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SMCI

Super Micro Computer, Inc.Close $28.81EOD only

Max Pain

$25.00

Next expiry Apr 24, 2026

Expected Move

±$1.87

6.5% from close

Price Gap

-3.81

Distance to max pain

IV Rank

Low premium

P/C OI

0.84

Slightly call-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

SMCI Theta Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 11.5% from MP; +0.5 VIX 20

IV Environment

IV Regime

High

IV vs VIX

Stock IV (~85%) >> VIX (19.5) — idiosyncratic premium

Favorable?

Yes

Term structure: Front-week puts rich (Apr24 put IV 144%) with elevated mid-term skews; ATM term curve elevated through May then gradually falls

⚖️High avg IV (84.8%) supports premium collection vs subdued market VIX

📌Gamma pinning concentrated around $24–$26 (MaxPain cluster) with dealer GEX +$77M — tail risk if spot moves through pins

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+77.2M)

Gamma flip: ~$20.00 — Approx — based on put OI concentration of 30,374 (29.7% below spot)

OI concentrations: ~29.7% of put OI between $20–$26; max-pain cluster at $24–$26; call OI wall $30–$40

Verdict: Elevated pin risk — likely short-term pinning around $24–$26; downside gap through $24 invalidates neutral premium thesis

Premium Opportunities

Put credit spread

Sell 2026-05-15 $24.00/$23.50 put spread

Sell 5/15 24/23.5 put spread to harvest rich front-week premium while keeping defined risk; entry when spread ~0.07–0.09.

Debit: $0.07-$0.09

Max loss: $0.50

BE: $24.00

Mgmt: Trim or buy back if spot drops below $24, IV collapses toward market levels, or ahead of major flow events/earnings; scale size for liquidity. Liquidity warning: Liquidity constraints: long_put: Wide spread (63%).

Iron condor

Sell 2026-05-15 $24.00/$23.50 put wing and $28.50/$29.00 call wing

Sell 5/15 iron condor to collect wider premium while defining both wings against tail moves; entry target 0.17–0.20.

Credit: $0.17-$0.20

Max loss: $0.30

BE: 23.80 / 28.70

Mgmt: Narrow or close call wing if upside flow/short-covering appears; buy protection and reduce size before earnings or if pin breaks below $24. Liquidity warning: Liquidity constraints: long_put: Wide spread (63%).

Risk Alerts

!Front-week put skew extreme (puts >> calls) — gap/vol spike risk

!Spot 11.5% above max-pain increases potential directional unwind

!Earnings/calendar risk: earnings expected Apr 28 (major IV/flow event) — manage roll/rollouts before event

!Dealer GEX positive but flow mixed — sudden large buying/selling can flip gamma regime

How to Use These Reports

This theta reflects the market close on April 21, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.