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SMCI

Super Micro Computer, Inc.Close $29.18EOD only

Max Pain

$26.00

Next expiry Apr 24, 2026

Expected Move

±$1.35

4.6% from close

Price Gap

-3.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

SMCI Flow Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.9% from MP; +0.5 VIX 19

Watch next session: Monitor prints at $27.5–$29 strikes; IV/volume spikes on May1 expiries; spot breach below put-heavy zone (~$25–$26)

Flow Summary

Net premium: -$10.8M bearish

P/C volume ratio: 0.41

P/C OI ratio: 0.85

Heavy near-term call activity and net positive GEX suggest short-term pinning toward $27–$29, but sizable put OI below spot and mixed flow leave downside invalidation risk.

Notable Prints

SMCI 2026-05-01 $27.50 Call

Vol: 10,518

OI: 312

Vol/OI: 33.7x

IV: 71.1%

Notional: ~$894K

Intent: aggressive buy

Dual read: speculation or delta hedge

Read-through: pinning pressure near 27.5

SMCI 2026-05-01 $29.50 Call

Vol: 10,282

OI: 699

Vol/OI: 14.7x

IV: 73.6%

Notional: ~$360K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SMCI 2026-05-01 $28.00 Call

Vol: 12,144

OI: 2,577

Vol/OI: 4.7x

IV: 69.2%

Notional: ~$753K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SMCI 2026-05-01 $29.00 Call

Vol: 6,208

OI: 1,356

Vol/OI: 4.6x

IV: 69.1%

Notional: ~$248K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SMCI 2026-05-15 $70.00 Put

Vol: 3,550

OI: 800

Vol/OI: 4.4x

IV: 176.6%

Notional: ~$13.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Near-dated May1 calls concentrated 26.5–29.5 with large prints and elevated OI; suggests directional interest but magnitude uncertain given mixed flow.

Put additions: Notable May15 $70 protective put block and scattered April 25.5 puts; long-dated puts show elevated IV consistent with paid protection.

GEX/DEX consistency: GEX net positive (+$19.7M) and DEX buying (+59.6M shares) — indicators lean toward expiry anchoring but are conditional and could be outweighed by fresh flows or gaps.

OI clusters: Largest OI cluster at 26–29 strikes; put OI cluster ~30k (~25% below spot) concentrates pain points near current levels.

Hedging evidence: Flow mix implies both speculative call buying and institutional hedges (collars/puts); dealer hedging likely to influence intraday delta but not guaranteed to hold price.

Max pain context: Spot ~0.9% from MP; gamma can encourage pinning into short-dated expiries, though mixed signals raise uncertainty.

Signal vs Noise

~Signal: Large May1 call blocks at 26.5–29.5 point to directional call interest and potential dealer delta response.

~Signal: GEX/DEX tilt is consistent with price anchoring into expiry but is conditional on no material new flows.

~Noise: High-IV long-dated puts and scattered prints are significant volatility drivers and could produce spikes distinct from directional flow.

Key Conclusions

📌Directional pressure clustered in 26–29 calls; dealer hedging may add support, but outcome is conditional and size-dependent.

⚠️Elevated IV on long-dated puts and scattered protective prints are outsized volatility risk—can trigger spikes even if net flow is neutral.

🔎GEX+DEX tilt favors expiry anchoring absent new catalysts, yet mixed flows leave meaningful uncertainty.

How to Use These Reports

This flow reflects the market close on April 23, 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.