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SMCI

Super Micro Computer, Inc.Close $31.68EOD only
Max Pain
$31.00
Next expiry Jun 26, 2026
Expected Move
±$1.31
4.2% from close
Price Gap
-0.68
Distance to max pain
IV Rank
25
Low premium
P/C OI
0.76
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 25, 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 25, 2026 close
SMCI Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Neutral premium selling (iron condor)
Invalidation: Spot breaks below $28 support or above $34 resistance
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV (96.8%) extremely elevated vs VIX (18.4)
Favorable?
No

Term structure: Contango: front-week IV 72.5% rising to 87-93% for longer tenors

📈Average IV 96.8% vs VIX 18.4 – rich premiums but high pin risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+46.6M)

Gamma flip: ~$30.00 — Approx — based on put OI concentration of 21,535 (2.1% below spot)

OI concentrations: Put floor $20 (21.5K OI), call wall $34-$40, max pain $31-$33

Verdict: Elevated pin risk – spot below max pain, concentrated OI at key strikes

Premium Opportunities

#1
Iron condor
Sell 2026-08-21 $28.00/$27.00 put wing and $34.00/$35.00 call wing
Sells put and call wings at 28/34, defined risk
Credit: $0.70-$0.86
Max loss: $0.14
BE: 27.14 / 34.86
Mgmt: Close at 50% max profit or before earnings
#2
Put credit spread
Sell 2026-08-21 $28.00/$26.00 put spread
Sells 28/26 put spread, bullish bias
Credit: $0.75-$0.92
Max loss: $1.08
BE: $27.08
Mgmt: Roll if price breaches 28
#3
Call calendar
Sell 2026-07-24 $35.00 call / buy 2026-08-21 $35.00 call
Sells front-month call, buys back-month
Debit: $1.36-$1.67
Max loss: $1.67
BE: Path-dependent
Mgmt: Adjust if spot moves above 30

Risk Alerts

!High IV may decay quickly if pinning holds
!Gamma flip near $30 risk of rapid move
!Spot below max pain potential drift up but hold pin risk
How to Use These Reports
This theta reflects the market close on June 26, 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.