Advanced Micro Devices closed at $629.26, up 2.38%.
Despite the solid single-day gain, large options prints leaned defensive. A $225 thousand bearish call spread and a $582 thousand purchase of deep out-of-the-money puts dominated the tape, signaling institutional caution. The put buy in particular showed a preference for downside tail-risk protection rather than chasing the rally, while the call spread indicated limited upside expectations. Together, these trades suggest that sophisticated investors are not fully convinced by the day’s positive price action.
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Options Indicators
Advanced Micro Devices currently has an implied volatility (IV) of 58.22%, while its IV percentile stands at 34.66%, indicating that although absolute implied volatility is relatively high, it remains in a neutral historical range rather than an elevated one. With an IV/HV ratio of 1.06, implied volatility is only modestly above realized volatility, suggesting option pricing is fairly balanced and not showing a strong premium versus recent actual movement.
The Call/Put volume ratio is 1.34.
Large Trades
A bearish call spread with a net debit of $225 thousand was the standout structured trade, consisting of a purchase of 1,500 Advanced Micro Devices 1120.0 calls expiring 2028-01-21 against the sale of 1,500 Advanced Micro Devices 970.0 calls expiring 2027-09-17. Both legs were out of the money versus the current reference price of 629.26, and the position points to a bearish-to-capped-upside view: the trader paid a relatively small net debit to position for limited upside while expressing the belief that Advanced Micro Devices is unlikely to rally aggressively enough to justify a more optimistic call stance. The use of a call spread structure suggests a defined-risk directional bet rather than outright premium collection, with the strategy leaning bearish because the short lower-strike call is closer to the stock and more immediately exposed than the long higher-strike call.
A put buy worth $582 thousand was the other notable large trade, with 1,875 contracts of the 250.0 put expiring 2026-06-17 purchased outright. This strike sits well out of the money relative to the current stock price of 629.26, indicating a downside hedge or speculative tail-risk bet rather than protection close to spot. Overall, the bulk-order flow is clearly bearish: the featured trades were entirely downside-leaning, with one trader using a defined-risk bear call spread and another paying premium for out-of-the-money puts, a combination that reflects caution on Advanced Micro Devices’ forward price path and a market bias toward downside risk rather than upside participation.
Strategy Reference
For a low-assignment-probability put sell, the 250.0 strike expiring 2026-06-17 produced a large traded premium despite its deep OTM status; however, if a trader prefers not to post excessive margin, a defined-risk put credit spread using the 250.0 put as the short leg and a lower strike as the long leg may offer a smaller capital requirement.
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