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SMCI

Super Micro Computer, Inc.Close $32.45EOD only
Max Pain
$30.50
Next expiry Jun 26, 2026
Expected Move
±$2.12
6.5% from close
Price Gap
-1.95
Distance to max pain
IV Rank
29
Middle-high premium
P/C OI
0.72
Slightly call-heavy
Consensus
5.0/10
Range bias
Published snapshot: Jun 24, 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 24, 2026 close
SMCI Theta Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Short put spreads near support
Invalidation: Spot breaks below $30 gamma flip
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Stock IV ~95% far above VIX 19, elevated vol regime
Favorable?
Yes

Term structure: Front-end put skew steep; term structure flat to slightly backwardated

⚠️Puts 1DTE IV 124% vs calls 114%, high premium but pin risk
📈Positive gamma $59M supports near-term pinning

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+59.1M)

Gamma flip: ~$30.00 — Approx — based on put OI concentration of 21,529 (5.3% below spot)

OI concentrations: Put OI 21,529 at $31 (5.3% below spot); gamma flip at $30; call wall $34-$40

Verdict: High pin risk into OPEX; spot above max pain $31

Premium Opportunities

#1
Put credit spread
Sell 2026-07-02 $31.00/$30.50 put spread
Sell near-the-money put spread to collect elevated premium with defined risk.
Credit: $0.19-$0.23
Max loss: $0.27
BE: $30.77
Mgmt: Exit if spot breaks below $31; monitor gamma flip at $30.
#2
Iron condor
Sell 2026-07-02 $31.00/$30.50 put wing and $33.50/$34.00 call wing
Sell both put and call wings to capture theta and IV crush.
Credit: $0.31-$0.38
Max loss: $0.12
BE: 30.62 / 33.88
Mgmt: Manage wings if legs tested; close early for 50% of max gain.
#3
Short strangle
Sell 2026-07-02 $31.00 put + sell $33.50 call
Sell out-of-the-money put and call to collect large premium.
Credit: $1.80-$2.20
Max loss: Unlimited
BE: 28.80 / 35.70
Mgmt: Defensive management required; roll if spot approaches strikes; stop loss at 2x credit.

Risk Alerts

!Gamma flip at $30 could accelerate selloff
!Front-end put IV elevated, time decay unfavorable for buyers
How to Use These Reports
This theta reflects the market close on June 25, 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.