ANET (ANET) options memo

The Read

ANET is down 1.90% today at $188.67.

Options traders lean neutral into 2026-08-14, and neutral further out.

A move through $204.58 would change how dealers hedge this stock.

Key numbers

• Spot: $188.67
• Lean: neutral
• Nearest expiry: Fri 8/14
• Implied move: 3.1%
• ATM implied volatility: 58.3%
• Max pain: $190.00
• Pin strike: $195.00
• Gamma flip: $204.58
• Dealer positioning: SHORT GAMMA
• Call wall: $220.00
• Put wall: $182.50
• Put/call open interest: 1.132