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SMCI

Super Micro Computer, Inc.Close $27.20EOD only

Max Pain

$24.00

Next expiry Apr 17, 2026

Expected Move

±$1.54

5.7% from close

Price Gap

-3.20

Distance to max pain

IV Rank

Low premium

P/C OI

0.82

Slightly call-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

SMCI Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5.5 / 10

base 4.5; +1 pinning (GEX +98.0M); +0.5 high IV (Avg IV 83.0%); -0.5 spot 13.3% from MP noted in base

IV Environment

IV Regime

High

IV vs VIX

Avg IV 83.0% vs VIX 18.36 — very rich

Favorable?

Yes

Term structure: Front-week IV elevated (3d ATM 67.7%), 1-6 week strikes remain rich (10d 72.4%, 17d 74.5%, 31d 80.7%) — steep-ish but broadly high

💰Avg IV 83.0% is very high vs VIX 18.36 — strong edge for sellers

📈Term structure stays elevated through May (ATM ~80% at 31d) — prefer 30-45 DTE or defined-risk weeklies

Pin Risk Assessment

Spot vs MP: Spot $27.20 is above near-term max pain ($24 on 4/17, $23 on 4/24 & 5/01) — 13.3% distance noted in base

GEX regime: Pinning (Total GEX +$98.0M; concentrated positive GEX at $27.50 +$19.7M, $26.00 +$17.5M, $27.00 +$13.7M)

Gamma flip: ~$20.00 — Gamma flip near $20 — below $20 dealers flip to short-gamma/accelerant; current spot well above flip so dealer pinning pressure dominates near-term

OI concentrations: Call OI walls $32.00 (51,742), $26.00 (38,543), $27.50 (30,796); Put floor concentrated at $20.00 (30,392) — short-term magnets at $27.50 / $26.00

Verdict: Favorable — positive GEX and multiple pin magnets (27.50, 27.00, 26.00) increase likelihood of pinning into nearby expirations which helps defined-risk credit positions on puts and two-sided iron-style trades

Premium Opportunities

put spread (defined-risk weekly)

Sell 26 / Buy 25 put spread 2026-04-17 (3 DTE)

Short-week defined-risk put spread captures very rich front-week IV (ATM 67.7%) and sits just below strong GEX magnets at $27.00/$27.50 and near the $26.00 GEX wall. Short-dated defined-risk keeps assignment risk limited while collecting outsized theta.

Credit: $0.14-$0.16

Max loss: $0.86

BE: $25.86

Mgmt: Take 65% of max profit if achieved; roll down and out (e.g., to 25/24 or next weekly) if underlying closes within $0.20 of short strike on daily close; cut loss if price closes below $25.00 or spread reaches 50% of max loss.

call credit spread (defined-risk weekly)

Sell 27.50 / Buy 29.50 call spread 2026-04-17 (3 DTE)

Leverages large call OI concentration at 27.50 (30,796 OI) and near-term resistance inside the expected move. Positive GEX pinning lowers upside tail risk into the week; defined-risk spread limits assignment and capitalizes on elevated IV.

Credit: $0.40-$0.48

Max loss: $1.52

BE: $27.90

Mgmt: Close at 50% of max profit; if SMCI trades above 27.90 intraday consider buying back and rolling up+out (e.g., to 29/31 weekly) or close outright; cut loss if short strike is tested and spread >60% of max loss.

cash-secured put (30-45 DTE)

Sell 25.00 put 2026-05-15 (31 DTE)

May 15 ATM IV high (~80.7%) and 31d expected move keeps downside well-defined. 25.00 sits above longer-term put floor and inside the 31d expected move [$22.05 - $32.36], offering attractive net yield to own equity if assigned. Use as conservative cash-secured income or as entry to buy stock at a discount.

Credit: $0.70-$1.10

Max loss: $24.30

BE: $24.30

Mgmt: Close/roll if price is within 1% of strike with >50% of DTE remaining; close for 50% profit if premium decays accordingly; cut loss or roll down if SMCI closes below $24.00 or on any event-driven gap below $23.63 (17d lower EM).

iron condor (30-45 DTE)

Sell 25.00/24.00 put x Sell 29.00/30.00 call 2026-05-15 (31 DTE)

Two-sided defined-risk that uses strong short-side pin magnets (26.00/27.50) and resistance just under 30.00 to collect both wings premium. ATM IV elevated across curve makes wings rich; construct widths to keep max loss acceptable (example structure assumes $1 wide puts / $1 wide calls or adjust to $2 widths).

Credit: $0.95-$1.40

Max loss: $0.60

BE: 24.05 / 29.40

Mgmt: Take 50% of max profit; tighten/roll wings if either short strike is tested (within 0.25) with >7 DTE; close entire iron if underlying breaks through guardrails ($24.48 1w lower EM) or VIX spikes >+5 points intraday.

short covered call (if assigned or long stock)

Sell 30.00 call 2026-05-15 (31 DTE) against long stock

Call OI and structural call wall near $30-$32 makes the 30.00 strike a reasonable target for covered-call sellers seeking extra yield; elevated IV (~80%) makes premiums attractive for 1-month holds.

Credit: $0.43-$0.75

Max loss: Unlimited (stock exposure)

BE: Stock cost basis minus premium

Mgmt: Take 40-60% profit on premium; if SMCI approaches $29.50 consider rolling up and out; avoid if earnings or other event within the position DTE window.

Risk Alerts

!Earnings 2026-05-05 (within ~3 weeks) — avoid selling naked through this event; close or roll exposures before the print.

!Gamma flip ~ $20 — large negative gamma below $20 could accelerate downside if SMCI gaps down; protect defined-risk wings if price trends toward $23-$22.

!High positive GEX (+$98.0M) is pinning now but can amplify moves if dealers unwind — monitor intraday flow for sudden reversals.

!Unusual activity: concentrated premium at $26.50 put (4/17 vol spike) and $28.50 call (4/17 & 4/24) — these show institutional interest; strikes at 26.50/27.00/27.50 are actively traded.

!IV term is very high (Avg IV 83.0%) — selling is favorable but watch for IV spikes that widen wing risk and make rolling more expensive.

Read the Theta analysis for SMCI for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.