Super Micro Computer Inc. closed at USD 36.71, down 1.53%.

A bearish session for SMCI was accompanied by decisively bullish options flow, as large participants concentrated on selling out-of-the-money puts at the $35.00 strike. The largest trade alone accounted for $1.64 million in premium, with total disclosed flow dominated by short puts rather than downside speculation. This positioning points to institutional confidence that shares will hold above the $35.00 support zone over the coming quarters.

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Options Indicators

SMCI’s implied volatility is 73.17%, while its IV percentile stands at 22.22%, which indicates that although the absolute IV level is high, it remains low relative to its own recent history. In other words, current option pricing is on the cheaper side rather than elevated, and with an IV/HV ratio of 0.86, implied volatility is also running below historical realized volatility, suggesting options are not being aggressively overpriced at the moment. The Call/Put volume ratio is 2.25, reinforcing the tilt toward bullish positioning in the options market.

Large Trades

A put sale worth $1.64 million was the largest displayed trade, with 1,500 contracts sold at the $35.00 strike expiring on January 21, 2028. With SMCI referenced at $36.71, this put was out of the money at execution, making it a moderately bullish trade structure. Selling an out-of-the-money put at this strike suggests the trader was either seeking to collect premium while expressing confidence that shares will remain above $35.00 over the longer term, or was willing to accumulate stock effectively near that level if assigned.

Another notable trade was an out-of-the-money $35.00 put sale expiring on September 18, 2026, where 2,066 contracts changed hands for $297,500. As a single-leg short put with the stock also above the strike, this trade likewise reflects a bullish-to-neutral stance centered on premium income and support around the $35.00 area. Overall, the bulk-order flow was clearly bullish, with both of the largest trades concentrated in short out-of-the-money puts at the same strike, indicating that larger participants appear comfortable underwriting downside risk and signaling confidence that SMCI can hold above $35.00 rather than positioning for a significant breakdown.

Strategy Reference

For a lower assignment probability, sellers could consider the $30.00 put or lower, while traders concerned about margin requirements can define risk with a $35.00/$25.00 bull put spread instead of a naked short put.