OPTIONS FLOW$AMDAdvanced Micro DevicesOpen ticker analysis →
$7.54M moved through Advanced Micro Devices ($AMD) options on Monday in a 2-leg trade built around the $430 to $560 strikes. The legs lean bearish: the bought side profits as Advanced Micro Devices falls, and the sold side helps pay for it.
What happened
The legs printed together in the final half hour, around 3:55 p.m. ET on Monday, September 28, with $AMD near $607.27, for $7.54M in combined premium across 4,622 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $7.54M to put the position on. With no sold legs, that debit is also the most the trade can lose.
- AMD Nov 20 $430 Put: 2,311 contracts at $3.82 (bought)
- AMD Nov 20 $560 Put: 2,311 contracts at $28.82 (bought)
Why it matters
A vertical put spread buys one strike and sells another in the same expiration. It caps both the cost and the payoff, so the trader has picked a target zone and a maximum loss in advance.
Net of all legs, the structure behaves like being short roughly 83,200 shares of AMD, about $50.5M of stock exposure.
The strikes run from $430.00 (29.2% below the stock) to $560.00 (7.8% below the stock), so the trade is built around a zone rather than a single target.
With 53 days until Nov 20, this is positioning for months, not a quick flip. Implied volatility ran around 59%, elevated, which means traders are paying up for movement.
Over the last 11 sessions $AMD has traded between $480.33 and $645.35 and is up 23.8% over that stretch. The stock came into this trade in the middle of that range.
The numbers
| Structure | Vertical put spread (2 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Nov 20 (nearest in 53 days) |
| Strikes | $430, $560 |
| Contracts | 4,622 |
| Total premium | $7.54M |
| Net cost | $7.54M debit |
| Stock at the trade | $607.27 |
Three ways this could play out
Bullish continuation
A move through $560.00 puts $AMD above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $430.00 takes $AMD below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $AMD settles between $430.00 and $560.00 into Nov 20, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $430.00 and $560.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20: expiration, 53 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $480.33 and $645.35: the edges of AMD’s recent trading range.
