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SNDK

Sandisk CorporationClose $1589.55EOD only
Max Pain
$1390.00
Next expiry May 29, 2026
Expected Move
±$131.00
8.2% from close
Price Gap
-199.55
Distance to max pain
IV Rank
47
Middle-high premium
P/C OI
1.50
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 26, 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 26, 2026 close
SNDK Directional Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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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

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

Top Plays

#1
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
#2
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
#3
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.
How to Use These Reports
This directional reflects the market close on April 6, 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.

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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.