AMD Short Put — Aug 21, 2026

AMD (ADVANCED MICRO DEVICES INC COM) presents a short put opportunity with very elevated implied volatility. IV Rank 98. IV 5777.0% trades 1861.0pp above 30-day HV (3916.0%). This setup favors net premium sellers.

Sell the $400 put for $16.50 credit. Naked single-leg exposure; collect premium from time decay if AMD stays above the strike. Underlying ~$519.85, 59 DTE. Max profit $1650 per contract, max loss $38350, 4.3% return on risk, 84% POP. Breakeven at $383.50.

Management: take profit at ~50% of max profit ($825). Cut at 2x credit ($3300 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: AMD @ ~$519.85 Expiration: Aug 21, 2026 (59 DTE) Legs:

• Sell AMD Aug 21, 2026 $400 Put (delta -0.16, mid $16.50)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.0% of mid) before sending.

Take profit at 50% of max profit ($825). Cut loss if position reaches 2x credit received ($3300 loss). Roll if tested with > 14 DTE remaining.