SUPER MICRO COMPUTER INC closed at USD 37.61, rising 19.02%.
The stock’s explosive rally was accompanied by notable options activity, with two large double-long call combinations dominating the tape. A $1.40 million in-the-money combo and a $1.02 million out-of-the-money combo both signaled aggressive bullish conviction, as traders positioned for further upside through premium-paid, same-direction structures.
>>>Click to claim your commission-free cards before trading!
Options Indicators
SMCI’s implied volatility stands at 79.27%, while its IV percentile is 40.64%, which places current volatility in a broadly neutral historical range rather than an extreme one. At the same time, the IV/HV ratio of 0.76 suggests implied volatility is running below realized volatility, indicating that options are not being marked at a particularly rich premium relative to recent actual price movement. Taken together, SMCI’s options look fairly to slightly cheaply priced, rather than overheated. The Call/Put volume ratio is 3.19.
Large Trades
A directional double-long CALL combination with a net debit of $1.40 million paired the purchase of 1,500 August 14, 2026 $31.50 calls and 1,500 August 14, 2026 $34.00 calls. With SMCI referenced at $37.61, both strikes were in the money, making this an aggressive bullish positioning that paid premium upfront to gain leveraged upside exposure. The same-direction long-call structure points to a directional bet on a substantial move higher rather than premium collection, and the use of two in-the-money strikes suggests the trader wanted strong delta exposure while still layering call ownership across nearby strike levels.
Another directional double-long CALL combination, this time with a net debit of $1.02 million, bought 5,000 August 21, 2026 $39.00 calls and 5,000 August 21, 2026 $42.00 calls. With the stock at $37.61, both strikes were out of the money, so this was a higher-conviction upside swing looking for a meaningful rally into or through those levels. As a same-direction long-call combination funded entirely by premium paid, the trade reflects a clear directional bet on large upside volatility, with the out-of-the-money strikes indicating the buyer was targeting a stronger forward move rather than seeking immediate intrinsic exposure. Overall sentiment across all large trades was modestly bullish: total bullish flow reached $3.05 million versus $2.56 million bearish, for a net bullish difference of $0.49 million. The directional judgment is therefore bullish, though not overwhelmingly so, as the tone was shaped by two sizable premium-paid call combinations and several additional bullish trades, partially offset by one very large bearish call sale.
Strategy Reference
For a defined-risk bullish play, a call debit spread using the August 21, 2026 $42.00/$45.00 strikes can reduce upfront cost relative to outright longs, while a short put seller seeking low assignment probability could consider the $25.00 strike in the same expiration cycle.
Comments