>>Don’t Let Fees Quietly Eat Into Your Returns — Get up to SGD 200 in Options Rewards!
Options Indicators
Advanced Micro Devices closed at $449.04, rising 11.04%.
Advanced Micro Devices saw unusually heavy institutional activity in put options, including an $11.58 million calendar-style put combination and a $3.12 million put spread. Both trades used out-of-the-money strikes and carried net debits, suggesting significant downside hedging rather than bullish positioning. The large-order flow was dominated by these bearish structures even as the stock rallied sharply, pointing to elevated demand for protection against potential future declines or increased volatility.
Advanced Micro Devices currently has an implied volatility of 76.09%, and with an IV percentile of 84.46%, volatility is clearly in an elevated range, indicating that options are priced expensively relative to their own historical levels. At the same time, the IV/HV ratio of 0.79 suggests implied volatility is running below realized volatility, which can imply that despite rich historical percentile positioning, current option premiums are not fully reflecting the stock’s recent actual movement. Overall, the setup points to a market where option pricing remains elevated on a historical basis, but with a somewhat more nuanced valuation when compared against recent realized volatility.
The Call/Put volume ratio is 0.93.
Large Trades
A calendar-style put combination with a net debit of $11.58 million was one of the day’s standout structures, built entirely with out-of-the-money puts across multiple expirations. The trader bought the 300.00 put expiring 2028-06-16, the 280.00 put expiring 2028-12-15, the 300.00 put expiring 2027-09-17, and the 250.00 put expiring 2027-06-17, while selling the 290.00 put expiring 2028-01-21 and the 250.00 put expiring 2027-09-17. Because this combination contains both buy puts and sell puts, it is best read as a multi-leg put spread/calendar structure rather than a synthetic position. With a net debit of $11.58 million, the trade points to a bearish or downside-hedging view expressed through staggered maturities, likely seeking longer-dated downside exposure while partially financing the position with shorter-dated put sales.
A bull put spread with a net debit of $3.12 million was the other displayed large trade, pairing a purchase of the 300.00 put expiring 2027-02-19 with a sale of the 347.50 put expiring 2026-11-13, both out of the money. Although labeled as a bull put spread in the source data, the structure itself is still a put spread involving one long put and one short put across different expirations, and its net debit indicates the trader paid premium rather than collected it. That makes the position look less like straightforward income generation and more like a defined-risk tactical stance, potentially balancing near-term premium sale against longer-dated protection. Overall, the bulk-order flow remains clearly bearish on Advanced Micro Devices: the dominant large-trade interest was concentrated in net-debit put structures and downside-oriented combinations, suggesting institutional participants are leaning toward further weakness or are paying up for meaningful downside hedging despite a small pocket of selective bullish positioning.
Strategy Reference
Given the elevated IV percentile and bearish institutional flow, a defined-risk bear put spread may be preferable to outright put buying, as it reduces net premium and caps downside risk. However, if the primary concern is simply avoiding assignment, a put seller could target the 300.00 strike expiring later in 2025, which offers a meaningful distance from the current price; the exact assignment probability should be evaluated using current delta and the 76.09% implied volatility before entry.