Advanced Micro Devices · stock

AMD options: expected move, IV and max pain

Advanced Micro Devices (AMD) traded near $508.22 at the last snapshot. Option prices for the 20 Nov monthly expiry, which is 21 days away, imply a move of about $66.90 either way (13.16%), a range of $441.32 to $575.12.

Last price: $508.22
Expected move: ±$66.90; 13.16% · to 20 Nov
ATM IV: 69.7%; 20 Nov expiry
Data as of: 30 Oct 2026, 4:00 pm ET

Source: ThetaData

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What stands out in the AMD data

30-day IV is 64.8%, the 71st percentile of the last 252 sessions, with an IV rank of 48.
The 20 Nov chain lists 152 strikes and 371,498 contracts of open interest.
Open interest is largest at the 18 Dec expiry, at 395,180 contracts.

Expected move by expiry

What the options market is pricing for AMD at each of the expiries below.

AMD expected move, ATM implied volatility and price range by expiry
Expiry	Time left	ATM IV	Expected move	Price range
2 Nov 2026Nearest	Time left3 days	ATM IV53.1%	Expected move±$19.70 (3.88%)	Price range$488.52 to $527.92
6 Nov 2026WeeklyIncludes earnings (3 Nov)	Time left7 days	ATM IV89.7%	Expected move±$50.43 (9.92%)	Price range$457.79 to $558.64
20 Nov 2026MonthlyIncludes earnings (3 Nov)	Time left21 days	ATM IV69.7%	Expected move±$66.90 (13.16%)	Price range$441.32 to $575.12
4 Dec 2026Closest to 30 daysIncludes earnings (3 Nov)	Time left35 days	ATM IV62.6%	Expected move±$78.18 (15.38%)	Price range$430.04 to $586.39
18 Dec 2026Next monthlyClosest to 60 daysIncludes earnings (3 Nov)	Time left49 days	ATM IV60.0%	Expected move±$88.48 (17.41%)	Price range$419.74 to $596.69

Expected move is the price of the at-the-money straddle for the expiry, using midpoint prices (the average of bid and ask, or the last trade when a side has no quote). It is the same figure the Options Matrix shows. The range is the last price plus and minus that move.

The market prices 3.88% for the 2 Nov expiry and 17.41% for the 18 Dec expiry.

The 6 Nov, 20 Nov, 4 Dec and 18 Dec expiries include Advanced Micro Devices' 3 Nov report, so their expected moves price that event.

Implied volatility and term structure

How much volatility option prices carry, and how it changes from one expiry to the next.

Monthly ATM IV

69.7%

20 Nov 2026, 21 days

Nearest ATM IV

53.1%

2 Nov 2026, 3 days

Longest ATM IV

60.0%

18 Dec 2026, 49 days

30-day IV

64.8%

Stored reading, 30 Oct 2026

IV rank

0 is the low, 100 the high, over 252 sessions

IV percentile

71%

Share of the last 252 sessions at or below this reading

ATM implied volatility by expiry for AMD. Points are evenly spaced rather than to time scale, and each point’s full reading appears above the chart when you hover or tap it.

Among expiries a week or more away, at-the-money IV runs from 89.7% at 6 Nov to 60.0% at 18 Dec. The curve slopes down: nearer expiries carry more annualised volatility than later ones.

IV steps up from 53.1% at 2 Nov to 89.7% at 6 Nov, the first expiry to include the 3 Nov report. Expiries past a report carry it in their price.

Put wall, call wall and max pain

Where open interest and gamma exposure concentrate for the next two monthly expiries.

AMD gamma and open-interest put walls, call walls and max pain by expiry
Expiry	Gamma put wall	Open-interest put wall	Gamma call wall	Open-interest call wall	Max pain
20 Nov 2026Monthly	Gamma put wall$44013.4% below spot	Open-interest put wall$44013.4% below spot	Gamma call wall$62022.0% above spot	Open-interest call wall$24052.8% below spot	Max pain$4805.6% below spot
The open-interest call wall at $240 sits below the last price, so those calls are in the money.
18 Dec 2026Next monthlyClosest to 60 days	Gamma put wall$4609.5% below spot	Open-interest put wall$10080.3% below spot	Gamma call wall$60018.1% above spot	Open-interest call wall$60018.1% above spot	Max pain$36029.2% below spot

For the 20 Nov expiry, gamma and open interest agree on the $440 put wall. On calls, open interest places the wall further from the last price than gamma does.

Next earnings date

3 Nov 2026

Advanced Micro Devices is listed to report after the close on 3 Nov 2026. The date comes from an earnings calendar and can change. The 6 Nov, 20 Nov, 4 Dec and 18 Dec expiries include the report.

AMD contract terms

Exercise style: American style: the holder can exercise at any time up to expiry.
Settlement: Physical settlement: exercise and assignment deliver or take 100 shares per contract.
Last trading day: Trading ends at the close on the expiry date shown in each row. Monthly expiries fall on the third Friday, or the Thursday before when Friday is a market holiday.

Exercise vs assignment

How to read these numbers

Expected move: The at-the-money straddle price at midpoint prices: the size of move the market charges for in either direction, not a forecast.Breakevens and max loss
ATM implied volatility: Annualised volatility implied by at-the-money prices for one expiry; across expiries it forms the term structure.Implied volatility explained
IV rank and percentile: Rank places 30-day IV between its lowest and highest stored reading; percentile is the share of stored sessions at or below the current reading.
Gamma and open-interest walls: Gamma walls are the strikes with the most positive (call) and most negative (put) net gamma exposure; open-interest walls are the strikes with the most open calls and puts. A wall can sit on either side of the last price.Put wall vs max pain
Max pain: The strike where option holders would collect the least at expiry, given open interest. It does not predict the settlement price.Open interest vs volume

Model AMD trades with these numbers

The Visualizer reprices AMD live when you open it, then draws the expected move and probability range beside your payoff chart. The figures here are a snapshot from the time shown above, so they can differ slightly from the live screens.

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Educational and informational only, not financial advice. Option figures are calculated from ThetaData quotes and open interest at the time shown. 30-day IV, IV rank and IV percentile come from stored daily readings, and earnings dates come from an earnings calendar. The figures describe what option prices imply, not what will happen. You make every trading decision. Options trading involves risk and is not suitable for all investors.