AMD Options Signal $230 Call Contention Amid 23% Drop – Here’s How to Play the Rebound

• AMD surges 3.4% to $213.14, trading near 200D support at $200.47
• Options data shows heavy call open interest at $230 and put OI at $180
• Recent 23% stock drop clashes with long-term bullish 200D MA at $149.47

Here’s the thing: AMD’s options market is screaming about a tug-of-war between bears eyeing $180 support and bulls testing $230 resistance. With RSI at 31.6 (oversold) and volume spiking to 29.5M, today’s move feels like a rebound setup—if you know where to look.

The $230 Call Wall and Institutional Bearishness

Let’s start with the options chain. This Friday’s top call OI sits squarely at $230 (14,521 contracts), with $225 and $235 strikes close behind. That’s not random—it’s a wall. If AMD breaks above $230, those calls could ignite a short-covering frenzy. But don’t ignore the puts: $180 (20,644 OI) and $190 (15,958 OI) strikes show bears are bracing for a breakdown. The put/call ratio at 0.92 leans slightly bullish, but the recent block trade—1,600 puts bought at $155 (expiring 9/19)—hints big players are hedging.

News vs. Options: A Tale of Two Timelines

AMD’s exascale supercomputer deals and AI stack bets scream long-term growth. But the 23% drop in November? That’s short-term pain. The market is pricing in near-term risks (Google TPUs, Meta’s hardware shifts) while still betting on the $1T compute market. Think of it like a storm delaying a rocket launch—the destination’s still Mars, but the weather’s rough right now.

Trade Ideas: Calls for the Brave, Puts for the Cautious

• Bull Play: Buy AMD20251205C230 (next Friday’s $230 call). If AMD holds above $213 and breaks $230, this could run. Stop below $207 intraday low.
• Bear Hedge: Buy AMD20251128P180 (this Friday’s $180 put). Protect against a breakdown below Bollinger lower band ($200.47).
• Stock Entry: Consider buying AMD near $210–$215 if it holds above 200D MA ($149.47). First target: reclaim 30D MA at $239.79.

Volatility on the Horizon: Balancing AMD’s Short-Term Woes and Long-Term Promise

The next 72 hours will test AMD’s resolve. A close above $215 could reignite the 200D bullish trend, while a drop below $200 might trigger a test of the 200D support zone ($111.71–$115.43). Either way, the options market is pricing in a binary outcome—$180 or $230. For patient traders, the MI400 GPU launch in Q1 2026 could be the catalyst to turn this volatility into a breakout. But for now, the dance between $180 and $230 is where the action lives.