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SMCI

Super Micro Computer, Inc.Close $28.81EOD only
Max Pain
$25.00
Next expiry Apr 24, 2026
Expected Move
±$1.87
6.5% from close
Price Gap
-3.81
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: Apr 20, 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 20, 2026 close
SMCI Flow Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasMixed
Confirmation: Pinning gamma with large +GEX and concentrated near-term put prints supporting range-bound/pin behavior.
Invalidation: Sustained downward move through 28–30 area (heavy put strikes) or sharp rise in VIX reversing pinning dynamics.
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 11.5% from MP; +0.5 VIX 20

Watch next session: Monitor price vs 28–32 strikes; Track intraday GEX and gamma flip level; Follow new unusual prints and net premium flow; VIX moves above 22

Flow Summary

Net premium: -$13.7M bearish

P/C volume ratio: 0.65

P/C OI ratio: 0.83

Mixed flow: pinning gamma and +GEX suggest range-bound support while heavy put activity and negative net premium signal asymmetric downside risk if price breaches 28–30.

Notable Prints

#1
SMCI 2026-05-01 $18.00 Put
Vol: 4,443
OI: 500
Vol/OI: 8.9x
IV: 127.3%
Notional: ~$13K
Intent: long put
Dual read: hedge|speculation

Read-through: deep downside protection

#2
SMCI 2026-04-24 $37.00 Call
Vol: 3,396
OI: 473
Vol/OI: 7.2x
IV: 106.3%
Notional: ~$3K
Intent: long call
Dual read: rebate/ratio|spec

Read-through: short-term upside bet

#3
SMCI 2026-04-24 $29.00 Put
Vol: 3,219
OI: 612
Vol/OI: 5.3x
IV: 71.7%
Notional: ~$377K
Intent: long put
Dual read: hedge|spec

Read-through: near-term downside hedging

#4
SMCI 2026-05-15 $70.00 Put
Vol: 3,550
OI: 800
Vol/OI: 4.4x
IV: 160.5%
Notional: ~$13.9M
Intent: long put
Dual read: portfolio hedge|tail spec

Read-through: extreme tail protection

#5
SMCI 2026-05-01 $29.50 Call
Vol: 804
OI: 200
Vol/OI: 4.0x
IV: 73.7%
Notional: ~$80K
Intent: long call
Dual read: spec|call spread leg

Read-through: small upside interest

Institutional Positioning

Call additions: Notable call prints 32.5–40 strikes (near-term Apr–May) but smaller persistent OI vs puts.

Put additions: Concentrated put activity at 28–29 and tail interest deeper (18/9, May70); net premium leans negative though some prints are low-OI.

GEX/DEX consistency: GEX +77M and DEX +62.6M suggest dealer call-hedge selling, but mixed prints create ambiguity; flow is not fully consistent.

OI clusters: Largest OI cluster ~29–30; meaningful open interest also at 28–29 and 32–37 levels, but distribution is somewhat dispersed.

Hedging evidence: Signs of protective puts and collars (long puts with offsetting short calls); elevated IV on tails supports hedging but verify persistence.

Max pain context: Spot ~11.5% above max pain; pinning is possible if roll-to-expiry and sustained dealer hedging occur, but not certain.

Signal vs Noise

~Signal: concentrated Apr24–May1 put OI at 28–29 implies potential dealer gamma and pin risk if sustained.
~Signal: large deep-OTM puts (May70) reflect asymmetric downside hedging pressure, worth monitoring IV moves.
~Noise: single-day high-volume prints with low OI and dispersed OI raise uncertainty — validate with intraday flow and IV changes.

Key Conclusions

⚠️Put-heavy structure around 28–29 creates conditional pin/gamma risk; outcome depends on sustained hedging into expiry — monitor intraday flow.
🔎GEX/DEX tilt toward dealer selling but mixed prints reduce conviction; treat positioning as a watchlist item and confirm with IV and real-time flow.
How to Use These Reports
This flow reflects the market close on April 21, 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.