thetaOwl

SMCI

Super Micro Computer, Inc.Close $35.58EOD only
Max Pain
$31.00
Next expiry May 29, 2026
Expected Move
±$2.83
8.0% from close
Price Gap
-4.58
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.81
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 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
May 22, 2026 close
SMCI Theta Report
Analysis based on market close April 9, 2026

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

You are viewing an older report from April 9, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell defined-risk call spreads into the 23.50–25.00 GEX magnet (30–45 DTE); opportunistic cash-secured puts at strong put support and iron-condors for balanced exposure
Invalidation: Close below $21.30 (1-week EM lower guardrail) — sustained trade below this removes pin protection and favors downside
Confidence:
5 / 10
base 4.0; +1 high IV (Avg IV 88.4%); +1 strong GEX pinning (+$87.6M); -1 spot 5.5% from MP / MP drift; -0.0 data quality OK

IV Environment

IV Regime
High
IV vs VIX
IV avg 88.4% (ATM term structure: 1d 82.8% → 36d 86.4% → 70d 84.0%) vs VIX N/A — IV is very elevated vs normal equity vols
Favorable?
Yes

Term structure: High IV throughout front and mid-curve with a mild hump into the 29–36 DTE band (May 08/May 15 ATM 89.5% / 86.4%) — good for 30–45 DTE defined-risk selling and calendar work if desired.

💰Avg IV 88.4% — rich environment for collecting theta across 30–45 DTE
📈Front-end ATM IV 82.8% (1d) with sustained elevated mid-dates — defined-risk spreads preferred to naked selling

Pin Risk Assessment

Spot vs MP: Spot $23.22 is above nearest max pain $22 (2026-04-10) and $23 (2026-04-17); spot is +5.5% from the immediate MP trend low ($22 → $23 over expirations).

GEX regime: Pinning (GEX +$87.6M) — dealers/net delta exposure is strongly positive which creates a magnetic effect toward nearby call/put walls.

Gamma flip: ~$20.00Gamma flip near $20 — below ~$20 dealer amplification turns into a breakout accelerant; current spot $23.22 is well above flip but monitor if trade approaches $21–20.

OI concentrations: Call OI walls at $25 (41,295) and $23.50 (33,917); put OI concentration at $20 (30,472). Near-term GEX concentration: +$30.4M at $23.50, +$24.4M at $24.00, +$15.8M at $25.00 — strong pin magnets above spot.

Verdict: Favorable — pinning and large positive GEX near $23.50–$25 create a magnet that helps defined-risk credit spreads and CSPs; downside risk increases if price falls toward gamma flip ~$20.

Premium Opportunities

#1
call spread (defined-risk)
Sell 24 / buy 25 call spread exp 2026-05-15 (36 DTE)
High IV (May15 ATM 86.4%) and strong GEX pin at $24.00 / $23.50 make selling calls into the 24.00 magnet efficient — limited risk width (1.00) with attractive mid-curve premium.
Credit: $0.30-$0.55
Max loss: $0.70
BE: Short strike + credit (24.30–24.55 depending on fill)
Mgmt: Take profit at 50–65% of max premium collected; if SMCI > short strike (24.00) on daily close, consider rolling up-and-out one strike (to 25/26 if available) for debit or take profit; cut losses and close if price prints and closes below invalidation level $21.30 or if short strike is breached and IV rises >15% intraday.
#2
cash-secured put (CSP)
Sell 21 put exp 2026-05-15 (36 DTE)
Put is OTM relative to spot ($23.22) and sits above the 1-week EM lower bound ($21.30) while mid-curve IV is rich; GEX pinning upward increases odds of staying OTM — good for conservative premium buyers wanting to own stock at a discount.
Credit: $0.90-$1.30
Max loss: 21.00 - credit (approx $19.70–$20.10 net cost if assigned)
BE: $20.10
Mgmt: Take profit at 50% of premium; roll down 1.0–1.5 points and out 30–45 DTE if price approaches $21.30 or if IV collapses; close before earnings (2026-05-05) if left open into earnings window (close ~7–10 days prior).
#3
iron condor (defined-risk wings)
Sell 23.5 / buy 25 call spread and sell 21 / buy 20 put spread exp 2026-05-08 (29 DTE) or 2026-05-15 (36 DTE)
Front-to-mid curve rich IV and strong GEX call magnets at 23.50/24.00/25.00 allow selling both wings. Using defined-risk 1-point wings keeps max loss controlled while collecting elevated premiums. Prefer May 08 (29 DTE) for slightly higher front IV, May 15 for wider term stability.
Credit: $0.85-$1.40
Max loss: $0.65
BE: 21.00 / 24.65 (approx — lower/upper depending on collected credit)
Mgmt: Take profit at 40–60% of max credit; if either short strike is tested (daily close beyond short), tighten leg or roll that side out 1 strike and +14–30 DTE; cut losses if price closes beyond the lower guardrail $21.30 (exit put side) or above $25.50 on a sustained basis (exit call side).
#4
put spread (bull put spread)
Sell 21 / buy 20 put spread exp 2026-05-15 (36 DTE)
Defined-risk way to collect premium with put OI floor further down; limited width keeps risk controlled while benefiting from pinning and positive GEX. Suitable if you prefer not to be assigned stock.
Credit: $0.35-$0.70
Max loss: $0.65
BE: $20.65
Mgmt: Close at 60–70% of max profit; roll down-and-out if price trades to short strike 21.00 with >1 day left; cut losses if price closes below $21.30 or if gamma flip (~$20) comes into play.

Risk Alerts

!Gamma flip around $20 — a break toward or below $20 would remove dealer pinning and accelerate directional moves; exit or convert credits near that region.
!High IV (Avg 88.4%) means elevated option prices but also larger expected moves — keep defined risk and manage position sizing accordingly.
!Max pain is moving higher (MP trend rising $22 → $25 across expirations) — if price gaps above $25, short-call exposure can become threatened; monitor calls at $25 and $32 OI walls.
!Unusual flow: very large net put premium at far strikes (top flow shows heavy institutional activity at outlier strikes) — continued large directional flows could overwhelm local GEX pinning.
!Earnings 2026-05-05 (in ~26 days) — avoid leaving large naked positions open into the earnings window; consider closing or rolling 7–10 days prior to event.
How to Use These Reports
This theta reflects the market close on April 9, 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.

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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.