Advanced Micro Devices closed at $607.87, down 3.61%.

The options tape showed a clearly defensive tilt, with a $5.81 million bear put spread and a $4.51 million short call leading the flow. Institutional positioning emphasized downside hedging and premium collection above the market, rather than chasing further upside in Advanced Micro Devices.

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Options Indicators

Advanced Micro Devices has an implied volatility of 58.59%, and with an IV percentile of 35.86%, its current volatility sits in a broadly neutral range rather than an unusually cheap or expensive extreme. The IV/HV ratio of 1.11 indicates implied volatility is modestly above historical volatility, suggesting options are carrying a slight premium to recent realized movement, but overall pricing still appears relatively balanced rather than stretched.

The Call/Put volume ratio is 1.16, reflecting moderately higher call volume than put volume on the surface, but the largest prints in the flow told a more bearish story when structured positioning is considered.

Large Trades

A bear put spread with a net debit of $5.81 million was the most notable structured trade in the displayed flow, pairing a purchase of the November 20, 2026 $560.00 put with a sale of the November 20, 2026 $430.00 put, both in 2,300-contract size. With Advanced Micro Devices referenced at $607.87, both puts were out of the money at execution, making this a defined-risk bearish spread that targets downside into expiration while lowering upfront premium versus an outright put purchase. The net debit indicates the trader paid premium to position for a decline, likely expressing a directional bearish view while capping maximum payoff below the lower strike.

A single-leg short call worth $4.51 million also stood out, involving the sale of 3,199 November 20, 2026 $750.00 calls. That strike sat out of the money versus the $607.87 reference price, so this trade reflects premium collection above the market and carries a moderately bearish to neutral stance, effectively expressing the view that Advanced Micro Devices is unlikely to rally through $750.00 by expiration. Taken together, the large-trade flow is clearly bearish: the dominant structures were downside put positioning and upside call selling, which suggests institutions were more focused on hedging against weakness or positioning for limited upside than chasing further gains.

Strategy Reference

For a low assignment probability, a seller could consider the November 20, 2026 $750.00 call, which already attracted institutional short flow and sits well above the current $607.87 price; alternatively, a bear call spread such as selling the $750.00 call and buying the $800.00 call would cap margin while maintaining a defined-risk bearish stance.