AMD closed at $516.13, up 2.49%.

Institutional options flow showed a decisively bullish tilt, highlighted by a $14.27 million net-debit double call buy across 2027 and 2028 expirations. The largest block activity concentrated in out-of-the-money upside calls, while a smaller $3.60 million put purchase offered a counterpoint. Overall, the balance of large trades points to aggressive long-term bullish conviction rather than defensive positioning.

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Options Indicators

AMD’s implied volatility is 50.55%, while its IV percentile is just 7.97%, which indicates that, relative to its own recent history, volatility is on the low side and current options are cheaply priced rather than expensive. With the IV/HV ratio at 0.98, implied volatility is also very close to realized volatility, suggesting option premiums are generally in line with the stock’s actual recent movement instead of carrying a large volatility premium.

The Call/Put volume ratio is 1.91.

Large Trades

A $14.27 million net-debit call combination was the dominant large trade, structured as a same-direction double call buy with 1,104 contracts of the December 17, 2027 $800 call purchased for $7.72 million and 1,104 contracts of the June 16, 2028 $1,100 call purchased for $6.56 million. Both strikes sit out of the money versus the $516.13 reference stock price, making this a high-conviction upside expression that targets a substantial long-term rally and potentially amplified volatility to the upside. Because both legs are call purchases, this is a directional multi-leg bullish structure rather than a synthetic position, and the $14.27 million net debit signals aggressive premium outlay to secure convex upside exposure across two distant expirations.

A $3.60 million put buy was the other standout trade, consisting of 1,500 contracts of the March 19, 2027 $390 put purchased outright. With the strike below the current stock price, the option is out of the money, so this trade reflects a bearish stance that would benefit from a meaningful downside move over time, while also serving as possible portfolio protection against a deeper correction. Even so, the overall large-trade picture remains bullish: the biggest flow was overwhelmingly concentrated in long-dated upside call buying, and although there was a notable bearish put purchase, the balance of block activity still points to institutional traders leaning for further upside in AMD rather than preparing for a sustained downturn.

Strategy Reference

For sellers seeking a low assignment probability, the March 19, 2027 $390 put that was bought outright could serve as a short-put entry with a strike roughly 24% below the current price; alternatively, traders unwilling to post large margin for naked calls may consider a long December 17, 2027 $800/$1,100 call spread to define risk while retaining the bullish long-dated exposure.