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SMCI

Super Micro Computer, Inc.Close $30.63EOD only
Max Pain
$32.00
Next expiry Jul 2, 2026
Expected Move
±$2.45
8.0% from close
Price Gap
+1.37
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
0.75
Slightly call-heavy
Consensus
5.5/10
Range bias
Published snapshot: Jun 26, 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 26, 2026 close
SMCI Theta Report
Analysis based on market close June 29, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put Spreads
Invalidation: Spot below $20 or above $32
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 10.6% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 100% vs VIX 18: high relative to implied vol
Favorable?
Yes

Term structure: Front-end elevated (97% at 3d), slight contango to 11d (87%), then flattish. Supports short premium.

📊IV avg 100% vs VIX 18; term structure supports short premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+11.1M)

Gamma flip: ~$20.00 — Approx — based on put OI concentration of 28,395 (29.0% below spot)

OI concentrations: Put floor $15-$20 (28,395 OI), call wall $32-$40 (max pain at $32)

Verdict: High pin risk; spot $28.6 below MP $32; gamma flip at $20

Premium Opportunities

#1
Call diagonal
Sell 2026-07-24 $32.50 call / buy 2026-08-21 $37.00 call
Sell near-term call, buy back-month; benefits from IV collapse post-earnings.
Debit: $0.41-$0.50
Max loss: $0.50
BE: Path-dependent
Mgmt: Close if spot breaks invalidation 23.65 or adjust if IV widens.
#2
Call credit spread
Sell 2026-08-21 $35.00/$39.00 call spread
Sells OTM call spread; profits if stay below 35 by expiration.
Credit: $0.62-$0.75
Max loss: $3.25
BE: $35.75
Mgmt: Monitor spot near 35; close early if spot approaches.

Risk Alerts

!Gap risk: spot 10.6% below MP
!High IV may compress quickly
!Spot far from max pain; large move possible
How to Use These Reports
This theta reflects the market close on June 29, 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.