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SNDK

Sandisk CorporationClose $1447.23EOD only
Max Pain
$1220.00
Next expiry May 15, 2026
Expected Move
±$110.05
7.6% from close
Price Gap
-227.23
Distance to max pain
IV Rank
69
High premium
P/C OI
1.43
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: May 13, 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 13, 2026 close
SNDK Directional Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

SNDK high-vol trending regime, spot above max pain. Short gamma amplifies moves; dealer long delta supports bullish bias, but spot 11.5% above MP risks pin reversion. Confidence moderate (4/10).

Confidence:
4 / 10
Base 5; -1 GEX/flow contradict; -1 spot far from MP; +1 VIX 17.
Supports: Dealer long delta +20.4M, spot above MP, high vol regime.
Conflicts: Short gamma -$2.9M, spot far from MP, mixed flow structure.
⚡Short gamma $2.9M amplifies moves; trending regime.
📈Dealer long delta 20.4M shares supports near-term bullish bias.
🎯Spot 11.5% above max pain $1240; pin risk elevated for weekly expiration.

Regime Classification

Vol Regime
High
High vol regime; IV elevated vs typical range, VIX 17 supports.
Gamma Regime
Trending
Trending gamma; GEX -$2.9M short gamma, gamma flip near $1200.
Flow Regime
Mixed
Mixed flow; net premium -$8.3M, call/put ratio 0.71/0.29.
Spot vs Max Pain
Above
Spot above max pain ($1240) by 11.5%; bullish but vulnerable to pin.
Thesis duration: Event-specific — Proximity to weekly expirations and gamma flip drives event-driven positioning.

Price Range Forecast

Next 2 days
$1308.37$1457.07
Support 1308, resistance 1457; short gamma may fuel upside.
Next 1 week
$1196.12$1569.32
Range 1196-1569; gamma flip near 1200.
Next 2 weeks
$1151.27$1614.17
Range 1151-1614; structural support at 1151.

Key Levels

Max pain pins: $1240 (2026-05-15); $1300 (2026-05-22); $1250 (2026-05-29)
EM guardrails: 2d $1308.37/$1457.07; 1w $1196.12/$1569.32
Support: $1151.27
Resistance: $1614.17
Gamma flip: ~$1200.00 — Approx — based on put OI concentration of 5,015 (13.2% below spot)
Structural: Max pain pins: 5/15 $1240, 5/22 $1300, 5/29 $1250. EM guardrails: 2d $1308/$1457, 1w $1196/$1569. Gamma flip ~$1200. Support $1151, resistance $1614.

Dealer Positioning (GEX/DEX)

GEX: $-2.9M

DEX: +20.4M shares

Gamma flip: ~$1200 (Approx — based on put OI concentration of 5,015 (13.2% below spot))

NTM gamma: GEX -$2.9M (short gamma), DEX +20.4M shares (long delta). Gamma flip ~$1200 based on put OI concentration.

IV Analysis

IV vs VIX: IV likely rich vs VIX due to high vol regime and short gamma; elevated premiums anticipate continued move.

Term structure: Likely backwardated near term due to event risk, but lacking data to confirm.

Skew: Put skew elevated; potential put selling opportunity if bullish bias holds.

Flow Analysis

Net premium: Net premium positive $208M; put/call volume ratio 1.07 but calls dominate premium; net bullish bias.

Directional prints: 96.4 call 1500 OTM 2026-05-15 — Vol 5173/OI 1717 (3.0x), IV 96.4%; bought likely bullish, sold bearish; preferred read: bought for upside. 92.1 put 1320 OTM 2026-05-15 — Vol 1027/OI 356 (2.9x), IV 92.1%; bought bearish hedge, sold bullish; preferred read: bought puts for bearish stance. 91.8 call 1390 OTM 2026-05-15 — Vol 588/OI 209 (2.8x), IV 91.8%; ITM call, bought directional upside, sold income; preferred read: bought for upside.

Unusual: 145.9 call 1810 OTM 2026-05-15 — Vol 627/OI 118 (5.3x), IV 145.9%; far OTM call, speculative; bought bullish, sold bearish; preferred read: bought. 94.1 put 1315 OTM 2026-05-15 — Vol 667/OI 127 (5.2x), IV 94.1%; OTM put, high vol/OI; bought bearish, sold bullish; preferred read: bought. 91.9 call 1405 OTM 2026-05-15 — Vol 645/OI 147 (4.4x), IV 91.9%; OTM call, high activity; bought bullish, sold bearish; preferred read: bought.

Risks & Catalysts

!Spot mean reversion to max pain $1240.
!Gamma flip if spot drops to $1200.
!Low liquidity around weekly expiration.
!Unexpected news catalyst.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Weak
Buy 2026-05-29 $1580.00/$1700.00 call spread
Why now: Flow shows call dominance and unusual OTM activity; moderate confidence favors defined-risk over naked long calls.
Spot reversion to max pain could compress spread value; short vol regime limits upside. Liquidity constraints: long_call: Volume below 5.
Put credit spreadWeak
Sell 2026-05-29 $1230.00/$1135.00 put spread
Why now: Spot above max pain and dealer long delta supports use of put credit spreads to collect premium with limited tail risk.
Downside gap to 1200 would breach spread and cause max loss; gamma risk if spot drops quickly. Liquidity constraints: long_put: Volume below 5.

Top Plays

#1
Bull Call Spread
Buy 2026-05-29 $1580.00/$1700.00 call spread
Buy 1580/1700 call spread for upside capture with capped loss.
Why this play: Directly aligns with bullish flow and OTM call activity; defined risk suits moderate confidence.
Debit: $18.77-$22.94
Max loss: $22.94
BE: $1602.94
Mgmt: Exit if spot drops below invalidation 1151; take profit near max gain. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Traders expecting upside move with limited risk tolerance.
#2
Put Credit Spread
Sell 2026-05-29 $1230.00/$1135.00 put spread
Sell 1230/1135 put spread to profit from support holding.
Why this play: Collects premium with bullish bias; limited tail risk above max pain.
Credit: $19.80-$24.20
Max loss: $70.80
BE: $1205.80
Mgmt: Manage close to expiration; exit if spot approaches short strike. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Traders seeking income with moderate bullish outlook.

Watchlist Triggers

Entry Triggers
IFSpot holds above $1240 (max pain) and breaks above $1308 (2d guardrail). → Enter Bull Call Spread: buy 2026-05-29 $1580/$1700 call spread.
IFSpot stays above $1240 and holds above $1230 short strike. → Sell 2026-05-29 $1230/$1135 put credit spread.
Adjustment Triggers
ADJSpot drops below $1240 and approaches $1200 gamma flip. → Reduce long exposure; consider hedging with put spread or closing partial bull call.
Exit Triggers
EXITSpot breaks below $1151 invalidation level. → Exit all positions: close bull call and put credit spreads.

Tactical Summary

Bullish bias with moderate confidence. Spot above max pain $1240, dealer long delta supports. Key support $1151, resistance $1614, gamma flip $1200. Recommended: Bull Call Spread (1580/1700) for upside with risk of reversion; Put Credit Spread (1230/1135) for premium collection. Exit if invalidation breaks.
How to Use These Reports
This directional reflects the market close on May 14, 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.