thetaOwl

SMCI

Super Micro Computer, Inc.Close $37.10EOD only
Max Pain
$31.00
Next expiry May 29, 2026
Expected Move
±$2.61
7.0% from close
Price Gap
-6.10
Distance to max pain
IV Rank
24
Low premium
P/C OI
0.80
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 26, 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 26, 2026 close
SMCI Theta Report
Analysis based on market close April 8, 2026

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

You are viewing an older report from April 8, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put spreads near dealer-backed put floor (22/21) and short OTM calls for covered holders; prefer defined-risk spreads 30-45 DTE
Invalidation: Close below gamma flip ~$20 (dealer behavior flips) — reassess if price < $20.00
Confidence:
4 / 10
base 4.0; +1 for strong positive GEX pinning (+$89.0M); +1 for very high IV (Avg IV 87.4%); -1 spot 6.2% above max pain; -1 mixed flow

IV Environment

IV Regime
High
IV vs VIX
ATM Avg IV 87.4% vs VIX N/A — IV is very rich for an equity; sellers get paid
Favorable?
Yes

Term structure: Front-month (2d–23d) IV is high (82%–81%), then peaks ~30d (90.9%) and remains elevated across 30–90d — good for 30–45 DTE premium selling and calendar/skew plays.

💰Avg IV 87.4% (ATM 30d 90.9%) — rich premium for sellers
⚖️Term structure elevated and sticky — favors defined-risk spreads 30–45 DTE

Pin Risk Assessment

Spot vs MP: Above by 6.2% (spot $23.37 vs short-term max pain $22.00 → $23.00 series)

GEX regime: Pinning (GEX +$89.0M) — dealers are long gamma net which encourages pinning toward concentrated OI

Gamma flip: ~$20.00Below ~$20 dealers flip; below this level negative gamma accelerates moves and threatens credit positions

OI concentrations: Call OI wall $25-$32 (large call interest at $25.00 OI 40,783 and $32.00 OI 52,885); put floor shows concentration $13-$20 (notably $20.00 put OI 30,490). Near-term strong GEX magnets at $23.50 (+$31.7M) and $24.00 (+$24.7M).

Verdict: Favorable — strong positive GEX and near-term GEX magnets ($23.50/$24.00) support short premium positions, but watch upside call walls that can cap upside and create assignment/management events for covered sellers.

Premium Opportunities

#1
put spread
Sell 22 / buy 21 put spread exp 2026-05-08 (~30 DTE)
Put spread sits at dealer-backed put floor (put OI cluster $20, put floor $13-$20) and inside EM 1w/2d guardrails ($21.15/$22.23). Positive GEX (+$89M) and near-term GEX magnets near $23.50-$24.00 reduce downside sweep risk — selling downside defined-risk here captures rich IV (Avg IV 87.4%).
Credit: $0.55-$0.75
Max loss: $0.45
BE: $21.45
Mgmt: Take profits at 60-70% of max credit; roll down 1-2 strikes or close if underlying closes below $20.00 (gamma flip). Cut losses at 50% of max width (i.e., if spread costs >$0.50).
#2
iron condor
Sell 23.5C / buy 25C and sell 21P / buy 20P exp 2026-05-08 (~30 DTE)
Wide two-way defined risk takes advantage of elevated IV and pinning near $23.50/$24.00 GEX magnets. Short 23.5C is just above spot and sits under heavy call stacking toward $25; call protection to $25 limits assignment/large loss. Works with mixed flow and strong dealer gamma to collect theta.
Credit: $0.60-$0.95
Max loss: $1.05
BE: Put-side BE ~20.40 / Call-side BE ~24.55
Mgmt: Take profits at 50% of max credit; tighten or buy back if either short strike is closed/tested intraday; cut losses if underlying trades beyond short strike and fails to reverse within 2 trading days or price < $20.00.
#3
covered call
Covered stock holders: sell 25.00 call exp 2026-05-08 (~30 DTE)
For long stock holders, selling the $25 call captures rich call premium with a clear resistance zone (call OI wall $25-$32). High IV and call stacking mean good income; avoids naked downside exposure.
Credit: $0.80-$1.20
Max loss: Downside stock risk minus premium
BE: $22.57
Mgmt: Close at 50% of max premium; buy back if price > $25.00 and call shows heavy buying (risk of assignment) or if price drops below $21.15 (1w EM guardrail). Consider rolling up-and-out if assigned is acceptable and you want to retain position.
#4
calendar (directionally neutral / income)
Buy 2026-05-08 24.00 put / sell 2026-04-17 24.00 put (short front-week), or vice versa for calls depending on positioning — target 16–30 DTE short leg
IV term structure shows elevated mid-dated vol and relatively high short-dated vols; calendars can harvest front-week theta while being long vega if adverse moves occur. Use small size because front-week can gap.
Max loss: Debit paid
BE: Varies by pricing
Mgmt: Keep small allocation; close short leg early if underlying approaches short strike or if front-week IV spikes; take profit if >50% return on debit or roll short leg forward for credit.

Risk Alerts

!Gamma flip ~$20 — dealer behavior changes below this level; avoid naked short puts or wideners that rely on dealer pinning if price < $20.00.
!Large positive GEX (+$89.0M) creates pinning risk — good for short premium while intact but can flip quickly if dealer hedges unwind.
!Very high IV (Avg IV 87.4%) means rich premiums but also larger expected moves (30d EM ±$4.81). Use defined-risk structures and avoid naked exposure.
!Call OI wall $25-$32 — heavy upside concentration can cap rallies but also indicate crowded upside flow; short-call management needed for covered sellers around $25.
!Unusual flow in deep strikes (e.g., big net put premium at $70 and increased OI at $26 call/25 call) — watch for directional blocks that could overwhelm short-dated pinning.
How to Use These Reports
This theta reflects the market close on April 8, 2026.
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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.

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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.