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SMCI

Super Micro Computer, Inc.Close $28.43EOD only

Max Pain

$25.50

Next expiry Apr 24, 2026

Expected Move

±$1.69

6.0% from close

Price Gap

-2.93

Distance to max pain

IV Rank

Low premium

P/C OI

0.83

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

SMCI Theta Report

Analysis based on market close April 22, 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 12.2% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

IV high (~84.5 avg) materially above VIX 18.92 — idiosyncratic premium

Favorable?

Term structure: Front-week skewed; very high short-dated put IV (2d put 167%) compressing into 1–4w; elevated mid-term vols 75–92

⚠️Short-dated put IV spike implies expensive tail risk into 4/24-5/8 expiries

📌Gamma pinning regime with dealer +$93.7M GEX concentrates pain near $25–$26 max pain

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+93.7M)

Gamma flip: ~$21.00 — Approx — based on put OI concentration of 17,857 (28.0% below spot)

OI concentrations: Put OI concentrated ~17,857 at ~28% below spot; max-pain cluster $25–$26 across near expiries

Verdict: High pin risk: dealer long-gamma footprint and pinning gamma increase pin/whipsaw risk into roll dates

Premium Opportunities

PMCC / LEAPS diagonal

Buy 2026-09-18 $30.00 call + sell 2026-05-29 $33.00 call

Buy 2026-09 $30 call, sell 2026-05 $33 call to finance long LEAP and retain upside beyond event.

Debit: $3.41-$4.17

Max loss: $4.17

BE: Path-dependent

Mgmt: Close or roll short into back month before earnings; trim if spot <24.6 or IV collapses.

Call diagonal

Sell 2026-05-22 $30.00 call / buy 2026-06-18 $29.00 call

Sell 2026-05 $30 call / buy 2026-06 $29 call to extract rich near-term call vol.

Debit: $1.11-$1.36

Max loss: $1.36

BE: Path-dependent

Mgmt: Monitor pin risk; roll/downsize if spot <24.6 or sharp IV fall.

Call diagonal

Sell 2026-05-22 $32.00 call / buy 2026-06-18 $35.00 call

Sell 2026-05 $32 call / buy 2026-06 $35 call as tiny carry trade.

Credit: $0.01-$0.02

Max loss: $0.01

BE: Path-dependent

Mgmt: Keep size tiny; exit on IV collapse, spot <24.6 or fast rally >31.

Risk Alerts

!Expensive short-dated put skew — unexpected gap lower costly

!Borrow availability/cost may limit naked/covered put trades or raise carrying cost

!Early exercise/dividend risk on deep ITM short options can force assignment

!Assignment and roll costs will increase margin and realized loss on directional moves

!Dealer GEX and put OI clustering can enforce pin behavior — higher assignment risk

!Event or earnings flows could spike IV further, invalidating premium collection assumptions

How to Use These Reports

This theta reflects the market close on April 22, 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.