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SNDK

Sandisk CorporationClose $1383.29EOD only

Max Pain

$1330.00

Next expiry May 22, 2026

Expected Move

±$124.55

9.0% from close

Price Gap

-53.29

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.38

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects SNDK options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

SNDK Directional Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Bearish near-term bias due to spot trading 4% above dealer gamma pin at $1330, suggesting mean-reversion down. High vol and mixed flow add caution, but resistance at $1630 caps upside. Confidence slightly bearish.

Confidence:

8 / 10

Spot above pin (-2), pinning effect (-1), high vol (-0.5); offset by GEX positive (+1) and VIX (+0.5).

Supports: Long GEX, VIX supportive, resistance $1630.
Conflicts: Spot above pin, mixed flow, high vol, uncertainty.

📌Pinning at $1330 pulls spot down

⚠️Spot 4% above pin; mean-reversion risk

🛑Resistance $1630 caps upside

Regime Classification

Vol Regime

High

High IV, VIX 18; elevated vs. typical.

Gamma Regime

Pinning

+$2.8M GEX, pinning near $1330; flip at $1100.

Flow Regime

Mixed

Mixed net premium; long gamma dominant.

Spot vs Max Pain

Above

Spot ~4% above $1330 MP; mean-reversion risk.

Thesis duration: Event-specific — Near-term pinning and high vol.

Price Range Forecast

Next 2 days

$1258.74$1507.84

Pullback to $1330

Next 1 week

$1192.34$1574.24

Test support $1330

Next 2 weeks

$1135.64$1630.94

Range $1330-$1630

Key Levels

Max pain pins: $1330 (2026-05-22); $1300 (2026-05-29); $1300 (2026-06-05)

EM guardrails: 2d $1258.74/$1507.84; 1w $1192.34/$1574.24

Support: $1330.00 · $1135.64

Resistance: $1630.94

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 4,332 (20.5% below spot)

Structural: Max pain $1330 (May 22); support $1135, resistance $1630; flip $1100.

Dealer Positioning (GEX/DEX)

GEX: $+2.8M

DEX: +18.1M shares

Gamma flip: ~$1100 (Approx — based on put OI concentration of 4,332 (20.5% below spot))

NTM gamma: Long gamma $2.8M; DEX +18.1M; pinning dynamics.

IV Analysis

IV vs VIX: IV rich vs VIX; high vol warrants rich premiums.

Term structure: Front-end elevated due to weekly expiry.

Skew: Put skew steep; long gamma suggests call skew may rise; opportunity in put spreads.

Flow Analysis

Net premium: Net premium $301.85M positive; put/call vol ratio 1.07, OI ratio 1.38; mixed but premium flow suggests bullish bias.

Directional prints: 97 call 1520 OTM 2026-06-18 — Vol/OI 7.4; low OI; aggressive call buying, likely bought for upside. 101.2 call 2000 OTM 2026-06-05 — Vol/OI 6.0; low OI; aggressive call buying, likely bought for upside speculation. 138.9 put 800 OTM 2026-06-05 — Vol/OI 5.9; low OI; deep OTM put buying, likely bought as hedge or bearish bet.

Unusual: 105.1 call 2000 OTM 2026-05-29 — Vol/OI 4.3; large volume 4752 vs OI 1115; active call buying, likely bought. 101.8 put 1250 OTM 2026-05-29 — Vol/OI 4.8; large put volume 1099; defensive put buying, likely bought. 130.4 put 1095 OTM 2026-05-22 — Vol/OI 4.4; high IV 130%; put buying for downside protection, likely bought.

Risks & Catalysts

!Break below $1330 triggers dealer selling

!Drop to gamma flip $1100

!Vol crush post-event

!Upside break above $1630 if pin fails

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-06-18 $1340.00/$1250.00 put spread Why now: Spot 4% above dealer gamma pin suggests reversion down; defined risk	Max loss limited to strike width; break below 1330 could accelerate
Call credit spread	Moderate-Weak	Sell 2026-06-18 $1670.00/$1830.00 call spread Why now: Resistance at 1630 caps upside; spread limits max loss	Loss limited to width but realized if spot breaks above 1630 Liquidity constraints: short_call: Volume below 5.
Short strangle	Moderate-Weak	Sell 2026-06-05 $1170.00 put + sell $1700.00 call Why now: Sell wings at resistance and support; high prob of profit if range holds	Unlimited loss if spot breaks out beyond wings

Top Plays

Bear Put Spread

Buy 2026-06-18 $1340.00/$1250.00 put spread

Buy $1340/$1250 put spread to profit from expected downside mean-reversion.

Why this play: Strongest alignment with bearish thesis; defined risk, liquidity pass, and entry near gamma pin reversion.

Debit: $37.08-$45.32

Max loss: $45.32

BE: $1294.68

Mgmt: Monitor spot; exit if above $1630 or near max gain at $1250.

Traders seeking capped risk with clear invalidation at $1630.

Short Strangle

Sell 2026-06-05 $1170.00 put + sell $1700.00 call

Sell $1170 put and $1700 call to collect premium, expecting range-bound price.

Why this play: High probability range; sells wings at resistance and support, but unlimited loss adds risk.

Credit: $63.81-$77.99

Max loss: Unlimited

BE: 1092.01 / 1777.99

Mgmt: Manage delta; roll or close if break below $1170 or above $1700.

Experienced traders comfortable with tail risk and high prob of profit.

Call Credit Spread

Sell 2026-06-18 $1670.00/$1830.00 call spread

Sell $1670/$1830 call spread to benefit from capped upside.

Why this play: Resistance at $1630 caps upside, but liquidity fail reduces confidence.

Credit: $22.59-$27.61

Max loss: $132.39

BE: $1697.61

Mgmt: Exit if spot breaks above $1630 or near max gain. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Traders willing to accept lower liquidity for defined risk alternative.

Watchlist Triggers

Entry Triggers

IFIF spot trades at or below 1330 support → THEN buy SNDK_BPS_001: 2026-06-18 $1340/$1250 put spread

Adjustment Triggers

ADJIF spot breaks below 1170 or above 1700 → THEN roll or close breached side of SNDK_SS_001 short strangle

Exit Triggers

EXITIF spot closes above 1630 resistance → THEN close all bearish positions (SNDK_BPS_001, SNDK_SS_001)

Tactical Summary

Bearish near-term; enter bear put spread on drop to 1330 support. Exit if spot breaches 1630 resistance. Manage short strangle wings: adjust if 1170 or 1700 broken.

How to Use These Reports

This directional reflects the market close on May 19, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.