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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 14, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 14, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 4.5 (pre-computed); +1 positive GEX pinning; -1 flow mixed vs net premium -$8.6M; +0.5 favorable market context (SPY/QQQ up, VIX 18.4)

Watch next session: Net premium direction (does -$8.6M persist or flip to call net positive); Flow and OI changes around $27.50/$26.00 (pin/put cluster)

Flow Summary

Net premium: -$8.6M (net premium negative) — mixed read with call-dominant volume

P/C volume ratio: 0.63 — call-dominant on volume (healthy call activity)

P/C OI ratio: 0.82 — moderate call lean in positioning (OI not extreme)

High IV (ATM ~67–75% short-dated) with dealer-positive GEX (+$98.0M) and concentrated call OI around $26–$30. Volume shows clear call preference (P/C vol 0.63) even though net premium is slightly negative overall. Dealers are net long gamma and the options structure is creating a pinning environment around the $26–$27.50 area; this produces a slightly bullish bias so long as price remains above the $26 put cluster.

Notable Prints

SMCI 2026-04-17 $28.50 Call

Vol: 9,082

OI: 1,229

Vol/OI: 7.4x

IV: 71.1%

Notional: ~$300k (9082 * $0.33 * 100)

Intent: Short-dated directional call buying or call-heavy spread leg to push short-term upside (pins toward upper EM)

Dual read: Aggressive long calls (bullish) OR opening call sell/overwrites by a seller hedging delta (less likely given call-dominant volume)

Read-through: High relative call activity ~5% OTM into 4/17 supports dealer pinning pressure above spot and increases chance of short-term upside; size is meaningful for front-week gamma but not a multi-day big institutional directional position.

SMCI 2026-04-17 $26.50 Put

Vol: 3,977

OI: 350

Vol/OI: 11.4x

IV: 67.8%

Notional: ~$183k (3977 * $0.46 * 100)

Intent: Short-dated protective puts or tactical bearish bets (near-spot 3% OTM)

Dual read: Bought protection (bearish/hedge) OR opened/rolled short puts (bullish overwriting) — context (call-dominant day) suggests many are protective buys

Read-through: Significant front-week put buying clustered near $26.50 increases short-term downside sensitivity; if followed by additional put flow it would challenge the pin at $27.50.

SMCI 2026-04-24 $27.00 Put

Vol: 1,232

OI: 205

Vol/OI: 6.0x

IV: 71.3%

Notional: ~$149k (1232 * $1.21 * 100)

Intent: Protective hedge or short-term bearish exposure into next weekly

Dual read: Bought puts (protective) OR opening put sales (less likely given elevated IV)

Read-through: Reinforces existence of demand for protection just below spot into the next weekly expiry — consistent with mixed flow and pinning.

SMCI 2026-04-17 $27.50 Put (ITM)

Vol: 1,718

OI: 375

Vol/OI: 4.6x

IV: 68.4%

Notional: ~$156k (1718 * $0.91 * 100)

Intent: In-the-money puts bought as direct downside exposure or as part of spreads/rolls

Dual read: Protective vs directional short; could also be conversion/turning positions around the pin

Read-through: ITM put flow near spot is meaningful for near-term skew — increases gamma sensitivity and supports the idea dealers will hedge into spot moves, keeping price close to the pin zone.

SMCI 2026-04-17 $30.50 Call

Vol: 776

OI: 258

Vol/OI: 3.0x

IV: 78.9%

Notional: ~$8.5k (776 * $0.11 * 100)

Intent: Tactical OTM upside exposure; likely small directional or part of larger call spreads

Dual read: Speculative long calls (bullish) OR small position noise

Read-through: Small relative notional; signals some appetite for higher upside tails but not a primary driver.

Institutional Positioning

Call additions: $25.00-$30.00 calls show the largest premium inflows (top premium flow entries: $25, $26, $28, $30). Largest OI clusters are $26.00 (38,543), $27.50 (30,796), $27.00 (22,594), and $25.00 (21,366) — institutions are concentrated in the 25–30 call band.

Put additions: Front-week protective puts were bought around $26.50 and $27.00 (unusual activity); larger structural put OI lies at $20.00 (30,392) which acts as a long-term floor rather than immediate hedging.

GEX/DEX consistency: Yes — positive GEX +$98.0M and DEX +71.9M shares align with dealer long-gamma (pinning) and call-heavy intraday flow; this supports price gravitating toward near-term pin levels.

OI clusters: Largest OI concentrations: calls concentrated at $32.00 (51,742 OI), $26.00 (38,543), $27.50 (30,796), $27.00 (22,594), and $25.00 (21,366). Put OI cluster at $20.00 (30,392) forms a structural put floor. The call OI wall at $30–$32 creates resistance above the 1-week EM.

Hedging evidence: Evidence of localized protective hedging: short-dated puts at $26.50/$27.00 and ITM $27.50 puts indicate tactical protection. No large-scale collar activity visible; major protective open interest is the longer-dated $20 put floor (structural).

Max pain context: Near-term max pain levels are $24 (4/17) then $23 (later expirations). MP is below spot but MP trend is slowly rising; given dealer pinning and concentrated call OI near $27–$27.5, price is likely to gravitate toward the nearer pins rather than the distant MP levels in the immediate sessions.

Signal vs Noise

~Large net premium at $70.00 (net -$16.2M) and $70 put flows are obviously anomalous tail trades and not directional for front-week price — treat as structural/vol rationale noise.

~Many high vol/OI ratios on front-week strikes reflect expiration-run activity and gamma-driven hedging rather than conviction directional trades.

~The single-print $30.50 call and other small OTM prints (low notional) are likely speculative or spread legs and not primary directional signals.

~Put-heavy long-dated strikes (e.g., $20 long-dated put OI) are structural floor hedges — not immediate front-week directional bets.

Key Conclusions

🐂Call-volume dominated session (P/C vol 0.63) with dealers net long gamma (+$98.0M) — creates a slight bullish pinning bias around $26–$27.50.

⚠️Net premium is -$8.6M (mixed) and there is targeted put buying at $26.50–$27.00 — a continued increase in put demand would quickly flip the bias.

📍Key short-term levels: watch $27.50 (strong GEX +$19.7M pin), $26.00 (GEX +$17.5M and large OI), and $25.00 (put/call support cluster).

🧭Resistance sits into the 1-week EM and call wall: $28.74 (2d EM), $29.92 (1w EM), and structural call wall at $30–$32.

🔎Front-week unusual activity (28.50C and 26.50P) is meaningful but mid-sized (notional hundreds of thousands) — watch for follow-through or offsetting flow to confirm conviction.

How to Use These Reports

This flow reflects the market close on April 14, 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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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.