DELL (DELL) options memo

The Read

DELL is up 9.87% today at $484.50.

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

A move through $452.38 would change how dealers hedge this stock.

Key numbers

• Spot: $484.50
• Lean: neutral
• Nearest expiry: Fri 9/4
• Implied move: 6.5%
• ATM implied volatility: 124.6%
• Max pain: $435.00
• Pin strike: $400.00
• Gamma flip: $368.72
• Dealer positioning: SHORT GAMMA
• Call wall: $500.00
• Put wall: $400.00
• Put/call open interest: 0.802