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SMCI

Super Micro Computer, Inc.Close $39.09EOD only

Max Pain

$38.00

Next expiry Sep 25, 2026

Expected Move

±$2.85

7.3% from close

Price Gap

-1.09

Distance to max pain

IV Rank

High premium

P/C OI

0.81

Slightly call-heavy

Consensus

5.5/10

Range bias

Published snapshot: Sep 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

Sep 18, 2026 close

SMCI Theta Report

Analysis based on market close June 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 June 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 16.3% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

avg_iv 99.3% vs VIX 17.3, extremely elevated

Favorable?

Yes

Term structure: Near-term contango (4d 101.5% to 10d 94%) then flattening; IV dips then rises mid-term

📊IV 5.7x VIX, rich premiums but high vol risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+55.4M)

Gamma flip: ~$30.00 — Approx — based on put OI concentration of 20,025 (15.4% below spot)

OI concentrations: Put OI 20,025 at $30 (15.4% below spot); call OI wall $40-$50

Verdict: Spot pinned near $30; high put concentration suggests support; gamma flip key

Premium Opportunities

Put credit spread

Sell 2026-08-21 $34.00/$31.00 put spread

Sell 34/31 put spread for credit up to 1.57; max loss 1.43; invalidation below 29.71.

Credit: $1.28-$1.57

Max loss: $1.43

BE: $32.43

Mgmt: Close at 50% profit or at 14 DTE; adjust if spot breaks $31 support.

Cash-secured put

Sell 2026-07-31 $30.50 cash-secured put

Sell 30.5 put for up to 1.95 credit; pin support near $30; max loss 28.55 if assigned.

Credit: $1.60-$1.95

Max loss: $28.55

BE: $28.55

Mgmt: Roll if spot tests $30; close at 50% gain or before earnings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!Vol regime High; position sizing critical

How to Use These Reports

This theta reflects the market close on June 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.