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SMCI

Super Micro Computer, Inc.Close $37.41EOD only

Max Pain

$31.00

Next expiry Aug 21, 2026

Expected Move

±$2.28

6.1% from close

Price Gap

-6.41

Distance to max pain

IV Rank

Low premium

P/C OI

0.76

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Aug 18, 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

Aug 18, 2026 close

SMCI Theta Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.7% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

IV 84% vs VIX 17, wide spread

Favorable?

Yes

Term structure: Near-term put skew steep, term structure mixed

📈IV high at 84% vs VIX 17, premium rich

⚠️Put skew elevated, 2d put IV 172% vs call 89%

📌Max pain at $30, dealer long gamma ($94.5M)

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+94.5M)

OI concentrations: Max pain $30; call wall $36-$50; put floor $20

Verdict: Low pin risk due to dealer long gamma, but spot above MP and near expiry

Premium Opportunities

Cash-secured put

Sell 2026-06-18 $31.00 cash-secured put

Sell 31 put for ~1.79 credit; bullish/neutral, collects time premium.

Credit: $1.46-$1.79

Max loss: $29.21

BE: $29.21

Mgmt: Close at 50% profit or if spot breaks $30.50.

Iron condor

Sell 2026-06-18 $31.00/$29.00 put wing and $38.00/$41.00 call wing

Sell 31/29 put and 38/41 call for ~1.31 credit; profits between $31-$38.

Credit: $1.07-$1.31

Max loss: $1.69

BE: 29.69 / 39.31

Mgmt: Manage at 21 DTE; adjust if spot nears wings.

Put credit spread

Sell 2026-06-18 $31.00/$29.00 put spread

Sell 31/buy 29 put spread for ~0.73 credit; max loss $1.27.

Credit: $0.59-$0.73

Max loss: $1.27

BE: $30.27

Mgmt: Exit at 50% profit or if spot < $30.50.

Risk Alerts

!High put skew may inflate premium

!Spot near $33.5-$35 resistance

How to Use These Reports

This theta reflects the market close on May 20, 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.