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SNDK

Sandisk CorporationClose $851.77EOD only

Max Pain

$680.00

Next expiry Apr 17, 2026

Expected Move

±$87.35

10.3% from close

Price Gap

-171.77

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.05

Balanced positioning

Consensus

6.0/10

Bearish tilt

Published snapshot: Apr 10, 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

Apr 10, 2026 close

SNDK Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Neutral-to-bearish with downside magnet to $672.50. Confidence: 7/10. GEX +$8.4M (pinning) and net premium +$170.9M (bullish) conflict with spot 7.8% above max pain and falling MP trend.

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.8% from MP

Supports: GEX +$8.4M (pinning), net premium +$170.9M bullish
Conflicts: Spot 7.8% above max pain $672.50, MP trend falling, P/C vol 1.11

📊Spot $724.63 vs MP $672.50 — gravity down

💰Net premium +$170.9M bullish flow

Regime Classification

Vol Regime

High

IV 102.9% — extremely high

Gamma Regime

Pinning

GEX +$8.4M — pinning near spot

Flow Regime

Mixed

Net prem +$170.9M bullish; P/C vol 1.11 mixed

Spot vs Max Pain

Above

Spot above MP by 7.8%

Thesis duration: Multi-week — MP trend falls from $672 to $620 across expirations; GEX sign stable positive; flow regime consistent

Price Range Forecast

Next 2 weeks

$599.38$849.88

Max pain pin dominates; >$730 invalidates

Key Levels

Max pain pins: $672 (2026-04-10); $610 (2026-04-17); $640 (2026-04-24)

EM guardrails:

Support: $672.50 · $640.00 · $575.00

Resistance: $730.00 · $750.00 · $780.00

Gamma flip: ~$575.00 — Approx — based on put OI concentration of 4,759 (20.6% below spot)

Structural: Call OI $770-$1080 caps upside; put floor $500-$575

Dealer Positioning (GEX/DEX)

GEX: $+8.4M

DEX: +13.1M shares

Gamma flip: ~$575 (Approx — based on put OI concentration of 4,759 (20.6% below spot))

NTM gamma: Positive GEX concentrated at $800, $750, $580; gamma flip ~$575 breaks pin

IV Analysis

IV vs VIX: IV 102.9% — extremely high

Term structure: Humped — 4/10 106.4% > 4/17 99.5% < 5/1 108.0% inverted near-term

Skew: 4/17 vs 5/1 ~8.5 vol-pt differential inverted for reverse calendar

Flow Analysis

Net premium: +$170.9M bullish; P/C vol 1.11 mixed

Directional prints: call 750 OTM 2026-04-24 — vol 2,220 vs OI 195 (11.4x) put 720 OTM 2026-04-10 — vol 1,172 vs OI 120 (9.8x)

Unusual: 135.8 put 545 OTM 2026-04-10 — vol 708 vs OI 136 (5.2x)

Risks & Catalysts

!Gamma flip ~$575 breaks pin and accelerates downside

!Earnings 4/30 and 5/6 — high IV crush risk

!MP trend falling adds directional pressure

!VIX context missing — broad market risk

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Avoid — spot above MP and falling trend	Downside gravity to $672.50
Short stock	Moderate-Strong	Sell shares or buy puts	Bullish flow and pinning resistance
Covered call	Moderate	Sell $750C 4/24 if long shares	Downside to MP
Cash-secured put / put spread	Moderate-Strong	Sell $672.50/$640 put spread 4/17	Break below $640
Long calls	Weak	Avoid — high IV and bearish MP	IV crush and directional wrong
Long puts / bear put spreads	Moderate-Strong	Buy $730/$700 put spread 4/17	Pinning holds above $700
Iron condor	Moderate	$700/$672.50P x $780/$800C 4/17	High IV >100% and gamma flip risk
Calendar/diagonal	Moderate-Strong	Sell 5/1 $730C (108.0% IV), buy 4/17 $730C (99.5% IV) reverse calendar	Directional move through strike
PMCC / LEAPS diagonal	Moderate	Buy 2027-01-15 $550C, sell 4/24 $750C	High IV and time decay

Top Plays

Bear Put Spread

Buy $730/$700 put spread 4/17

Defined-risk bearish play targeting MP $672.50

Debit: $30.00-$35.00

Max loss: $30.00

BE: $727.00

Mgmt: Take profit at 50% max profit; cut if spot >$740

Bearish traders avoiding high IV crush

Reverse Calendar Spread

Sell 5/1 $730C, buy 4/17 $730C

Vol structure play: sell 108.0% IV, buy 99.5% IV, +8.5pt inverted edge

Credit: $8.00-$15.00

Max loss: $92.00

BE: $738.00

Mgmt: Close when IV differential narrows; cut if spot moves >±10%

Vol traders capitalizing on hump dissipation

Cash-Secured Put Spread

Sell $672.50/$640 put spread 4/17

Premium collection below MP with defined risk

Credit: $8.00-$12.00

Max loss: $20.50

BE: $664.50

Mgmt: Close at 70% max profit; roll if spot <$640

Neutral-to-bearish premium sellers

Watchlist Triggers

Entry Triggers

IFSpot tags $730 and holds 1 hour → Enter $730/$700 put spread 4/17

IFIV on 5/1 rises above 110% → Enter reverse calendar sell 5/1 $730C, buy 4/17 $730C

Exit Triggers

EXITSpot closes above $750 → Exit all bearish positions

EXITVIX spikes >40% (if data available) → Reduce short premium exposure

Tactical Summary

Primary thesis: bearish gravity to max pain $672.50, invalidated above $750. Regime favors defined-risk bearish spreads and reverse calendars for inverted vol hump. Top plays: bear put spread for directional, reverse calendar for vol edge, put spread for premium.

Read the Directional analysis for SNDK for 2026-04-06. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.