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SMCI

Super Micro Computer, Inc.Close $38.19EOD only

Max Pain

$32.00

Next expiry May 29, 2026

Expected Move

±$2.15

5.6% from close

Price Gap

-6.19

Distance to max pain

IV Rank

Low premium

P/C OI

0.78

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 27, 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 27, 2026 close

SMCI Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 13.7% from MP; +0.5 VIX 18

Watch next session: Follow-through in call buying at the $28.50/$28.00 strikes (volume and open interest lift on 2026-04-24/05-01 expiries).; Any accumulation of put flow at the $26.00 or $25.50 strikes that converts today's mixed net premium into a clear bearish session.

Flow Summary

Net premium: -$13.3M bearish

P/C volume ratio: 0.48

P/C OI ratio: 0.82

Net premium is modestly bearish at -$13.3M despite a call-heavy volume footprint (P/C volume 0.48). Put/call OI is 0.82 — not extreme — indicating slightly more structural call OI but today's premium sign skews negative. The dominant theme: dealers are long gamma (GEX +$105.1M) and pinning pressure clusters around the $26.00–$28.00 band, while institutional-sized tail hedges (large expensive puts) and selective call buying near $28.50 suggest mixed positioning — tactical downside protection against a still-elevated IV term structure.

Notable Prints

SMCI260424C00028500

Vol: 10,605

OI: 950

Vol/OI: 11.2x

IV: 70.4%

Notional: ~$827K

Intent: Fresh directional call buying / short-dated speculative upside.

Dual read: Could be an opening directional buy (short-dated upside exposure into the weekly window) or part of a complex spread where the long call funds a larger structure — but volume (10,605) vs OI (950) and notional (~$827,190) point to meaningful new opening activity.

Read-through: Supports short-term gamma-driven pin action into $28.00–$28.50; if follow-through in calls arrives tomorrow it would raise odds of a move toward the $28.58 EM bound and challenge the bearish net premium reading.

SMCI260515P00070000

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 140.6%

Notional: ~$13.9M

Intent: Large directional protective/levered put buys (tail hedging or speculative deep ITM position).

Dual read: Could be a corporate/structured trade or a large institutional hedge given ITM status (strike $70 >> spot) and very high IV; alternative is a mis-routed block or a package leg of a bespoke trade. Volume (3,550) vs OI (800) and huge notional (~$13,862,750) make it economically significant but its 157% moneyness relative to spot argues this is not a vanilla directional hedge on common equity exposure.

Read-through: Creates a large negative premium contribution (seen in top premium flows) and explains part of the -$13.3M net premium; treat as a low-likelihood price mover for spot but a material indicator of risk-off/reinsurance demand among one or a few institutions.

SMCI260424P00009000

Vol: 536

OI: 210

Vol/OI: 2.5x

IV: 256.3%

Notional: ~$5K

Intent: Small speculative or arbitrage put activity far OTM (synthetic/flow noise).

Dual read: Volume (536) vs OI (210) with Last=$0.10 and notional (~$5,360) is tiny economically — could be option arbitrage, ratio trade leg, or pin-avoidance tweak.

Read-through: Low economic significance; ignore for directional read unless paired with significant other put buys at the $20–$26 band.

SMCI260618C00016000

Vol: 565

OI: 365

Vol/OI: 1.6x

IV: 100.6%

Notional: ~$678K

Intent: Long-dated ITM call accumulation (possible employee/structured or long-term bullish exposure).

Dual read: Volume (565) vs OI (365) with Last=$12.00 yields moderate notional (~$678,000) — could be a directional long-call purchase or an unwind leg of a collar/roll. Given strike $16 is deep ITM, the trade reads more like taking/adding long-dated long-delta exposure than a short-gamma sale.

Read-through: Indicative of longer-term bullish positioning or concentrated corporate/structured ownership behavior; not likely to move short-term pinning but increases dealer positive gamma absorption longer-dated.

Institutional Positioning

Call additions: Concentrated call activity around $26.00–$28.50 on front-month expiries (notably $26.00 OI=35,275; $27.50 OI=30,455; and large short-dated $28.50 flow). Longer-term call walls reside $30.00–$32.00 (structural call OI $30.00 OI=24,164; $32.00 OI=50,446), suggesting institutional upside interest above $30 as a longer-term target.

Put additions: Significant put OI accumulation at deep protection strikes ($20.00 cluster: multiple expiries with OI 17,525/30,395 etc.), plus large expensive short-dated tail buys (the $70.00 PUT print) which appear to be bespoke hedging or structured flows rather than simple directional retail puts.

GEX/DEX consistency: Flow is broadly consistent with dealer positioning: positive GEX (+$105.1M) implies dealers are long gamma and will pin within the $26–$28 band; DEX +72.7M shares supports delta-heavy dealer exposure. However deterministic net premium (-$13.3M) shows sellers of risk were paid — a tension reflected in the 'Mixed' flow regime.

OI clusters: Largest OI clusters create a near-term magnet between $26.00 and $28.00 (call OI concentration at $26.00=35,275; $27.50=30,455; $27.00=21,087). A structural call wall exists at $30–$32 that could act as resistance if price approaches that range.

Hedging evidence: Yes — clear long-dated protective put interest at lower strikes ($20.00 clusters and significant put OI in multi-month expiries), plus the very large $70.00 put block that reads like bespoke reinsurance. Collar-like structures are plausible given simultaneous call accumulation near $26–28 and put OI deeper (20s and below).

Max pain context: Max pain pins sit lower ($24 / $23 / $24 in the next three expiries). Dealer GEX concentration and call OI cluster between $26–$28 produce a short-term pin near $27.50, while the MP trend across expirations is slowly rising — creating a tug between dealers' gamma pinning (~$27.50) and option sellers' desire to compress value toward the low-20s MP.

Signal vs Noise

~The SMCI260515P00070000 ($70 put) block is economically large but unusually far ITM relative to spot — likely bespoke reinsurance, a structured-product leg, or error; treat it as hedging/reinsurance signal rather than a direct bet on spot dropping to $70.

~SMCI260424P00009000 ($9 put) is tiny notional (~$5,360) and likely part of an arbitrage or ratio structure — not a directional signal.

~Short-dated front-week flows (e.g., heavy volume at 2026-04-24 strikes) may include expiration rolls and gamma scalps; separate those from genuine directional accumulation unless accompanied by sustained OI increases.

~Large long-dated ITM calls (e.g., $16 call 2026-06-18) can reflect structured compensation or long-term exposure rather than near-term bullish conviction.

Key Conclusions

🔁Mixed flow: dealers are long gamma and pinning around $26–$28 while net premium is modestly bearish (-$13.3M), leaving short-term direction ambiguous.

📌Watch the $26.00 and $27.50 GEX/OI clusters — they are the most likely short-term magnets and define the 2–7 day range.

⚠️Treat the large $70 put block as a bespoke hedging/reinsurance signal — it increases background tail-hedge demand but is unlikely to itself push spot inside the expected move band.

How to Use These Reports

This flow reflects the market close on April 15, 2026.

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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.