Advanced Micro Devices closed at USD 630.63, up 0.22%.
The options tape showed two dominant blocks in far-dated upside strikes. A USD 14.55 million long call purchase at the 1120.00 strike for September 2027 led the session, while a USD 8.75 million call sale at the same strike for June 2027 offset part of that enthusiasm. The mix points to constructive but not euphoric positioning in Advanced Micro Devices options.
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Options Indicators
Advanced Micro Devices currently has an implied volatility of 57.73%, and with an IV percentile of 30.28%, current option pricing sits near the lower end of its recent range, suggesting volatility is broadly neutral rather than stretched. The IV/HV ratio of 1.06 indicates implied volatility is only modestly above historical volatility, so option premiums appear relatively reasonable rather than notably rich.
The Call/Put volume ratio is 1.38.
Large Trades
A CALL buy worth USD 14.55 million was the largest displayed block, with 3,000 contracts of the 1120.00 strike expiring on 2027-09-17 bought while Advanced Micro Devices was referenced at USD 630.63. This is a single-leg long call opened far out of the money, making it a high-conviction bullish directional bet on substantial upside over a long-dated horizon. The buyer paid meaningful premium for convex exposure, suggesting a willingness to wait for a large move rather than expressing a near-term income strategy.
A CALL sale worth USD 8.75 million was the other key displayed trade, involving 2,970 contracts of the 1120.00 strike expiring on 2027-06-17. This was also a single-leg position and, with the strike far above the current stock reference, it was out of the money at execution. Selling this call is a bearish-to-neutral expression on that distant upside, consistent with premium collection or a view that Advanced Micro Devices is unlikely to reach that level by expiration. Overall, the bulk-order flow leans bullish: the largest trade of the session was an aggressive long call purchase, and the broader large-trade mix still favors upside exposure despite notable call selling. The message from the tape is constructive rather than euphoric—bulls appear willing to fund long-dated upside, while some participants are simultaneously fading extreme strike rallies, leaving the overall sentiment moderately bullish.
Strategy Reference
For a low assignment probability, a seller could consider the 450.00 strike put expiring in 30 to 45 days, which sits well below current price; alternatively, a bull call spread such as buying the 650.00 call and selling the 700.00 call in a nearer-dated cycle reduces upfront cost and margin compared with a single long call.
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