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SMCI

Super Micro Computer, Inc.Close $28.43EOD only

Max Pain

$25.50

Next expiry Apr 24, 2026

Expected Move

±$1.69

6.0% from close

Price Gap

-2.93

Distance to max pain

IV Rank

Low premium

P/C OI

0.83

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

SMCI Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 12.2% from MP; +0.5 VIX 19

Watch next session: Monitor May15 $70 put flow; Track gamma flip ~21 and near-term expirations; Watch DEX/spot vs MP moves

Flow Summary

Net premium: -$12.6M bearish

P/C volume ratio: 0.92

P/C OI ratio: 0.84

Call-heavy GEX and pinning argue dealer-hedge support, but sizable put activity and elevated IV create conflicting signals; monitor the May15 $70 put, gamma flip at 21, and spot/DEX action.

Notable Prints

SMCI 2026-05-01 $19.00 Put

Vol: 2,247

OI: 360

Vol/OI: 6.2x

IV: 106.3%

Notional: ~$4K

Intent: short-dated downside hedge

Dual read: hedge or speculation

Read-through: near-term tail risk

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 234.6%

Notional: ~$13.9M

Intent: long-dated protective put

Dual read: insurance or directional

Read-through: anticipates major downside

SMCI 2026-05-01 $38.00 Call

Vol: 662

OI: 186

Vol/OI: 3.6x

IV: 78.9%

Notional: ~$3K

Intent: short-dated upside speculation

Dual read: call buy or hedge

Read-through: expect small rally

SMCI 2026-04-24 $9.00 Put

Vol: 536

OI: 210

Vol/OI: 2.5x

IV: 606.3%

Notional: ~$5K

Intent: deep-OTM panic hedge

Dual read: crash protection or gamble

Read-through: extreme tail concern

SMCI 2026-04-24 $26.50 Put

Vol: 4,166

OI: 1,927

Vol/OI: 2.2x

IV: 75.8%

Notional: ~$29K

Intent: near-term protective put buying

Dual read: hedge vs forced selling

Read-through: pins downside risk

Institutional Positioning

Call additions: Short-dated puts concentrated Apr24–May01 (26.5,31.5,38,19 strikes); some calls at 31.5–50 suggesting two‑sided opportunistic buys.

Put additions: Large put OI cluster ~17,857 ~28% below spot; heavy flow into May15 $70 and Apr24 $26.50 puts.

GEX/DEX consistency: GEX positive (+$93.7M) and DEX net buy (+64.4M shares) consistent with dealer selling/short gamma and potential pin dynamics.

OI clusters: Highest OI at ~26.5–31.5 and 70 strikes; gamma flip ~21% below spot.

Hedging evidence: Flow is consistent with protective puts and collars, but many prints are small and elevated IV may reflect noise rather than broad institutional hedging.

Max pain context: Max pain sits below spot; spot ~12% above MP, which could bias action toward pinning into expiries.

Signal vs Noise

~Signal: concentrated short‑dated put flow (Apr24–May01) and large put OI cluster.

~Signal: positive GEX/DEX consistent with dealer gamma exposure and pin risk potential.

~Noise: isolated low‑price prints and small‑size trades with high vol_oi ratios that limit conviction.

Key Conclusions

⚠️Short‑dated put accumulation could suggest dealers short gamma and elevated pin/downside risk into expiries; confidence moderate‑to‑low due to many small prints and IV noise.

🔎Two‑sided unusual activity—monitor Apr24–May01 expiries for clearer execution/hedging signals; treat isolated prints with caution.

How to Use These Reports

This flow reflects the market close on April 22, 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.