Advanced Micro Devices ended the session at $615.52, up 9.95%.

Options flow showed notable institutional activity, headlined by a $5.39 million three-leg put spread that suggested a defensive posture, while a separate $805 thousand bull call spread and an overall 1.55 call/put volume ratio pointed to continued upside appetite. The mix reflects a market leaning bullish but still willing to pay for meaningful downside hedges.

>>>Start OPTIONS trading & earn up to SGD 200 in rewards!

Options Indicators

AMD’s implied volatility is 59.97%, and with an IV percentile of 42.23%, current volatility sits in a neutral range rather than at an extreme. In other words, while the absolute IV level is moderately high, it is not especially rich relative to AMD’s own recent history, so options look fairly priced overall rather than distinctly cheap or expensive. The IV/HV ratio of 1.20 further suggests implied volatility is running somewhat above realized volatility, indicating the market is assigning a modest premium to forward uncertainty.

The Call/Put volume ratio is 1.55.

Large Trades

A put spread package with a net debit of $5.39 million was the largest displayed trade, structured as a three-leg put combination expiring June 17, 2027. The trader bought 1,500 contracts of the 650.0 put, which is in the money, sold 3,000 contracts of the 500.0 put, which is out of the money, and bought 1,500 contracts of the 350.0 put, also out of the money. This is a put spread structure rather than a synthetic position, and the relevant trade size is the stated net debit of $5.39 million. Strategically, this looks like a bearish downside structure that pays premium upfront to express concern about a sizable decline while also defining risk and payoff through the short middle strike and long lower-strike hedge. The in-the-money long 650 put gives the position meaningful downside exposure from near current levels, while the short 500 puts help finance the structure and the long 350 puts cap tail risk.

A bullish call spread with a net debit of $805 thousand was the other displayed large trade. In this combination, the trader bought 1,500 contracts of the 750.0 call expiring January 15, 2027 and sold 1,500 contracts of the 1050.0 call expiring June 17, 2027, with both strikes out of the money versus the $615.52 reference stock price. Using the preprocessed classification, this is a bull call spread, and its size should be read as the stated net debit of $805 thousand. The trade reflects a directional upside bet, with premium paid upfront to participate in a rally toward higher levels while partially offsetting cost through the short higher-strike call. Because both legs are out of the money, the position appears aimed at capturing a longer-dated bullish scenario rather than immediate intrinsic exposure.

Overall, the large-trade flow points to a moderately bullish institutional tone. While the biggest single displayed position was a sizable bearish put structure that signals some protection or downside speculation, the broader block activity was dominated by bullish call-spread positioning, and the aggregate sentiment leaned positive. Taken together, that suggests the market is still biased toward upside in AMD over the medium to long term, but with at least one notable participant willing to spend meaningful premium to hedge or position for a material downside move.

Strategy Reference

For a low assignment probability on the short call side, a seller may consider the 750.0 call expiring January 15, 2027, which is out of the money relative to the $615.52 spot and already featured as a long leg in the displayed bull call spread; alternatively, traders seeking defined risk without posting excessive margin could use a bull put spread below the 500.0 strike to align with the prevailing bullish sentiment while capping downside exposure.