calls (bullish) or dealers/hedgers layering on call-sells to facilitate other trades (neutral); large vol/OI spike leans toward buyer-initiated

Read-through: Substantial short-dated call demand at ~3% OTM; increases pinning pressure around $26 and forces dealers to hedge with underlying buying into small moves, supporting spot.

SMCI 2026-04-17 $27.50 Call

Vol: 31,255

OI: 374

Vol/OI: 83.6x

IV: 70.7%

Notional: ~$9.1K (31,255 × $0.29 ≈ $9.1K premium) concentrated fresh exposure

Intent: Aggressive short-dated speculative call buys (directional gamma chase)

Dual read: Likely fresh buys (bullish/gamma-seeking); could also be part of defined call spreads where the long leg is at 27.50

Read-through: Massive vol/OI ratio (83.6x) signals large new positions; pushes dealer hedging to buy stock into intraday rallies, increasing short-term upside skew.

SMCI 2026-04-17 $25.50 Call

Vol: 23,366

OI: 1,776

Vol/OI: 13.2x

IV: 70.3%

Notional: ~$19.9K (23,366 × $0.85 ≈ $19.9K premium)

Intent: Near-ATM call accumulation (directional or roll from nearer strikes)

Dual read: Likely buyers adding near-the-money bullish exposure; could include dealers closing and re-opening positions as part of spread trades

Read-through: Reinforces short-dated call demand very close to spot, strengthening dealer pinning at $25 and contributing to GEX concentration there.

SMCI 2026-04-17 $25.00 Put

Vol: 7,496

OI: 1,597

Vol/OI: 4.7x

IV: 69.1%

Notional: ~$6.3K (7,496 × $0.84 ≈ $6.3K premium)

Intent: Protective put buying or short-dated hedging

Dual read: Could be buyers seeking downside protection (bearish insurance) or option sellers (writing puts) managing short-dated exposure

Read-through: Put flow centered at $25 offsets some of the call demand; this symmetry explains mixed net premium despite strong call volume.

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 245.1%

Notional: ~$138.5K (3,550 × $39.05 ≈ $138.6K premium) — large tail bet

Intent: Tail-protection / structured put purchase (deep-bodied long-dated put buying)

Dual read: Most likely protective/hedge or speculative large-tail downside position rather than a directional bet for near-term moves

Read-through: Significant out-of-the-money long-dated put premium explains part of the negative net premium and indicates some participants seeking deep downside protection.

Institutional Positioning

Call additions: $24.00-$27.50 short-dated calls (heavy volume at $25.50, $26.00, $27.00, $27.50 exp 4/17); multi-exp call premium concentration at $25/$26/$30 in Top Premium Flow

Put additions: Large long-dated/OTM protective put activity at $70.00 (May), concentrated short-dated put OI at $20.00 and $13.00 indicating longer-term downside floors; near-term protective buying at $25.00 shows local hedging

GEX/DEX consistency: Yes — positive GEX (+$31.2M) aligns with call-heavy volume and pinning at $25/$24; DEX +60.4M shares suggests dealer net delta exposure consistent with hedging call flow

OI clusters: Call clusters at $25.00 (20,619 OI), $24.00 (18,855 OI), $28.00 (11,063 OI); Put clusters at $20.00 (various listings: 30,451/18,945/14,433 aggregate), $13.00 (24,413 OI). These create a near-term pin around $24-$25 and a longer-term put floor below $20.

Hedging evidence: Short-dated protective puts at $25.00 and deep long-dated tail puts at $70 suggest both localized hedging and structured protection; limited evidence of widespread collars — activity looks more like directional call accumulation + isolated large put hedges

Max pain context: Max pain near-term is $22 (4/10) then $23 (4/17) but MP trend is rising; dealers' positive GEX and concentrated call activity are currently counteracting downward MP pull, creating a pin between $24-$26 rather than immediate drift to $22.

Signal vs Noise

~The $70.00 put flow (May 15) is a long-dated tail hedge/structured trade — influences net premium but not near-term direction.

~Very high vol/OI ratio prints (e.g., $27.50C vol 31,255 vs OI 374) look like fresh one-sided buys or spread legs; treat single-day extreme vol/oi as aggressive gamma plays rather than conviction for multi-week move.

~Some short-dated volume likely includes expiration rolls (heavy 4/17 activity) and market-maker inventory adjustments around the weekly expiries — not pure directional signals by themselves.

~Call-heavy premium at $25-$26 likely contains spread activity (buying nearer strikes and selling further OTM calls) which can look directional in isolation but may be delta-managed by institutions.

Key Conclusions

🔁Short-dated call demand (4/17 expiries) is large and clustered near $25-$27, producing dealer hedging that supports spot around $25.

📌GEX pinning concentrated at $25.00 (+$8.3M) and $24.00 (+$4.9M) makes $25–$24 the key near-term magnet — expect friction if price approaches these levels.

🐂Volume profile and low P/C vol (0.26) lean bullish mechanically — dealers buying underlying to hedge call flow — but net premium (-$1.2M) and large tail put buys temper a clean bullish read.

⚠️Net premium negative and significant put OI at $20 and $13 show institutional appetite for downside protection; a move below $24 could rapidly flip dealer flows and increase downside pressure.

👀Watch short-dated activity at $26.00/$27.00 and any OI builds at $23.00-$24.00 — these will validate whether current call gamma-driven pinning persists.

How to Use These Reports

This flow reflects the market close on April 10, 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.