Advanced Micro Devices ended the latest session at $611.76, reflecting a 0.69% rise.

The dominant large trade was a $33.45 million dual-call selling strategy targeting the 1120.0 and 1150.0 strikes, with the seller collecting a net credit. A smaller $92,000 put purchase at the 300.0 strike added a tail-risk bearish layer. The overall flow leans neutral-to-bearish, favoring capped upside and downside protection over bullish exposure.

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Options Indicators

Advanced Micro Devices currently has an implied volatility of 56.57%, and with an IV percentile of 22.71%, volatility sits on the lower side of its recent range, indicating that options are cheaply priced rather than elevated. At the same time, the IV/HV ratio of 1.03 suggests implied volatility is very close to realized volatility, so current option premiums appear broadly aligned with actual stock movement rather than reflecting a substantial volatility premium.

The Call/Put volume ratio is 1.25.

Large Trades

A call premium-selling spread-style combination with a $33.45 million net credit was the dominant large trade, built by selling 1,500 out-of-the-money 1120.0 calls expiring 2028-12-15 and selling 1,500 out-of-the-money 1150.0 calls expiring 2029-01-19. Because the structure contains both Sell Call legs, it should be viewed as a same-direction dual-call premium collection strategy rather than a synthetic position. The trade was established for a net credit of $33.45 million, signaling an income-focused stance that leans neutral-to-bearish, with the seller effectively betting AMD is unlikely to rally anywhere near those distant upside strikes over the relevant time horizon and seeking to monetize elevated upside optionality rather than pay for bullish exposure.

A single-leg put buy worth $92,000 added a smaller bearish layer, with the buyer purchasing 2,000 contracts of the 300.0 put expiring 2025-11-20. With AMD referenced at 611.76, that strike sits deeply out of the money, making this a low-cost downside hedge or tail-risk bearish bet rather than an immediate high-conviction directional trade. Overall, the large-trade flow points clearly bearish: the biggest money was committed through upside call selling and premium collection, while the only other notable block was a put purchase, together indicating institutional positioning that favors capped upside, subdued expectations, and some protection against downside rather than confidence in a strong bullish move.

Strategy Reference

For sellers seeking a low assignment probability, the 700.0 call expiring within 45 days could serve as a nearer-dated premium collection strike, while a call credit spread using a short 650.0 call and long 700.0 call may be preferable for those looking to limit margin requirements.