Advanced Micro Devices closed at USD 459.61, a decline of 2.36 percent.

Despite the pullback, the options market flashed a distinctly bullish tone. The session's most significant trade was a $1.37 million call purchase targeting a substantial long-term rally, followed by another out-of-the-money call buy. With total call volume marginally outpacing puts and option premiums sitting near their cheapest levels of the past year, traders appear to be using the price dip as an opportunity to position for upside rather than hedging against further downside.

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

Options Indicators

AMD’s implied volatility is 51.72%, and with an IV percentile of 13.89%, current option volatility sits on the low side relative to its own recent history, indicating that AMD options are cheaply priced rather than expensive. The IV/HV ratio of 1.04 also suggests implied volatility is only modestly above realized volatility, reinforcing the view that option premiums are relatively reasonable at current levels.

The Call/Put volume ratio is 1.02.

Large Trades

A call purchase worth $1.37 million was the largest large trade of the day, consisting of 1,500 AMD 610.0 calls expiring on 2026-11-20. With AMD referenced at 459.61, this strike is clearly out of the money, making it a distinctly bullish upside bet that targets a substantial rally over a longer-dated horizon. The buyer is paying premium for convex exposure rather than hedging, which suggests a willingness to position for a sharp advance while keeping downside risk limited to the premium spent.

A call buy worth $119,400 was the other displayed large trade, involving 1,085 AMD 470.0 calls expiring on 2026-09-02. With the strike sitting above the current stock reference price of 459.61, this is also an out-of-the-money bullish position, but with a much nearer-term expiration and a strike closer to spot. That profile points to a shorter-dated upside speculation, likely expressing confidence that AMD can push higher in the near term.

The overall large-trade picture is clearly bullish. The flow is entirely concentrated in bought calls, with no meaningful bearish large-trade activity offsetting it, which indicates traders are using premium outlays to position for upside rather than income generation or downside protection. Taken together, the longer-dated high-strike call buy and the nearer-term out-of-the-money call purchase suggest a constructive outlook in both tactical and longer-horizon terms, implying expectations for continued strength and the potential for further upside in AMD shares.

Strategy Reference

For a low assignment probability on the sell side, a trader could sell the 350.00 put expiring in the nearest monthly cycle; alternatively, a bull call spread such as buying the 470.00 call and selling the 520.00 call in the same expiry keeps margin limited while still participating in a measured upside move.