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SMCI

Super Micro Computer, Inc.Close $25.26EOD only

Max Pain

$23.00

Next expiry Apr 17, 2026

Expected Move

±$1.97

7.8% from close

Price Gap

-2.26

Distance to max pain

IV Rank

Low premium

P/C OI

0.91

Balanced positioning

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 10, 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

Apr 10, 2026 close

SMCI Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

4 / 10

base 4.0 (provided); +1 Pinning (GEX +31.2M supports pin); +1 High IV (Avg IV 83.5%); -1 Spot 14.8% above MP (weakens put-selling edge); -1 Mixed flow/unusual large one-sided flows

IV Environment

IV Regime

High

IV vs VIX

Avg IV 83.5% vs VIX not provided — IV is very elevated versus typical equity levels

Favorable?

Yes

Term structure: Front-week 7d ATM IV 69.8% -> 35d ATM ~84.1% (upward sloping/humped into 4-6 week window) — richer in the 28–45 DTE band

💰Avg IV 83.5% — rich volatility favors premium sellers, especially in 28–45 DTE

⚠️Front-week IV (69.8%) is lower than 35d (84.1%) — consider selling into the richer 4–6 week expirations

Pin Risk Assessment

Spot vs MP: Spot $25.26 is above max pain ($22 on 4/10, $23 on 4/17) — pre-computed: Above by 14.8%

GEX regime: Pinning (GEX +$31.2M) — large positive dealer gamma that tends to magnet strikes near concentrated short-delta OI

Gamma flip: ~$20.00 — Gamma flip near ~$20 — below $20 dealers become short gamma (moves may accelerate); current spot is well above the flip

OI concentrations: Call OI wall concentrated $32-$35; Put floor concentrated $13-$20 with heavy OI at $20 and $13; Near-spot pin magnets: $25 (20,619 OI), $24 (18,855 OI), $23 (11,594 OI)

Verdict: Favorable — strong positive GEX and large pin magnets at $25/$24/$23 support defined-risk credit sales (puts and wings) while spot remains above MP. Watch for dealer-driven pin moves toward $22–$25.

Premium Opportunities

put spread

Sell 2026-05-15 24/23 put spread (35 DTE)

High IV (35d ATM ~84.1%) and strong pin magnets at $24–$25 give tailwind to defined-risk put spreads. Spread keeps defined risk below the $24/$23 pin cluster and benefits from dealer pinning and heavy put OI at $20 supporting downside.

Credit: $0.65-$0.85

Max loss: $0.35

BE: 24.00 - credit (approx $23.35 to $23.15)

Mgmt: Take profits at 50–65% of max credit; roll down and out if price tests $24 (short strike) with >5% move and IV rises — otherwise close if filled below $23.30 (1w EM lower guardrail) or if close < $23.00

iron condor

Sell 2026-05-15 24/23 put x 27/30 call iron condor (35 DTE)

Wide wings capture the 1–5 week expected move (35d EM ±20.6%) while collecting elevated premium; positive GEX and pin magnets near $24–$25 reduce risk of one-side breakouts in the near term. Use the wider short call wing (27/30) because call-side flow is large but resistance above 27 is moderate.

Credit: $1.20-$1.60

Max loss: $2.80

BE: Approx 22.80 / 28.80 (varies by credit received)

Mgmt: Close at 50% of max profit; tighten or roll collars if short strike tested (within 0.50) or if close below $23.30 / above $27.00; cut losses if underlying closes beyond either short strike by end of day

covered call

Buy 100 shares and sell 2026-05-15 26.00 call (35 DTE)

For Theta-focused equity holders, selling the 26 call captures elevated premium (35d IV ~84%) with a modest upside cap. Positive GEX/pin environment reduces probability of a rapid pin move above 26 but watch call-flow around 25–26.

Credit: $1.00-$1.30

Max loss: Equity downside (less collected premium); breakeven ≈ $25.26 - credit

BE: $24.26

Mgmt: Buy back at 50–70% of collected premium; roll up-and-out if assigned risk and stock moves >2% above strike; close if price falls below $23.30 or IV surges

put spread (shorter DTE defined-risk)

Sell 2026-04-24 25/24 put spread (14 DTE)

Shorter-dated defined-risk put spread captures near-week pin (1w EM lower $23.30) and elevated 14d IV (70.7%). Use if you want faster theta and are comfortable with front-week pin dynamics.

Credit: $0.45-$0.65

Max loss: $0.55

BE: 25.00 - credit (approx $24.55 to $24.35)

Mgmt: Close at 60–70% of max profit; do NOT sell naked puts into short-dated uncertainty; cut losses if underlying closes below $24.00 or open interest magnet at $24 is breached

call credit spread (defined-risk)

Sell 2026-05-15 27/30 call spread (35 DTE)

Collects elevated call premium where demand is visible (flow into 26–30 strikes); defined-risk protects against sudden upside acceleration given institutional call interest at 26–30 strikes.

Credit: $0.85-$1.10

Max loss: $2.15

BE: Short call + credit (approx upper breakeven ~28.85 to 29.10)

Mgmt: Close at 50% of max profit; exit if underlying closes above 27.00 or if IV spikes materially; roll up-and-out only if rewarded sufficiently and position size is small

Risk Alerts

!Gamma flip near $20 — if SMCI approaches $20 dealer behavior can flip and accelerate moves (keep defined risk intact).

!Earnings on 2026-05-05 (≈25 days) — avoid selling uncovered through earnings and prefer closing/rolling positions that will cross the event.

!Large net premium flow anomalies (e.g., huge net put premium at $70 showing -$16.96M net) and concentrated call buying at 25/26/30 — monitor for institutional directional action that could skew outcomes.

!High IV (Avg IV 83.5%) — while favorable to sellers, any sharp de-gross or news could violently reprice wings; use defined-risk or size down.

!Pin risk concentrated at $25/$24/$23 — favorable for pin-driven credit selling but creates assignment risk on short ITM option legs; avoid naked short strikes that are ITM at or near settlement.

Read the Theta analysis for SMCI for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.