Home Options SNDKReports

SNDK

Sandisk CorporationClose $1542.24EOD only

Max Pain

$1345.00

Next expiry May 22, 2026

Expected Move

±$64.70

4.2% from close

Price Gap

-197.24

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.41

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

SNDK Directional Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-bearish bias; elevated vol and positive gamma pin near MP but spot 14.7% above $1345 suggests mean reversion. Confidence tempered by conflicting signals.

Confidence:

6 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot vs MP; +1 VIX 17; bias contradiction caps at 6.

Supports: Positive dealer gamma, low VIX, pinning support.
Conflicts: High vol regime, spot above MP, flow mixed.

🟢GEX +$14.4M, dealers long gamma support price.

⚠️Spot 14.7% above MP $1345, mean reversion risk.

📈Vol high but VIX low, tail risk muted.

🔄Flow mixed, net premium neutral.

Regime Classification

Vol Regime

High

High IV regime – implied vol elevated vs typical range.

Gamma Regime

Pinning

Positive gamma ($+14.4M) – dealers long options, pinning near strikes.

Flow Regime

Mixed

Mixed – net premium neutral, no strong directional bias.

Spot vs Max Pain

Above

Spot above max pain ($1345) – potential downward drift toward pin.

Thesis duration: Event-specific — Near-term expiry (2026-05-22) and high gamma exposure make this a pinning-driven event over next 2 days.

Price Range Forecast

Next 2 days

$1477.54$1606.94

Pin to MP $1345, dealer gamma may cap downside.

Next 1 week

$1373.04$1711.44

Gradual drift to $1300–$1310 MP as vol decays.

Next 2 weeks

$1303.59$1780.89

Wider range $1303–$1780, direction uncertain beyond pin.

Key Levels

Max pain pins: $1345 (2026-05-22); $1300 (2026-05-29); $1310 (2026-06-05)

EM guardrails: 2d $1477.54/$1606.94; 1w $1373.04/$1711.44

Support: $1303.59

Resistance: $1780.89

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 6,919 (28.7% below spot)

Structural: Support $1303 (2w low), resistance $1780 (2w high). Key pin levels: $1345 (22 May), $1300 (29 May), $1310 (5 Jun). Gamma flip ~$1100.

Dealer Positioning (GEX/DEX)

GEX: $+14.4M

DEX: +19.6M shares

Gamma flip: ~$1100 (Approx — based on put OI concentration of 6,919 (28.7% below spot))

NTM gamma: Dealers net long gamma ($+14.4M GEX, +19.6M shares DEX) – supports price stability and pinning. Flip risk at ~$1100.

IV Analysis

IV vs VIX: IV elevated vs VIX 16.8 – rich premium, but justified by high vol. Long premium costly; short vol opportunities on reversal.

Term structure: Front-end elevated with event kink around May expiry; backwardation expected post-expiry.

Skew: Put skew elevated – expensive downside protection. Consider put spreads or sell puts for premium decay.

Flow Analysis

Net premium: Net premium +$729M, P/C vol ratio 1.28, OI ratio 1.41; call premium dominates, signaling bullish bias.

Directional prints: 72.2 call 1520 ITM 2026-05-22 — Vol/OI 11.8; aggressive buying of OTM calls; likely bullish position. 70.1 call 1650 OTM 2026-05-22 — Vol/OI 6.2; substantial OTM call volume; directional bullish bet.

Unusual: 140.5 put 800 OTM 2026-06-05 — Vol/OI 11.4; deep OTM put with high IV; likely protective hedge or tail risk bet. 78.4 put 1450 OTM 2026-05-22 — Vol/OI 9.7; elevated OTM put activity; hedging or bearish speculation. 153.4 put 1170 OTM 2026-05-22 — Vol/OI 7.5; high IV OTM put; unusual volume suggests hedging interest.

Risks & Catalysts

!Spot mean reverts to MP faster than expected.

!Gamma flip if spot crashes through $1100.

!Vol spikes on macro shock despite low VIX.

!Dealer hedging unwinds if gamma turns negative.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-05 $1420.00/$1335.00 put spread Why now: Contrarian to bullish flow; put debit spread caps risk.	Spot rallies, losing debit; max loss limited. Liquidity constraints: long_put: Open interest below 25.
Iron condor	Moderate-Weak	Sell 2026-06-05 $1335.00/$1210.00 put wing and $1830.00/$1970.00 call wing Why now: Elevated vol supports defined-risk condor.	Breakout beyond wings leads to max loss. Liquidity constraints: long_call: Wide spread (75%).
Put diagonal	Weak	Sell 2026-06-05 $1420.00 put / buy 2026-06-26 $1385.00 put Why now: Term structure edge; near-term IV high relative to back-month.	Spot drop hurts short leg; limited upside if flat. Liquidity constraints: short_put: Open interest below 25.

Top Plays

Bear Put Spread

Buy 2026-06-05 $1420.00/$1335.00 put spread

Buy $1420/$1335 put spread for 2026-06-05 to express downside view with capped loss.

Why this play: Directly aligns with neutral-bearish thesis and contrarian to bullish flow, offering defined risk and profit from mean reversion.

Debit: $22.41-$27.39

Max loss: $27.39

BE: $1392.61

Mgmt: Monitor for invalidation above $1780; consider early close on 50% gain. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Traders expecting spot to revert lower after overextended rally.

Iron Condor

Sell 2026-06-05 $1335.00/$1210.00 put wing and $1830.00/$1970.00 call wing

Sell $1335/$1210 put wing and $1830/$1970 call wing for 2026-06-05, collecting premium.

Why this play: Leverages elevated IV to sell wings, capturing theta decay if spot stays within range; moderate alignment with bearish lean.

Credit: $35.91-$43.89

Max loss: $96.11

BE: 1291.11 / 1873.89

Mgmt: Adjust wings if spot breaches inner strikes; target 50% max gain. Liquidity warning: Liquidity constraints: long_call: Wide spread (75%).

Traders expecting range-bound price action with low volatility surprise.

Put Diagonal

Sell 2026-06-05 $1420.00 put / buy 2026-06-26 $1385.00 put

Sell $1420 put (2026-06-05) and buy $1385 put (2026-06-26) for time decay and volatility normalization.

Why this play: Exploits term structure edge with near-term high IV, but requires specific movement; lower confidence.

Debit: $37.76-$46.15

Max loss: $46.15

BE: Path-dependent

Mgmt: Close if spot approaches short strike; roll if needed to maintain credit. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Experienced traders comfortable with multi-leg timing and volatility assumptions.

Watchlist Triggers

Entry Triggers

IFIF spot closes below $1345 → THEN buy $1420/$1335 put spread for 2026-06-05

IFIF spot holds between $1335 and $1830 for 2 days → THEN sell $1335/$1210 put wing and $1830/$1970 call wing for 2026-06-05

Adjustment Triggers

ADJIF spread gains 50% of max profit → THEN close position early

Exit Triggers

EXITIF spot closes above $1780.89 → THEN close put spread

Tactical Summary

Neutral-bearish: fade overextended rally from $1345 pin. Lead with bear put spread; exit above $1780 or on 50% gain. Iron condor alternative if range persists. Monitor gamma flip near $1100.

How to Use These Reports

This directional reflects the market close on May 21, 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.