Advanced Micro Devices, Inc. closed at USD 506.00, down 1.63%.

AMD saw notable large-trade activity driven by long-dated out-of-the-money options. A USD 1.14 million put purchase dominated the flow, while a USD 0.80 million call buy offered a counterweight. Bearish premium outweighed bullish positioning, leaving a net bearish tilt of USD 0.82 million and highlighting a cautious tone among institutional traders.

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Options Indicators

AMD’s implied volatility is 57.51%, while its IV percentile stands at 31.08%, indicating that current volatility is in a broadly neutral zone and option pricing is not particularly stretched. At the same time, the IV/HV ratio of 0.69 suggests implied volatility is running below historical realized volatility, so options appear relatively reasonable rather than aggressively priced. The Call/Put volume ratio is 1.49.

Large Trades

A PUT buy worth USD 1.14 million stood out as the largest large trade, with 1,500 contracts of the AMD 490.00 put purchased for expiration on 2026-08-24. With the stock reference price at 506.00, this strike was out of the money at the time of the trade, indicating a downside-oriented position that likely reflects either a bearish directional bet on a pullback below 490.00 or protective hedging against weakness over the coming year. The buyer paid meaningful premium for relatively long-dated downside exposure, which makes this a notably cautious signal.

A CALL buy worth USD 0.80 million was the second highlighted trade, consisting of 1,052 contracts of the AMD 600.00 call purchased for expiration on 2026-09-18. Relative to the 506.00 stock reference price, the strike was out of the money, so this trade represents a bullish upside expression that requires a sizable move higher to become intrinsically valuable. Strategically, this looks like a directional bet on continued strength rather than income generation, with the buyer using long-dated calls to gain leveraged upside exposure while keeping risk limited to the premium paid. Overall, sentiment across all large trades leaned bearish: bullish flow totaled USD 0.80 million, while bearish flow reached USD 1.63 million, leaving a net difference of USD 0.82 million to the bearish side. The conclusion is a moderately bearish large-trade tone, as downside positioning outweighed upside speculation, and the presence of both a sizable put purchase and a call sale suggests traders were more focused on guarding against or positioning for capped-to-negative price action than on chasing aggressive upside.

Strategy Reference

For traders seeking a low assignment probability on the put side, the 400.00 strike with a 30-45 day expiry sits well below current support and aligns with the cautious flow, offering a defined-risk credit opportunity.