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SNDK

Sandisk CorporationClose $979.07EOD only

Max Pain

$870.00

Next expiry Apr 24, 2026

Expected Move

±$65.85

6.7% from close

Price Gap

-109.07

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.25

Slightly put-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

SNDK Directional Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-to-bullish short-term bias: positive net dealer GEX and pinning around $900 support price retention above the gamma flip (~$800); expect mean-reversion into $900–$1,000 with occasional downside probes toward gamma flip if heavy put selling exhausts.

Confidence:

8 / 10

High dealer GEX (+$5.5M) and DEX long delta, pinning at $900, elevated IV vs historical supporting option sensitivity, spot 3.6% above MP tempers conviction.

Supports: Dealer +GEX, pin at $900, short-term range tightness (2d guardrails).
Conflicts: High IV/vol regime and spot distance from MP allow sudden gap moves; mixed flow limits trend conviction.

📌Max pain pinning at $900 into next expiries; dealers long gamma favors price stickiness

⚠️Gamma flip near $800 — a break accelerates downside as dealer hedges unwind

💹IV elevated vs VIX 19; skew shows put concentration below spot — protects downside but raises cost to buy protection

Regime Classification

Vol Regime

High

High IV vs typical for ticker; elevated option sensitivity ahead of expiries.

Gamma Regime

Pinning

Pinning regime with meaningful positive GEX; gamma flip ~800 based on concentrated put OI.

Flow Regime

Mixed

Mixed flow: some buy-side premium but dealers net long gamma and long shares (DEX +16.3M).

Spot vs Max Pain

Above

Spot sits ~3.6% above market pin (~$900); increases chance of mean reversion toward pin but keeps upside room to ~$1,000.

Thesis duration: Multi-week — Persistent dealer positioning and serial max-pain pins across successive expiries suggest multi-week structural pin influence rather than a single-event effect.

Price Range Forecast

Next 2 days

$897.63$967.23

Dealer pinning and +GEX support near $900; tight intraday range.

Next 1 week

$769.28$1095.58

Elevated IV and mixed flow allow wider swings; watch $800 gamma flip.

Next 2 weeks

$741.18$1123.68

Gamma flip and concentrated put OI can cascade dealer hedging beyond flip.

Key Levels

Max pain pins: $900 (2026-04-24); $850 (2026-05-01); $810 (2026-05-08)

EM guardrails: 2d $897.63/$967.23; 1w $769.28/$1095.58

Support: $900.00 · $741.18

Resistance: $1000.00 · $1005.00 · $1123.68

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,778 (14.2% below spot)

Structural: Immediate pin/support cluster: $900; 2d guardrails $897.63/$967.23; 1w $769.28/$1095.58; major support/gamma flip ~$800; resistances ~$1000/$1005/$1123.68.

Dealer Positioning (GEX/DEX)

GEX: $+5.5M

DEX: +16.3M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 5,778 (14.2% below spot))

NTM gamma: Net dealer GEX +$5.5M, DEX long +16.3M shares; gamma flip ~ $800 (put OI concentration ~14.2% below spot) — dealers long gamma, incentivized to dampen moves above flip.

IV Analysis

IV vs VIX: Ticker IV is elevated vs VIX (~19), making options relatively rich and raising hedging costs; supports dealer hedging activity and pins.

Term structure: Front-month vol elevated with visible pin-related kinks at near expiries; term-structure flattish-to-steep into successive weekly expiries with each max-pain date.

Skew: Put-heavy skew below spot; opportunity to sell dispersion or structure defined-buy protection recognizing rich front-month IV and concentrated put strikes.

Flow Analysis

Net premium: Large net premium with call skew; P/C vol 0.86 (more calls by premium), OI shows more puts (OI P/C 1.24).

Directional prints: 64.7 call 950 OTM 2026-04-24 — Very large same‑day call flow (vol 5127 vs OI1314) — likely buy-to-open calls or rolling dealer hedges; bullish/pinning into close. 64.5 call 980 OTM 2026-04-24 — Heavy near‑term call volume with elevated IV — directional bullish demand or gamma exposure concentrated OTM. 146.6 put 770 OTM 2026-05-01 — Massive far‑dated put print (vol/OI 17.3) with extreme IV — likely large hedged directional or bespoke trade; downside protection or speculative long put.

Unusual: 63.7 call 965 OTM 2026-04-24 — High same‑day call flow (vol 1534, OI253) supporting pinning/bullish bias. 61.7 call 935 OTM 2026-04-24 — Notable call activity with elevated last prices suggesting buy interest.

Risks & Catalysts

!Break and close below $800 gamma flip triggering rapid dealer hedging and sharp downside

!Vol spike from market-wide risk-off (VIX jump) widens spreads and weakens pin

!Unexpected large buy flow that overwhelms dealer hedges and gaps price through pinned strikes

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-05-15 $905.00/$950.00 call spread Why now: Call-heavy flow, pinning and dealer GEX support around $900; defined-risk bull call spread captures upside while limiting capital and vega exposure across earnings.	Break and close below $800 gamma flip or vol spike that widens spreads and hurts exit prices. Liquidity constraints: long_call: Open interest below 25.
Iron condor	Moderate	Sell 2026-05-08 $905.00/$780.00 put wing and $980.00/$1100.00 call wing Why now: Neutral-to-bullish flow, call-skew and pinning near 900 support selling premium with defined wings.	Break and close below 800 gamma flip or vol spike can quickly blow up wings. Liquidity constraints: short_put: Open interest below 25.
Put credit spread	Moderate	Sell 2026-05-15 $870.00/$690.00 put spread Why now: Flow shows heavy call premium but OI put interest; bullish-neutral trade benefits from pin/support near 900.	Large downside gap below 800 or vol spike widens short put leg.
Call diagonal	Moderate	Sell 2026-05-08 $1040.00 call / buy 2026-06-18 $1190.00 call Why now: Underlying spot ~930, contract universe front/ back months; next_earnings_date=2026-05-22. Very large same-day 950 call flow and elevated near-term IV make front-month call rich vs back month.	Post-earnings gap or vol repricing can invert calendar value. Liquidity constraints: short_call: Open interest below 25.
Long call	Moderate	Buy 2026-06-18 $920.00 call Why now: Upside bias over multi-week horizon and concentrated call demand justify long convex exposure sized small vs premium sales.	Premium loss if price grinds lower or vol contracts after earnings.

Top Plays

Defined-risk bull call spread

Buy 2026-05-15 $905.00/$950.00 call spread

Buy May 15 $905/$950 call spread to ride mean-reversion toward $900–$1,000 while capping vega and cost.

Why this play: Best balance of upside capture and limited risk given call-heavy flow, dealer GEX and pin near $900.

Debit: $18.54-$22.66

Max loss: $22.66

BE: $927.66

Mgmt: Trim or roll up if price clears $1,000; close or convert if breaks and closes below $900. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Traders wanting directional upside with defined risk over multi-week horizon.

Put credit spread (cash-secured)

Sell 2026-05-15 $870.00/$690.00 put spread

Sell May 15 $870/$690 put spread to monetize support near $900 while limiting downside risk.

Why this play: Collect premium from mixed OI put interest while expressing bullish-neutral bias with good liquidity.

Credit: $49.77-$60.83

Max loss: $119.17

BE: $809.17

Mgmt: Buy back wide if price approaches $870–900; hedge or roll if sustained weakness toward $800.

Income-focused traders comfortable with assigned stock or margin-defined risk.

Front/back call diagonal

Sell 2026-05-08 $1040.00 call / buy 2026-06-18 $1190.00 call

Sell May 8 $1040 call and buy Jun 18 $1190 call to harvest front-month IV and directional optionality.

Why this play: Front-month calls rich vs back month after same-day 950 flow — sells expensive short vol while retaining longer upside exposure.

Debit: $14.18-$17.33

Max loss: $17.33

BE: Path-dependent

Mgmt: Manage front leg early into high IV; roll or widen if short call is threatened. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Vol-arbitrage traders who want time-decay income with long convexity.

Watchlist Triggers

Entry Triggers

IFIF SNDK holds >900 and trade price inside entry range for bull call spread (pay 18.5–22.7) → THEN buy 2026-05-15 905/950 bull call spread sized to max $2,500 risk (≈1 contract per $2,500); target exit/trim at cleared 1000

IFIF SNDK trades 900–880 and put credit mid/ask within entry range (credit ≥0.50 and ≤0.61) → THEN sell 2026-05-15 870/690 cash‑secured put spread sized to max $1,800 risk; buy back if SNDK ≤875 OR spread mark >50% of max loss OR realized premium deteriorates >25% vs entry; limit slippage to 5¢ worse than quoted credit

IFIF front-month IV rich and short leg price 14–17.5 for diagonal AND SNDK between 920–980 → THEN sell 2026-05-08 1040 call and buy 2026-06-18 1190 call (diagonal); size to max $1,500 net risk (1–3 contracts), place front-leg limit sell at 14–17.5 and avoid fills that raise net risk above $1,500

Adjustment Triggers

ADJIF SNDK breaks and closes below 900 → THEN for bullish spreads close 50% size immediately; for remaining size either (A) roll short legs down 40–60 strikes within same month or to next month if roll can be done for net debit ≤ original max risk, or (B) widen to defined-risk structure keeping added risk ≤50% of original allocation; do not increase total account risk beyond plan

Exit Triggers

EXITIF SNDK closes below gamma flip 800 or market VIX spikes with rapid dealer hedging → THEN exit defined-risk bullish positions immediately and pare premium sales

EXITIF SNDK clears and sustains >1000 → THEN take profits on bull call spread and buy back short front-month calls on diagonals

Tactical Summary

Neutral-to-bullish multi-week bias: ride mean-reversion into 900–1000 with defined‑risk bull call spreads sized to explicit max risk, opportunistic cash‑secured put credits near 900–880 with clear buyback/stops, and front/back call diagonals sized to defined net risk; if SNDK closes <900 enact staged trims/rolls per rules and exit urgently on close <800 or VIX-driven vol spikes.

How to Use These Reports

This directional reflects the market close on April 23, 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.