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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with strong dealer gamma pinning near $1400, positive GEX, and VIX at 17 supporting. Spot above MP but elevated vol and mixed flow add caution. Confidence 8/10.

Confidence:

8 / 10

Base 5; GEX/flow alignment +2; GEX pinning +1; spot distance -1; VIX 17 +1

Supports: Positive GEX, pinning near $1400, VIX 17, spot above MP, dealer long 19.2M shares
Conflicts: Mixed flow, spot well above MP, elevated IV caps upside

📌Max pain pinning at $1400 for all expiries

⚠️Spot 5.6% above MP suggests reversion risk

📊GEX +$6.3M with gamma flip at $1100 offers buffer

Regime Classification

Vol Regime

High

IV elevated vs. historical, reflecting event anticipation. VIX 16.7 rich premium.

Gamma Regime

Pinning

Pinning regime; GEX positive $6.3M, flip at $1100 (25.6% below spot).

Flow Regime

Mixed

Mixed net positive; dealer long 19.2M shares leans bullish.

Spot vs Max Pain

Above

Spot 5.6% above $1400 MP; bias up but reversion risk.

Thesis duration: Event-specific — Near-term op-ex (May 22, 29, Jun 5) drive high vol and pinning; limited to 1-2 weeks.

Price Range Forecast

Next 1 week

$1330.44$1626.94

Support $1330, resistance $1550

Next 2 weeks

$1261.89$1695.49

Support $1262, resistance $1600-$1695

Key Levels

Max pain pins: $1400 (2026-05-22); $1350 (2026-05-29); $1330 (2026-06-05)

EM guardrails: 1w $1330.44/$1626.94

Support: $1400.00 · $1261.89

Resistance: $1550.00 · $1600.00 · $1695.49

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 6,701 (25.6% below spot)

Structural: Support $1262 (2w low), gamma flip $1100. Resistance $1550, $1600, $1695. Pin $1400 max pain.

Dealer Positioning (GEX/DEX)

GEX: $+6.3M

DEX: +19.2M shares

Gamma flip: ~$1100 (Approx — based on put OI concentration of 6,701 (25.6% below spot))

NTM gamma: GEX +$6.3M pinning near $1400, flip at $1100. DEX +19.2M shares bullish.

IV Analysis

IV vs VIX: IV rich relative to VIX 16.7, event premium.

Term structure: Contango, high near-term vol, kinks near weekly expiries.

Skew: Call-skew suggests bullish; sell premium near pinning strikes.

Flow Analysis

Net premium: Net premium +$280M positive, put/call volume ~1:1 but put OI ratio 1.46; unusual put prints may reflect selling (bullish), reconciling positive flow.

Directional prints: 35.4 call 1550 OTM 2026-05-22 — Vol 17k vs OI 3k, vol/oi 5.6. Heavy OTM call buying, bullish. 22.3 call 1505 OTM 2026-05-22 — Vol 1793 vs OI 157, vol/oi 11.4. New OTM call positions, bullish. 23.4 call 1495 OTM 2026-05-22 — Vol 1481 vs OI 212, vol/oi 7.0. New OTM call activity, bullish.

Unusual: 21.4 put 1480 ITM 2026-05-22 — Vol/oi 14.9, highest. New put interest; bearish if bought, but could be sold (bullish). 22.8 put 1470 OTM 2026-05-22 — Vol/oi 11.5, high put volume; bearish if bought, but could be sold (bullish). 31.1 call 1540 OTM 2026-05-22 — Vol/oi 11.5, OTM call with high IV, speculative buying.

Risks & Catalysts

!Reversal from spot above MP by 5.6%

!Gamma flip at $1100 on downside

!Mixed flow causing sideways action

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call calendar	Moderate	Sell 2026-07-17 $1550.00 call / buy 2026-08-21 $1550.00 call Why now: Heavy OTM call buying and positive GEX support upside; term structure steep.	If spot declines, both legs lose; max loss is net debit. Liquidity constraints: long_call: Volume below 5.
Bull call spread	Moderate	Buy 2026-06-05 $1610.00/$1740.00 call spread Why now: Positive flow and bullish bias support call spread; limited upside risk.	Upside capped if spot moves above short strike; time decay if no move. Liquidity constraints: long_call: Volume below 5.; short_call: Open interest below 25.
Put credit spread	Moderate-Weak	Sell 2026-06-05 $1330.00/$1170.00 put spread Why now: Positive GEX and bullish bias make put credit spread attractive; defined risk.	Loss if spot drops below short put strike; gamma risk at earnings. Liquidity constraints: short_put: Volume below 5.
Long call	Moderate-Weak	Buy 2026-06-05 $1650.00 call Why now: Strong bullish bias with positive flow; long call captures upside.	High implied volatility and time decay; requires strong directional move.

Top Plays

Long Call Upside Play

Buy 2026-06-05 $1650.00 call

Captures bullish bias with unlimited upside potential.

Why this play: Liquidity pass and strong upside flow make it top pick.

Debit: $44.41-$54.29

Max loss: $54.29

BE: $1704.29

Mgmt: Set stop loss below $1400; take partial profits on strength.

Aggressive traders seeking high upside.

Bull Call Spread

Buy 2026-06-05 $1610.00/$1740.00 call spread

Buys call spread to benefit from bullish move with capped loss.

Why this play: Defined risk and positive flow support limited upside play.

Debit: $27.18-$33.22

Max loss: $33.22

BE: $1643.22

Mgmt: Exit near target or if spot drops below $1400. Liquidity warning: Liquidity constraints: long_call: Volume below 5.; short_call: Open interest below 25.

Traders wanting risk control with bullish view.

Put Credit Spread

Sell 2026-06-05 $1330.00/$1170.00 put spread

Sells put spread to collect premium with defined risk.

Why this play: Bullish bias and positive GEX support downside protection.

Credit: $26.28-$32.12

Max loss: $127.88

BE: $1297.88

Mgmt: Manage if spot falls below $1400 invalidation. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Income-focused traders with bullish outlook.

Watchlist Triggers

Entry Triggers

IFSpot holds above 1400 with VIX < 20 → Buy 2026-06-05 $1650 call

Exit Triggers

EXITSpot closes below 1400 → Close all bullish positions (long_call_1, bull_call_1, put_credit_1)

Tactical Summary

Bullish bias, support 1400. Enter long call above 1400; exit below. Manage profits near 1550 resistance.

How to Use These Reports

This directional reflects the market close on May 22, 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.