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SMCI

Super Micro Computer, Inc.Close $28.40EOD only

Max Pain

$24.00

Next expiry Apr 17, 2026

Expected Move

±$0.87

3.1% from close

Price Gap

-4.40

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.83

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 16, 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 16, 2026 close

SMCI Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

6 / 10

base 5; +1 GEX positive (pinning); -1 spot 14.2% from MP; +1 VIX 17

Watch next session: Spot vs MP moves; Front-week put volume/OO changes; Net GEX delta and VIX direction; Unusual large-print follow-up

Flow Summary

Net premium: -$299K bearish

P/C volume ratio: 0.41

P/C OI ratio: 0.82

Positioning shows pinning bias: dealer positive gamma and call accumulation supportive of spot staying near/above MP, but heavy short-dated put flow and a large tail put could force repricing if spot falls or volatility spikes.

Notable Prints

SMCI 2026-09-18 $37.00 Call

Vol: 601

OI: 103

Vol/OI: 5.8x

IV: 76.1%

Notional: ~$192K

Intent: longer‑dated directional bullish

Dual read: LEAP hedge vs long speculation

Read-through: bullish longer horizon

SMCI 2026-05-22 $29.00 Call

Vol: 738

OI: 151

Vol/OI: 4.9x

IV: 81.3%

Notional: ~$200K

Intent: near‑term upside stake

Dual read: covered call or speculative buy

Read-through: concentrated short‑term call demand

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 168.4%

Notional: ~$13.9M

Intent: protective hedge or large directional put

Dual read: portfolio hedge vs binary downside bet

Read-through: signals tail risk pricing

SMCI 2026-04-24 $28.00 Put

Vol: 2,381

OI: 637

Vol/OI: 3.7x

IV: 61.7%

Notional: ~$181K

Intent: near‑term protective buying

Dual read: liquidity capture vs hedge roll

Read-through: short‑term downside focus

SMCI 2026-04-17 $28.50 Put

Vol: 2,140

OI: 676

Vol/OI: 3.2x

IV: 23.0%

Notional: ~$6K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Noticeable long-dated and near-term call buys (≈29–37 strikes, May–Sep) suggesting bullish optionality accumulation.

Put additions: Concentrated short-dated puts clustered ~28–34 (Apr–May) plus a large May block — indicative of protective hedges and short-term downside bets.

GEX/DEX consistency: Net positive GEX (mid-to-high double-digit $M range) and DEX buyflow broadly consistent with call skew; short-dated put flow creates mixed intraday dynamics.

OI clusters: Largest OI around 29–29.5 with heavy put open interest ~28–34; gamma exposure appears to flip below spot (estimated range a few percent to low‑teens % below), subject to model uncertainty.

Hedging evidence: Evidence of collar and put buying (elevated short-dated put IV) alongside longer-dated call accumulation.

Max pain context: Max Pain sits below spot; this raises probabilistic pin risk into near expiries but outcomes depend on flow timing, retail sweeps and IV moves.

Signal vs Noise

~Signal: concentrated short-dated put blocks at ~28–29 with high vol/oi — credible downside hedging/pin risk (probabilistic).

~Signal: net positive GEX/DEX and longer-dated call accumulation imply dealer long‑gamma support on average.

~Noise: isolated tiny-premium or low‑IV prints (e.g., last=0.01) likely retail/sweeps, not sustained institutional directional bets.

Key Conclusions

📌Probabilistic near-term downside risk from concentrated Apr/May puts around 28–29; pinning is possible but not guaranteed and sensitive to intraday flow/IV spikes.

⚖️Institutional posture mixed: dealers generally long gamma from call accumulation but offset by heavy short-dated puts; expiry mix and trade timing will determine short-term direction.

Read the Flow analysis for SMCI for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.