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SMCI

Super Micro Computer, Inc.Close $33.46EOD only

Max Pain

$30.50

Next expiry May 22, 2026

Expected Move

±$1.92

5.7% from close

Price Gap

-2.96

Distance to max pain

IV Rank

Low premium

P/C OI

0.82

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

SMCI Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.7% from MP; +1 VIX 17

Watch next session: Monitor call activity at $35.5 and $37.5 strikes

Flow Summary

Net premium: +$21.0M bullish

P/C volume ratio: 0.34

P/C OI ratio: 0.82

Strong bullish flow dominates with $21M net premium and low put/call ratio. Call buying at $35.5 and $37.5 strikes, but heavy put volume at $32.5-$34 suggests hedging. GEX positive $94.5M, pinning near max pain. Regime bullish, VIX moderate. Bias is bullish as long as spot holds above $32.5.

Notable Prints

SMCI 2026-05-22 $33.50 Put

Vol: 2,173

OI: 163

Vol/OI: 13.3x

IV: 77.6%

Notional: ~$213K

Intent: Bearish bet

Read-through: Expects decline

SMCI 2026-05-29 $22.00 Put

Vol: 2,002

OI: 160

Vol/OI: 12.5x

IV: 110.9%

Notional: ~$8K

Intent: Tail hedge

Read-through: Crash protection

SMCI 2026-05-22 $34.00 Put

Vol: 3,514

OI: 338

Vol/OI: 10.4x

IV: 77.1%

Notional: ~$457K

Intent: Bearish bet

Read-through: Expects decline

SMCI 2026-05-22 $32.50 Put

Vol: 3,017

OI: 319

Vol/OI: 9.5x

IV: 78.7%

Notional: ~$157K

Intent: Bearish bet

Read-through: Expects decline

SMCI 2026-05-22 $33.00 Put

Vol: 3,622

OI: 450

Vol/OI: 8.1x

IV: 79.3%

Notional: ~$268K

Intent: Bearish bet

Read-through: Expects decline

Institutional Positioning

Call additions: Unusual calls at $35.5, $37.5, $40; net premium +$21M

Put additions: Active puts at $32.5-$34 strikes near expiry

GEX/DEX consistency: GEX +$94.5M & DEX +59.3M shares align with bullish flow

OI clusters: Calls concentrated at $35.5 & $40; no large put clusters below

Hedging evidence: Heavy put volume near spot suggests downside protection

Max pain context: Spot above MP; gamma pinning supports upside bias

Signal vs Noise

~Unusual put volume at low strike is noise, not directional

~Net premium positive and low put/call ratio are real signals

Key Conclusions

📈Bullish flow with positive GEX/DEX; institutions adding calls

⚠️Put hedging near spot may cap immediate upside

How to Use These Reports

This flow reflects the market close on May 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.