thetaOwl
HomeOptionsSMCIReports

SMCI

Super Micro Computer, Inc.Close $35.46EOD only
Max Pain
$30.50
Next expiry Jun 26, 2026
Expected Move
±$3.36
9.5% from close
Price Gap
-4.96
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
0.76
Slightly call-heavy
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 22, 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
Jun 22, 2026 close
SMCI Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Premium selling
Invalidation: Spot breaks below $30 or above $35
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV avg 96.8% vs VIX 19.5 (ratio ~5x)
Favorable?
Yes

Term structure: Backwardated: 3d 90.5%, 9d 84.8%, 17d 83.4%; longer tenors ~90%

⚠️High IV and pinning support premium selling, but gamma risk at $30 flip

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+67.0M)

Gamma flip: ~$30.00 — Approx — based on put OI concentration of 20,409 (10.0% below spot)

OI concentrations: Heavy put OI at $30 (20.4k), call wall $35-40, put floor $20-30

Verdict: Max pain $30 weekly, gamma flip near $30; spot $33.5 above, downside pin risk moderate

Premium Opportunities

#1
Put credit spread
Sell 2026-09-18 $30.00/$28.00 put spread
Sell 30/28 put spread; max gain 0.96 vs max loss 1.04; IV rich.
Credit: $0.79-$0.96
Max loss: $1.04
BE: $29.04
Mgmt: Close at 50% profit or if spot breaches 30.5.
#2
Cash-secured put
Sell 2026-09-18 $30.00 cash-secured put
Sell 30 put for 4.35 credit; max loss 25.65; premium high from IV.
Credit: $3.56-$4.35
Max loss: $25.65
BE: $25.65
Mgmt: Roll if spot nears 30; consider assignment and covered call later.
#3
Call credit spread
Sell 2026-09-18 $36.00/$38.00 call spread
Sell 36/38 call spread; max gain 0.72; buffer to short strike 2.5 points.
Credit: $0.59-$0.72
Max loss: $1.28
BE: $36.72
Mgmt: Close if spot rises above 35 or at 50% profit.

Risk Alerts

!Elevated IV (96.8%) far above VIX (19.5) implies high premium but risk of IV collapse
!Short-dated options (3d) carry extreme gamma; theta decay fast but pinch potential if spot moves
How to Use These Reports
This theta reflects the market close on June 23, 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.