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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 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias from bearish flow & high vol; gamma pinning limits downside to 1330.

Confidence:

6.5 / 10

Base5; +1GEX; -0.5MP; +1VIX; net6.5

Supports: Pos gamma; bearish flow; high vol
Conflicts: Spot above MP may attract buys; GEX stabilizes

🔴Bearish flow; put OI 21% below spot

📌Gamma pinning $1330-1392; GEX+$4.5M

⚠️Spot 4.7% above MP; risk to 1330

Regime Classification

Vol Regime

High

High: IV elevated; VIX17

Gamma Regime

Pinning

Pos GEX $4.5M; pinning 1330-1392

Flow Regime

Bearish

Bearish; puts dominate; OI 21% below

Spot vs Max Pain

Above

Spot ~1392, 4.7% above MP 1330; downside tug

Thesis duration: Event-specific — Weekly expiry; high gamma & bearish flow; near-term

Price Range Forecast

Next 2 days

$1287.56$1497.56

Test 1330

Next 1 week

$1215.31$1569.81

Drift to 1215

Next 2 weeks

$1152.96$1632.16

Range 1153-1632; bias lower

Key Levels

Max pain pins: $1330 (2026-05-22); $1300 (2026-05-29); $1300 (2026-06-05)

EM guardrails: 2d $1287.56/$1497.56; 1w $1215.31/$1569.81

Support: $1330.00 · $1152.96

Resistance: $1500.00 · $1632.16

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 7,127 (21.0% below spot)

Structural: Supp 1330,1153; Res 1500,1632; Gamma flip ~1100

Dealer Positioning (GEX/DEX)

GEX: $+4.5M

DEX: +18.5M shares

Gamma flip: ~$1100 (Approx — based on put OI concentration of 7,127 (21.0% below spot))

NTM gamma: GEX+$4.5M, DEX+18.5M; positive gamma

IV Analysis

IV vs VIX: Ticker IV rich vs VIX; event risk

Term structure: Front elevated; expiry kink 5/22

Skew: Put skew high; sell put spreads below 1100

Flow Analysis

Net premium: Negative net -$809k, P/C vol 1.47, OI 1.37; bearish.

Directional prints: 114.2 put 1205 OTM 2026-05-22 — 603v/134oi (4.5); put buying; bearish. 106.2 put 1100 OTM 2026-06-12 — 419v/100oi (4.2); put buying; bearish. 101.5 put 1270 OTM 2026-06-12 — 454v/143oi (3.2); put buying; bearish.

Unusual: 103.1 call 1395 OTM 2026-05-22 — 403v/104oi (3.9); call; could be sold (bearish) or bought; preferred bearish. 110.8 put 1090 OTM 2026-05-29 — 483v/197oi (2.5); put buying; bearish. 100.8 put 1350 OTM 2026-06-12 — 313v/189oi (1.7); ITM put buying; bearish.

Risks & Catalysts

!Break below 1330

!Gamma fail to 1100

!Bullish catalyst

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call credit spread	Moderate-Weak	Sell 2026-06-05 $1500.00/$1510.00 call spread Why now: Call credit spread profits from downside or flat price; defined risk with near-term expiration aligns with bearish bias.	Upside breakout above short strike; gamma tail risk if price gaps up. Liquidity constraints: long_call: Volume below 5.
Bear put spread	Moderate	Buy 2026-06-05 $1330.00/$1325.00 put spread Why now: Bear put spread benefits from downside move with limited cost; pinning resistance near 1400.	If price rallies, entire premium lost; gamma pinning may limit downside to 1330. Liquidity constraints: short_put: Volume below 5.
Long put	Moderate-Weak	Buy 2026-06-12 $1330.00 put Why now: Long put offers unlimited upside (downside) with limited capital; aligns with bearish event thesis.	Time decay accelerates; need immediate bearish move to profit.

Top Plays

Bear Put Spread

Buy 2026-06-05 $1330.00/$1325.00 put spread

Buy 1330/1325 put spread, maximizing gain near gamma pin.

Why this play: Directly profits from downside to 1330 with defined risk and lower cost than long put.

Debit: $2.29-$2.80

Max loss: $2.80

BE: $1327.20

Mgmt: Exit at 50% profit or if price breaks above 1500. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Traders expecting limited downside to 1330.

Long Put

Buy 2026-06-12 $1330.00 put

Buy 1330 put, capitalizing on bearish bias.

Why this play: Unlimited profit potential if downside breaks below 1330; aligns with bearish flow.

Debit: $99.54-$121.66

Max loss: $121.66

BE: $1208.34

Mgmt: Monitor gamma, close partial if vol spikes.

Aggressive traders expecting significant downside.

Call Credit Spread

Sell 2026-06-05 $1500.00/$1510.00 call spread

Sell 1500/1510 call spread, betting price stays below 1500.

Why this play: Profits from flat/downside with defined risk; liquidity unconfirmed but still viable.

Credit: $3.78-$4.62

Max loss: $5.38

BE: $1504.62

Mgmt: Close early if price approaches 1500. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Conservative traders seeking income.

Watchlist Triggers

Entry Triggers

IFIF price breaks below 1330 support → THEN buy 2026-06-05 $1330.00/$1325.00 bear put spread

IFIF price reaches 1500 resistance and stalls → THEN sell 2026-06-05 $1500.00/$1510.00 call spread

Exit Triggers

EXITIF price rises above 1500 → THEN close all bearish positions

EXITIF bear put spread reaches 50% profit or 1325 → THEN close bear put spread

Tactical Summary

Bearish bias with gamma pin near 1330. Preferred: bear put spread on break of 1330; call credit spread on rally to 1500; exit above 1500 or at profit target.

How to Use These Reports

This directional reflects the market close on May 20, 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.