thetaOwl

SMCI

Super Micro Computer, Inc.Close $46.09EOD only
Max Pain
$33.50
Next expiry Jun 5, 2026
Expected Move
±$2.46
5.3% from close
Price Gap
-12.59
Distance to max pain
IV Rank
99
High premium
P/C OI
0.72
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 29, 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 29, 2026 close
SMCI Theta Report
Analysis based on market close April 13, 2026

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

You are viewing an older report from April 13, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Defined-risk call spreads and cash-secured puts (30-45 DTE); weekly defined-risk iron condors for near-term premium
Invalidation: Close below $23.00 (next-week max pain / support) — below that, reduce short call exposure and move to protective put spreads
Confidence:
4.5 / 10
base 4.5 (base 5; -1 GEX/flow contradict; +1 GEX pinning; -1 spot 8.2% from MP; +0.5 VIX 19.1)

IV Environment

IV Regime
High
IV vs VIX
Avg IV 80.6% vs VIX 19.12 — IV is extremely rich vs market vol
Favorable?
Yes

Term structure: Front-week ATM IVs: 4d=67.4%, 11d=69.3%, 18d=71.7% then stays elevated into 30-45 DTE (~82%). Slightly higher mid-term skew — good for calendar/wing selling but main edge is rich IV overall.

💰Avg IV 80.6% — huge edge for premium sellers relative to VIX 19.12
📈Term structure stays elevated through 30-45 DTE (ATM ~82% at 32 DTE) — use 30-45 DTE for best roll economics

Pin Risk Assessment

Spot vs MP: Spot $25.97 is above near-term max pain ($24 on 4/17; $23 on 4/24 & 5/01) — ~8% above earliest MP

GEX regime: Pinning (Total GEX +$87.2M; concentrated positive GEX at $26.00 of +$21.1M)

Gamma flip: ~$20.00Gamma flip ~ $20 — below this dealers may amplify moves; well below current spot so tail gamma flip risk is remote for near-term trades

OI concentrations: Heavy call walls at $26.00 (38,998 OI), $27.50 (30,056 OI), $32.00 (51,030 OI); largest put OI at $20.00 (30,396 OI) — call clusters sit inside +10% range and act as magnetic resistance

Verdict: Favorable — strong positive GEX and near-term call OI concentration (especially $26.00) increase pinning likelihood near current spot and support selling premium on the call side; downside put floor is farther away.

Premium Opportunities

#1
call credit spread
Sell 27.50/30.00 call spread 2026-05-15 (32 DTE)
Large call OI concentration at $27.50 and $26.00 + positive GEX (+$21.1M at $26.00) favors pinning/limited upside; IV is very rich at ~82% for 32 DTE so call spreads pay well relative to risk.
Credit: $0.65-$1.10
Max loss: $2.35
BE: short strike + credit (27.50 + credit) ~ 28.15-28.60
Mgmt: Take profit at 50-65% of max credit; roll up 1-2 strikes and out 14-30 days if tested; cut losses at 60% of max loss or if underlying closes > short strike on a daily basis with rising IV.
#2
cash-secured put
Sell 25.00 put 2026-05-01 (18 DTE)
25.00 put has decent OI and bid/ask liquidity; spot is just above max pain and GEX pinning suggests downside is cushioned near $24-$25; high IV inflates put premium making CSP attractive for income buyers looking to own stock at effective lower cost.
Credit: $0.90-$1.40
Max loss: Strike - premium received (approx $23.60-$24.10 per share)
BE: $24.10
Mgmt: Close for 50-70% of max profit; if price trades below $24.00 (strong support breach) roll down and out to next monthly or buy back and convert to a put spread; avoid holding into earnings (earnings 2026-05-05).
#3
iron condor (weekly defined-risk)
Sell 25.00/24.00 put spread + Sell 28.00/30.00 call spread 2026-04-24 (11 DTE)
Short-dated defined-risk iron condor collects rich weekly IV while limiting directional risk; call side supported by large call OI at 26/27.5 and positive GEX (pinning), while put side is tight given next-week max pain at $24 and put OI lighter inside ±10%.
Credit: $0.80-$1.40
Max loss: $1.60
BE: downside ~24.20; upside ~29.40 (short strikes ± net credit)
Mgmt: Take profit at 50% of max credit; close/hedge if short strike is touched or if underlying breaches short strike with >1% daily move; avoid assignment risk by closing short ITM options before expiration day.
#4
put spread
Sell 24.00/23.00 put spread 2026-05-15 (32 DTE)
Max pain for near-term expirations sits at $23-$24; selling a defined-risk put spread near those levels capitalizes on pinning and high IV while keeping risk small if the market grinds down to MP.
Credit: $0.40-$0.80
Max loss: $0.60
BE: 24.00 - credit ~23.20-23.60
Mgmt: Take profit at 60%+ of max debit collected; roll down-and-out if price closes below $23.50 for two consecutive sessions; cut loss at 80% of max loss or if price < $23.00 with expanding IV.

Risk Alerts

!Earnings 2026-05-05 (within ~3 weeks) — do not sell uncovered premium through earnings; close or avoid positions that will be exposed to earnings vol move.
!Gamma flip near $20 — while remote (>10% below spot), a large tail move through the gamma flip would accelerate moves and hurt wings; keep defined-risk sizing.
!Concentrated call OI at $26.00 and $27.50 — pinning can compress premium but also cause sharp short-squeeze pop if an event triggers upside; manage short calls tightly if price tests these strikes.
!Net premium flow is negative ($-13.1M) while P/C OI ratio 0.83 — mixed flow suggests institutional directional activity exists; watch for sudden directional flow spikes.
!Unusual heavy put flow for far-OTM/odd strikes (e.g., large notional at $70 and some concentrated calls into Sep) — indicates non-standard institutional activity; monitor flow but don't let this dictate near-term small-cap position sizing.
How to Use These Reports
This theta reflects the market close on April 13, 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.