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SMCI

Super Micro Computer, Inc.Close $32.45EOD only

Max Pain

$30.50

Next expiry Jun 26, 2026

Expected Move

±$2.12

6.5% from close

Price Gap

-1.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.72

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 24, 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

Jun 24, 2026 close

SMCI Flow Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 19

Watch next session: $30; $33

Flow Summary

Net premium: -$4.0M bearish

P/C volume ratio: 0.44

P/C OI ratio: 0.76

SMCI shows bullish call skew despite net premium outflow. Large volume at $32 strike for weekly expiry suggests dealer hedging. Positive gamma and low VIX support pinning action near $30. Upward bias unless $30 breaks.

Notable Prints

SMCI 2027-06-17 $33.00 Put

Vol: 2,002

OI: 181

Vol/OI: 11.1x

IV: 81.0%

Notional: ~$2.1M

Intent: Protective put or bearish speculation

Dual read: Hedging long stock vs outright bearish

Read-through: Expects downside by 2027; vol/oi 11.1

SMCI 2026-07-02 $33.50 Call

Vol: 4,475

OI: 696

Vol/OI: 6.4x

IV: 81.9%

Notional: ~$371K

Intent: Bullish near-term bet

Dual read: Gamma positioning for pinning

Read-through: Aggressive call buying; suggests rally expectation

SMCI 2026-07-02 $31.50 Put

Vol: 1,639

OI: 496

Vol/OI: 3.3x

IV: 80.1%

Notional: ~$241K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SMCI 2026-08-21 $47.00 Put

Vol: 501

OI: 191

Vol/OI: 2.6x

IV: 91.9%

Notional: ~$791K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SMCI 2026-06-26 $32.00 Put

Vol: 5,584

OI: 2,367

Vol/OI: 2.4x

IV: 68.4%

Notional: ~$469K

Intent: Short-term bearish hedge or speculation

Dual read: Part of straddle; delta hedging

Read-through: High put volume near gamma flip; pinning play

Institutional Positioning

Call additions: June 26 32C, 32.5C and July 2 33.5C saw heavy volume (2k-5k each), OI doubling.

Put additions: June 26 31.5P, 32P, and 2027 33P saw large volumes (1.6k-5.6k) with high vol/OI ratios.

GEX/DEX consistency: Positive GEX ($59M) and DEX (62M shares) consistent; gamma flip at $30 suggests pinning support.

OI clusters: Largest OI at 32 strike (June 26: ~2.7k calls, ~2.4k puts). Also notable at 31.5 and 33 strikes.

Hedging evidence: 2027 $33 put (2002 vol, 11x OI) signals long-dated bearish hedge. Collar-like activity on June 26 32 strike.

Max pain context: Spot ($31.79) above max pain, gamma pinning near $30. High vol (VIX 19) supports straddle positioning.

Signal vs Noise

~Heavy put buying (31.5P, 32P) vs call buying (32C, 32.5C) is real flow, not noise.

~Large 2027 put is structural hedge, not speculative.

~Weekly expirations (June 26) high volume likely gamma scalping noise.

Key Conclusions

🔴Heavy put additions at 31.5/32 for June 26 and upcoming weeks signal near-term bearish bias despite pinning.

🟡Long-dated 2027 put at $33 is a hedge, not directional; watch for further downside protection.

🟢Positive GEX and DEX suggest institutional support; gamma flip at $30 acts as floor for now.

How to Use These Reports

This flow reflects the market close on June 25, 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.