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SNDK

Sandisk CorporationClose $1383.29EOD only

Max Pain

$1330.00

Next expiry May 22, 2026

Expected Move

±$124.55

9.0% from close

Price Gap

-53.29

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.38

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

SNDK Directional Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer directional report is available for May 20, 2026.

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Outlook

Bearish bias as spot trades 12.6% above max pain ($1250) with high IV. Dealer gamma (+$2.1M) and put flow pin price lower. VIX 18 supports movement. Thesis targets $1250–$1315 range.

Confidence:

7.5 / 10

Base 5; +2 GEX/flow aligned; +1 positive gamma pinning; -1 spot above MP; +0.5 VIX 18. Pre-computed score 7.5 accepted.

Supports: Dealer long gamma, put flow, high IV, multiple pinning strikes.
Conflicts: Positive DEX (+20.8M shares), mixed premium flow, macro selloff may accelerate downside.

📉Spot 12.6% above max pain $1250 — bearish divergence

🔧Dealer gamma +$2.1M pins price toward lower strikes

⚡High IV offers premium-selling opportunity

Regime Classification

Vol Regime

High

IV elevated vs typical range; driven by macro selloff (QQQ -1.5%) and event risk.

Gamma Regime

Pinning

GEX +$2.1M — positive gamma with pinning strikes at $1250, $1315, $1260; supports mean-reversion.

Flow Regime

Mixed

Net premium mixed; put and call activity balanced, no strong directional conviction.

Spot vs Max Pain

Above

Spot above nearest max pain ($1250) by ~12.6%; expected to drift lower towards pins.

Thesis duration: Event-specific — Multiple expiration pins (5/15, 5/22, 5/29) and high vol concentrate thesis around near-term events.

Price Range Forecast

Next 1 week

$1240.56$1574.66

Spot well above max pain; expected drift to $1250–$1300 within $1241–$1575 range.

Next 2 weeks

$1181.06$1634.16

Extended downside possible to $1181; resistance at $1634 caps upside.

Key Levels

Max pain pins: $1250 (2026-05-15); $1315 (2026-05-22); $1260 (2026-05-29)

EM guardrails: 1w $1240.56/$1574.66

Support: $1300.00 · $1181.06

Resistance: $1634.16

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 4,730 (21.9% below spot)

Structural: Support: $1300 (near), $1181 (2w low). Resistance: $1575 (1w high), $1634 (2w high). Max pain pins: $1250 (5/15), $1315 (5/22), $1260 (5/29).

Dealer Positioning (GEX/DEX)

GEX: $+2.1M

DEX: +20.8M shares

Gamma flip: ~$1100 (Approx — based on put OI concentration of 4,730 (21.9% below spot))

NTM gamma: Gamma +$2.1M (long gamma), flip at ~$1100; DEX +20.8M shares positive delta.

IV Analysis

IV vs VIX: Ticker IV rich vs VIX implied vol; elevated due to event risk but justified by high realized vol.

Term structure: Backwardation reflecting near-term event; vol declines after May 29 expiry.

Skew: Put skew elevated; sell upside calls to capture premium while biased bearish.

Flow Analysis

Net premium: Net premium +$385.5M signals net call buying; put/call vol 0.98, OI 1.37 shows put hedging.

Directional prints: 23.7 call 1450 OTM 2026-05-15 — Vol 9905 vs OI 1860 (5.3x), aggressive call buying; likely opened new bullish positions. 24.7 call 1420 OTM 2026-05-15 — Vol/OI 11.9 suggests aggressive call buying; likely opened new positions, bullish. 48.9 call 1380 ITM 2026-05-15 — Vol/OI 10.9, ITM call buying; likely bought to open, bullish.

Unusual: 164.8 put 800 OTM 2026-05-22 — Unusual deep OTM put volume; likely hedging or speculative downside bet. 117.3 call 2100 OTM 2026-05-22 — Unusual far OTM call volume; likely speculative long-shot bet. 45.5 put 1345 OTM 2026-05-15 — Unusual OTM put volume; possible hedging.

Risks & Catalysts

!Event outcome triggers large gap (e.g. earnings miss/beat).

!Gamma flip below $1100 causes dealer hedging reversal.

!Macro selloff accelerates beyond support levels.

!Unexpected positive catalyst drives spot above $1575 resistance.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-06-05 $1400.00/$1380.00 put spread Why now: Spot above max pain, high IV, dealer gamma +$2.1M and put flow suggest downside; bear put spread limits risk.	Time decay if move delayed; IV contraction reduces spread value.
Call credit spread	Moderate-Weak	Sell 2026-06-05 $1425.00/$1450.00 call spread Why now: Net call buying may be overdone; put hedging prevalent; selling calls with defined risk suited for regime.	Short gamma needs monitoring if stock rallies above short strike. Liquidity constraints: short_call: Open interest below 25. Substitutions: long_call: resolved contract 2026-06-05 $1455.00 missing; used 2026-06-05 $1450.00.

Top Plays

Bear Put Spread

Buy 2026-06-05 $1400.00/$1380.00 put spread

Limits risk while profiting from expected decline to $1250-$1315.

Why this play: Best aligned with bearish thesis: spot above max pain, high IV, dealer gamma +$2.1M supports downside.

Debit: $9.18-$11.22

Max loss: $11.22

BE: $1388.78

Mgmt: Exit at target or invalidation above $1634.

Bearish traders with defined risk appetite.

Call Credit Spread

Sell 2026-06-05 $1425.00/$1450.00 call spread

Sell calls to capture premium, capped risk.

Why this play: Less preferred due to liquidity concerns, but may work if call buying is overdone.

Credit: $8.46-$10.34

Max loss: $14.66

BE: $1435.34

Mgmt: Close if underlying breaches short strike. Liquidity warning: Liquidity constraints: short_call: Open interest below 25. Substitutions: long_call: resolved contract 2026-06-05 $1455.00 missing; used 2026-06-05 $1450.00.

Neutral-to-bearish traders seeking income.

Watchlist Triggers

Entry Triggers

IFIF spot price breaks and closes below $1300 support → THEN buy the 2026-06-05 $1400/$1380 bear put spread at a debit between $9.18-$11.22

Exit Triggers

EXITIF spot price reaches $1250 near-term max pain target → THEN close the bear put spread for profit

EXITIF spot price rallies above $1634 invalidation level → THEN exit the bear put spread to limit loss

Tactical Summary

Bearish bias: spot above max pain, high IV, dealer gamma +$2.1M supports downside. Key support $1300, target $1250-$1315. Invalidation above $1634. Preferred trade: bear put spread ($1400/$1380) on break below $1300. Call credit spread less favored due to liquidity concerns.

How to Use These Reports

This directional reflects the market close on May 15, 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.