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SNDK

Sandisk CorporationClose $1452.02EOD only

Max Pain

$1200.00

Next expiry May 15, 2026

Expected Move

±$136.50

9.4% from close

Price Gap

-252.02

Distance to max pain

IV Rank

High premium

P/C OI

1.41

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 12, 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 12, 2026 close

SNDK Directional Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

SNDK has high vol and pinning gamma with spot 18.6% above max pain. Dealer long gamma supports range-bound action. Mixed flow lacks conviction. Elevated VIX and GEX/flow alignment yield neutral-to-bearish bias. Confidence 8/10.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 gamma pinning; -1 spot 18.6% from MP; +1 VIX 18.

Supports: GEX/flow aligned, gamma pinning, high VIX, dealer long gamma ($3.9M).
Conflicts: Spot 18.6% above MP, mixed flow, no catalyst.

🔀Spot 18.6% above MP – reduced pinning

🟢Dealer $3.9M long gamma supports pinning

📊VIX 18 elevated, options rich

Regime Classification

Vol Regime

High

IV elevated (High regime), VIX 17.87, likely event or uncertainty premium.

Gamma Regime

Pinning

GEX +$3.9M, gamma flip ~$1200 (put OI). Long gamma supports pinning.

Flow Regime

Mixed

Mixed flow – no dominant call/put bias; net premium balanced.

Spot vs Max Pain

Above

Spot 18.6% above max pain ($1220); nearest gamma level $1200 (17.1% below).

Thesis duration: Multi-week — High vol and pinning suggest short-term stability; no imminent catalyst; ranges extend to 2 weeks.

Price Range Forecast

Next 2 days

$1337.18$1557.28

Range-bound $1337-$1557 with pinning.

Next 1 week

$1231.03$1663.43

Wider $1231-$1663; drift toward support.

Next 2 weeks

$1312.63$1581.83

Range $1313-$1582; consolidation likely.

Key Levels

Max pain pins: $1220 (2026-05-15); $1280 (2026-05-22); $1200 (2026-05-29)

EM guardrails: 2d $1337.18/$1557.28; 1w $1231.03/$1663.43

Support: $1312.63

Resistance: $1581.83

Gamma flip: ~$1200.00 — Approx — based on put OI concentration of 4,868 (17.1% below spot)

Structural: Support $1312.63, resistance $1581.83. Gamma flip $1200. Max pain $1220 (May15), $1280 (May22), $1200 (May29). Guardrails 2d $1337/$1557, 1w $1231/$1663.

Dealer Positioning (GEX/DEX)

GEX: $+3.9M

DEX: +20.4M shares

Gamma flip: ~$1200 (Approx — based on put OI concentration of 4,868 (17.1% below spot))

NTM gamma: Dealers long gamma $3.9M, long delta +20.4M shares. Gamma flip ~$1200. Supports pinning; limits downside below $1200.

IV Analysis

IV vs VIX: Ticker IV rich vs VIX; premium elevated, likely event risk.

Term structure: Not provided; assume near-dated contango due to high vol.

Skew: Skew unavailable; no actionable structure.

Flow Analysis

Net premium: Net premium +$484.7M; P/C vol 1.10 indicates higher put volume, bearish tone despite call prints.

Directional prints: 109.8 call 1500 OTM 2026-06-05 — Vol/OI 3.2; bought OTM call. 104.6 call 1440 ITM 2026-05-15 — Vol/OI 3.1; bought OTM call.

Unusual: 109.8 call 1500 OTM 2026-06-05 — Vol/OI 3.2; most unusual. 104.6 call 1440 ITM 2026-05-15 — Vol/OI 3.1; unusual. 108.1 put 1300 OTM 2026-05-29 — Vol/OI 3.0; put unusual; likely sold.

Risks & Catalysts

!Spot 18.6% above gamma flip: downside risk if pinning breaks.

!Mixed flow suggests vulnerability to reversal.

!High vol may compress quickly without catalyst.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-12 $1410.00/$1290.00 put spread Why now: Mixed flow and spot above gamma flip favor puts; defined-risk downside play.	Short squeeze if bullish call buying drives upside. Liquidity constraints: long_put: Open interest below 25.; short_put: Volume below 5.
Iron condor	Moderate-Weak	Sell 2026-06-12 $1290.00/$1100.00 put wing and $1800.00/$2020.00 call wing Why now: Elevated vol and neutral-to-bearish bias make iron condor ideal for harvest.	Large breakout beyond wings causes loss. Liquidity constraints: short_put: Volume below 5.; short_call: Open interest below 25.; long_call: Open interest below 25.
Call credit spread	Moderate-Weak	Sell 2026-06-12 $1800.00/$2020.00 call spread Why now: Call buying is isolated; overall bearish flow supports capping upside.	Upside move from large call buyer could cause loss. Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Top Plays

Iron Condor Harvest

Sell 2026-06-12 $1290.00/$1100.00 put wing and $1800.00/$2020.00 call wing

Sell OTM put and call wings to collect premium with defined risk.

Why this play: Best for neutral-to-bearish bias with high vol; captures time decay and range-bound action.

Credit: $82.89-$101.31

Max loss: $118.69

BE: 1188.69 / 1901.31

Mgmt: Manage if spot approaches either wing; close at 50% max gain or before earnings. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; short_call: Open interest below 25.; long_call: Open interest below 25.

Traders seeking defined-risk premium collection with low directional conviction.

Bear Put Spread

Buy 2026-06-12 $1410.00/$1290.00 put spread

Buy OTM put and sell further OTM put to cap risk for bearish move.

Why this play: Direct downside play with defined risk; aligns with bearish flow and gamma flip risk.

Debit: $50.62-$61.88

Max loss: $61.88

BE: $1348.12

Mgmt: Let run to expiry if spot stays below short strike; exit if spot breaks invalidation level. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_put: Volume below 5.

Traders with bearish view seeking limited downside risk and higher leverage.

Call Credit Spread

Sell 2026-06-12 $1800.00/$2020.00 call spread

Sell OTM call and buy higher OTM call to profit from stagnant or lower stock.

Why this play: Caps upside; isolated call buying provides opportunity to sell premium.

Credit: $29.21-$35.70

Max loss: $184.30

BE: $1835.70

Mgmt: Close if spot approaches short strike; monitor for volatility expansion. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Traders wanting a bearish play with high probability but lower payoff.

Watchlist Triggers

Entry Triggers

IFIF spot stays within $1337/$1557 2d guardrails and IV elevated → THEN sell iron condor: sell 2026-06-12 $1290/$1100 put wing and $1800/$2020 call wing for $82-$101 credit

IFIF spot breaks below support $1312.63 or gamma flip $1200 → THEN buy bear put spread: buy 2026-06-12 $1410/$1290 put spread for $50-$62

IFIF spot tests resistance $1581.83 and rejects → THEN sell call credit spread: sell 2026-06-12 $1800/$2020 call spread for $29-$35 credit

Exit Triggers

EXITIF spot rallies above invalidation $1581.83 → THEN close bear put spread for loss control

Tactical Summary

Neutral-to-bearish bias, spot near resistance. Prefer premium selling via iron condor or bearish spreads on weakness. Key support $1312.63, resistance $1581.83. Manage risk at invalidation levels.

How to Use These Reports

This directional reflects the market close on May 13, 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.