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SMCI

Super Micro Computer, Inc.Close $33.46EOD only

Max Pain

$31.50

Next expiry May 22, 2026

Expected Move

±$1.13

3.4% from close

Price Gap

-1.96

Distance to max pain

IV Rank

Low premium

P/C OI

0.80

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

SMCI Theta Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 6, 2026. A newer theta report is available for May 20, 2026.

View latest report

Theta Verdict

Confidence:

6 / 10

base 6; +1 high IV; +1 strong pinning; -1.5 mixed flow/negative net premium

IV Environment

IV Regime

High

IV vs VIX

IV 89.7% — extremely elevated

Favorable?

Yes

Term structure: Humped at 5/08 (91.2%), elevated across all expirations

💰Extremely high IV favors premium sellers

Pin Risk Assessment

Spot vs MP: At max pain ($22 for 4/10)

GEX regime: Strong pinning (GEX +$31.1M)

Gamma flip: ~$20.00 — Below $20, dealers amplify downward moves

OI concentrations: Call wall $25.00 (36,649 OI), Put floor $20.00 (30,492 OI)

Verdict: Highly favorable — strong positive GEX and spot at max pain support credit positions

Premium Opportunities

put spread

Sell $20/$18 put spread 5/01 (25 DTE)

High IV provides rich premium; put floor at $20 with massive OI (30,492) creates strong support; well above gamma flip at $20; 25 DTE optimal for theta decay

Credit: $0.45-$0.55

Max loss: $1.55

BE: $19.55

Mgmt: Close at 65% profit; exit if spot closes below $20 gamma flip; roll only if credit >50% of original

iron condor

Sell $20/$18P x $24/$26C 4/24 (18 DTE)

Range-bound pinning regime with spot at $22 between put floor ($20) and call wall ($24-$25); high IV across all strikes; defined risk with positive GEX supporting both sides

Credit: $0.85-$1.05

Max loss: $1.15

BE: 18.85/25.15

Mgmt: Close at 50% profit; adjust if either short strike tested; exit on close outside $18-$26 range

covered call

Buy 100 shares at $22.05, sell $24 call 4/17 (11 DTE)

High IV provides attractive call premium; call wall at $24 (21,872 OI) creates resistance; pinning regime favors range-bound movement; 11 DTE captures rapid theta decay

Credit: $0.46-$0.50

Max loss: $22.05

BE: $21.59

Mgmt: Close call at 80% profit; roll up and out if spot approaches $24; consider exiting entire position if spot breaks below $20

calendar spread

Sell $22 call 4/10 (4 DTE), buy $22 call 5/01 (25 DTE)

IV term structure shows front-month (80.2%) lower than 25 DTE (83.3%) — favorable for calendar spreads; spot at $22 aligns with max pain; pinning at $22 supports short strike

Credit: $0.10-$0.15

Max loss: $0.90

BE: $22.15

Mgmt: Close when short option decays to 10% of value; exit if spot moves beyond $21-$23 range; roll short leg if tested

Risk Alerts

!Earnings expected 2026-05-05 — close all positions before announcement (never sell naked through earnings)

!Gamma flip at $20 — breach would trigger dealer selling and accelerate downward moves

!Mixed flow with negative net premium (-$26.6M) suggests institutional selling pressure

!Extreme IV (89.7%) means IV crush risk if volatility normalizes — prefer defined-risk strategies

!Unusual activity in far OTM puts ($70, $110 strikes) indicates tail risk hedging

How to Use These Reports

This theta reflects the market close on April 6, 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.