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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
90
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 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasMixed
Confirmation: Positive GEX (+$74.7M) and pinning regime with concentrated put prints at near-term strikes support mean-reversion toward MP.
Invalidation: Heavy negative net premium, mixed flow and spot sitting above MP plus high P/C ratios and short-dated put flow could presage downside continuation.
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 15.2% from MP; +0.5 VIX 19

Watch next session: price relation to MP; follow-through on large put prints/IV moves; DEx share flow; VIX/IV skew shifts

Flow Summary

Net premium: -$14.0M bearish

P/C volume ratio: 0.83

P/C OI ratio: 0.84

Pinning by dealers (positive GEX) amid mixed flow; prints show defensive short-dated put demand but net premium and sell flow temper conviction—watch MP reversion and IV/flow confirmation.

Notable Prints

#1
SMCI 2026-05-15 $70.00 Put
Vol: 3,550
OI: 800
Vol/OI: 4.4x
IV: 201.6%
Notional: ~$13.9M
Intent: downside hedge
Dual read: directional bearish bet

Read-through: large long-dated protection

#2
SMCI 2026-05-22 $22.00 Put
Vol: 514
OI: 122
Vol/OI: 4.2x
IV: 84.5%
Notional: ~$28K
Intent: near-term hedge
Dual read: speculative downside trade

Read-through: short-dated protection interest

#3
SMCI 2026-04-24 $28.50 Put
Vol: 1,467
OI: 461
Vol/OI: 3.2x
IV: 67.8%
Notional: ~$114K
Intent: roll/hedge
Dual read: pin risk vs income

Read-through: pinning pressure near 28.5

#4
SMCI 2026-04-24 $25.00 Put
Vol: 4,880
OI: 1,594
Vol/OI: 3.1x
IV: 83.2%
Notional: ~$39K
Intent: income hedge
Dual read: buy vs sell-to-open spread

Read-through: significant short-dated demand

#5
SMCI 2026-04-24 $9.00 Put
Vol: 536
OI: 210
Vol/OI: 2.5x
IV: 465.6%
Notional: ~$5K
Intent: deep OTM hedge
Dual read: tail-risk bet

Read-through: cheap tail protection interest

Institutional Positioning

Call additions: Limited call flow; no large call blocks in unusual prints.

Put additions: Concentrated short‑dated put activity around $25–$28.5 (Apr24); notable $70 May15 print but high IV and lower liquidity make its intent uncertain; smaller clusters at $9, $22, $27.5.

GEX/DEX consistency: GEX +$74.7M and DEX +62.5M align with mild pinning bias but flow is mixed and confidence is moderate given noisy/low‑OI prints.

OI clusters: Largest OI/activity: $25–28.5 Apr24 (bulk of flow), $70 May15 (sizeable print but likely lumpy), plus smaller May/Apr strikes $22–$27.5.

Hedging evidence: Short‑dated put flows and elevated IV suggest protective hedging/speculation, though IV distortions and low liquidity reduce certainty.

Max pain context: Spot ~15% above MP; forces could nudge toward MP but mixed signals and noisy prints mean outcome is uncertain.

Signal vs Noise

~Signal: concentrated Apr24 $25–$28.5 put flow — credible hedging/positioning.
~Signal: positive GEX/DEX consistent with mild pinning bias but not decisive.
~Noise: $70 May15 print has extreme IV and lower liquidity — treat as lower‑confidence/price‑sensitive.
~Noise: scattered single‑contract prints and IV outliers likely reactive, not structural.

Key Conclusions

📌Mild pinning possible but mixed flow and noisy prints lower confidence.
⚠️Strong signal: Apr24 $25–$28.5 puts indicate active hedging/downside exposure.
🐻$70 May15 print notable but high IV/low liquidity — interpret cautiously, not definitive directional bet.
How to Use These Reports
This flow reflects the market close on April 20, 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.