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SMCI

Super Micro Computer, Inc.Close $36.50EOD only

Max Pain

$31.00

Next expiry Aug 21, 2026

Expected Move

±$1.40

3.8% from close

Price Gap

-5.50

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.74

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Aug 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

Aug 20, 2026 close

SMCI Theta Report

Analysis based on market close May 22, 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 22, 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 13.0% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

IV ~83% vs VIX 16.7, much higher

Favorable?

Yes

Term structure: Extreme near-term put skew (put IV 303% vs call 88%)

🔴Front-month put IV >300% signals tail risk

🟢Positive GEX ($144.8M) supports pinning

📈Bullish flow with put/call volume 0.16

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+144.8M)

OI concentrations: Max pain $32 (w1), $31 (w2), $30 (w3); call wall $40-50; put floor $20

Verdict: Moderate pin risk: spot above max pain but within guardrails

Premium Opportunities

Short strangle

Sell 2026-06-12 $31.50 put + sell $40.00 call

Sells OTM put and call to collect premium from elevated implied volatility.

Credit: $1.79-$2.18

Max loss: Unlimited

BE: 29.32 / 42.18

Mgmt: Monitor spot near $36 resistance; exit if spot breaches $31.47 or $39.69.

Put credit spread

Sell 2026-06-18 $33.00/$31.00 put spread

Sells OTM put spread to collect skew premium while limiting downside exposure.

Credit: $0.58-$0.70

Max loss: $1.30

BE: $32.30

Mgmt: Close if spot declines below $31.47; set profit target at 50% of max gain.

Iron condor

Sell 2026-06-18 $33.00/$31.00 put wing and $38.00/$40.00 call wing

Combines credit put and call spreads to profit from low volatility within a defined range.

Credit: $1.08-$1.32

Max loss: $0.68

BE: 31.68 / 39.32

Mgmt: Exit if spot approaches wings; consider early close at 50% of credit.

Risk Alerts

!Extreme put skew in front-month

!High IV relative to VIX

!Spot near resistance at $36

How to Use These Reports

This theta reflects the market close on May 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.