Super Micro Computer, Inc. closed at $40.10, up 7.28%.

Despite the sharp rally, options flow leaned defensively. The largest displayed trades were a $451.00 thousand bear call spread and a $275.00 thousand long put, both expiring on 2026-09-18. That combination — selling upside calls and buying downside puts — points to positioning for limited upside or further weakness rather than a bullish continuation.

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Options Indicators

SMCI’s implied volatility is 67.92%, while its IV percentile is just 6.77%, indicating that although the absolute IV level remains high, it is low relative to its own recent historical range. In other words, current option pricing sits on the cheaper side rather than in an elevated premium environment. With an IV/HV ratio of 1.22, implied volatility is running moderately above realized volatility, suggesting the options market is still embedding some forward-looking uncertainty, but not at an extreme premium versus what the stock has actually been delivering.

The Call/Put volume ratio is 3.65.

Large Trades

A bear call spread collecting a net credit of $451.00 thousand was the largest displayed block, built by selling the 39.50 call and buying the 42.00 call for the 2026-09-18 expiration. With the short 39.50 call in the money versus the $40.10 reference stock price and the long 42.00 call out of the money, this is a classic bearish call spread that profits most if SMCI stays below the short strike or at least fails to rally materially. The net-credit structure indicates premium collection rather than aggressive upside speculation, and it reflects a controlled bearish view with capped risk in case the stock rises sharply.

A PUT buy worth $275.00 thousand was the other displayed large trade, consisting of purchased 40.00 puts expiring on 2026-09-18. With the strike sitting just below the $40.10 reference share price, the option was out of the money at execution, making it a directional downside bet that would benefit from weakness developing into expiration. As a single-leg long put, it signals straightforward bearish positioning and also offers downside convexity if SMCI breaks lower.

Overall, the large-trade flow in SMCI was clearly bearish. The displayed trades combined a premium-selling bear call spread with outright put buying, and the full block-order picture also remained entirely one-sided to the downside with no meaningful bullish counterpart. That mix suggests traders were not only fading upside but also actively positioning for further weakness, implying cautious to negative market sentiment toward SMCI over this options horizon.

Strategy Reference

Given the low IV percentile of 6.77%, buying outright premium is relatively inexpensive, while keeping assignment risk low may favor an out-of-the-money call seller near the 45.00 strike for a defined-risk structure if margin is a concern.