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SMCI

Super Micro Computer, Inc.Close $46.09EOD only

Max Pain

$33.50

Next expiry Jun 5, 2026

Expected Move

±$2.46

5.3% from close

Price Gap

-12.59

Distance to max pain

IV Rank

High premium

P/C OI

0.72

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

SMCI Flow Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 13, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

5 / 10

base 4.5; +0.5 positive GEX pinning and call-volume skew; -0.0 mixed net premium offset; +0.0 market positive (SPY/QQQ)

Watch next session: $26.00 area — fresh call OI / premium flow vs. dealer hedging; Any notable increase in put volume at or below $24.00 (day session) that pushes net premium further negative

Flow Summary

Net premium: -$13.1M bearish (net premium negative today)

P/C volume ratio: 0.50 — call-dominant volume today

P/C OI ratio: 0.83 — modest call OI tilt but not extreme

Volume is call-heavy (P/C vol 0.50) while net premium is negative (-$13.1M) driven by a few large put flows off the tape, producing mixed flow. Dealers are long gamma (GEX +$87.2M) and concentrated GEX at $26/$27.5/25.5 creates pinning pressure near current price, producing a neutral-to-slightly bullish backdrop unless fresh downside premium arrives.

Notable Prints

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 187.7%

Notional: ~$13.86M

Intent: Large directional/hedge (heavy put buying or block protective position)

Dual read: Aggressive tail hedge (institution protecting a large long) or structured sale via OTC allocation; could also be a stock-replacement hedge if bundled with equity.

Read-through: This is the single largest premium driver today (explains net premium negative). It's a tail/lottery-sized defensive position that skews headline premium but sits far from spot (170% from spot), so limited near-term pin pressure; watch if similar concentrated ITM/near-ITM puts print nearer-term.

SMCI 2026-09-18 $29.00 Call

Vol: 1,325

OI: 410

Vol/OI: 3.2x

IV: 76.6%

Notional: ~$548k

Intent: Directional bullish long-dated call purchase / speculative position

Dual read: Bought to express upside or sold as part of a call spread/backspread (less likely given vol/oi)

Read-through: Long-dated call demand indicates speculative upside interest around the high-20s; not huge capital but material for tail call flow and consistent with call-dominant intraday volume.

SMCI 2026-09-18 $41.00 Call

Vol: 2,304

OI: 123

Vol/OI: 18.7x

IV: 77.6%

Notional: ~$354k

Intent: Long-dated speculative call buying (lottery-style)

Dual read: Clear buyer interest in upside tail or a reallocation of risk via long-dated structures; existing low OI makes it easy for a single buyer to move the line.

Read-through: High vol/low OI print — more a speculative/tail bet than institutional directional sizing into near-term dealer gamma. Not immediate pin influence.

SMCI 2026-04-17 $28.50 Call

Vol: 1,287

OI: 393

Vol/OI: 3.3x

IV: 67.2%

Notional: ~$16.7k

Intent: Near-term directional call buying (front-month bullish exposure) or roll from nearby strikes

Dual read: Either fresh short-dated bullish call buys or part of spread activity; small notional suggests lightweight tactical bets.

Read-through: Adds short-dated call flow into the April 17 expiration but not large enough to change dealer hedging materially versus the big GEX clusters.

Institutional Positioning

Call additions: $25.00 - $27.50 short-term call concentration (premium flow positive at $25/$26/$25.50 and large OI at $26.00, $27.50, $27.00); long-dated speculative calls also at $29 and $41

Put additions: Notable large put premium at $70.00 (May 15) driving net negative premium; static OI concentration in puts around $20.00 and $13.00 suggests downside protection exists lower in the capital structure

GEX/DEX consistency: Yes — GEX +$87.2M and near-term GEX concentrations (+$21.1M at $26.00; +$12.7M at $27.50; +$10.0M at $25.00) align with pinning behavior and call-skewed intraday flow despite net premium headline negativity

OI clusters: $32.00 call wall (OI 51,030) sits well above spot (resistance beyond 10%); nearest actionable clusters inside ±10%: $26.00 (38,998 OI), $27.50 (30,056 OI), $25.00 (23,093 OI) — these create pin/magnet behavior around mid-25s to 27.5

Hedging evidence: Some protective put positioning exists at $20/$13 strikes (sizey OI), and the large $70 put trade looks like a defensive institutional hedge or structured trade. Little evidence of systematic collaring around spot in the active near-term strikes.

Max pain context: Near-term max pain pins at $24 (4/17) and $23 (4/24) sit slightly below spot; dealers' GEX concentrations at $25-$26 counteract immediate pull to MP and produce pinning higher than MP in the very short run.

Signal vs Noise

~$70.00 May 15 put: large notional and driving net premium but far from spot — likely a tail hedge/OTC block rather than a near-term directional read.

~Long-dated OTM calls (Sep $29/$41): high vol/low OI prints typical of speculative flow; not immediate dealer-gamma drivers.

~High short-dated call volume at 25-26 may include expiration rolls or market-maker delta scalps (check for simultaneous widening of bid/ask and related closing/opening at adjacent expiries).

~Some small front-month prints (e.g., Apr17 $28.50) are low notional and likely tactical/retail-sized — avoid over-reading these in isolation.

Key Conclusions

📌Dealer gamma is positive and concentrated — GEX +$87.2M with pin points at $26.00, $27.50 and $25.00; expect pinning pressure in the mid-25s to 27.5 range.

🐂Intraday flow is call-dominant (P/C vol 0.50) and short-dated call OI is heavy at $26/$25.5 — supportive for holding current levels barring new put flows.

⚠️Net premium is negative (-$13.1M) due to a single large $70 put trade — this skews the premium picture; treat the headline net premium with caution.

🧭Key near-term support cluster: $26.00 / $25.50 / $25.00 (dealer hedging + GEX); resistance cluster inside ±10%: $27.00 / $27.50 / $28.00 (call supply and GEX friction).

👀Watch for renewed put buying near $24 or below — that would invalidate the current neutral-to-bullish flow and could force dealers to sell into weakness.

How to Use These Reports

This flow reflects the market close on April 13, 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.

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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.