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SNDK

Sandisk CorporationClose $1478.69EOD only

Max Pain

$1350.00

Next expiry May 29, 2026

Expected Move

±$148.25

10.0% from close

Price Gap

-128.69

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.46

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

SNDK Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias (8/10). Long gamma supports, but spot above MP and mixed flow caution. Targets $1720-1818 up, $1458-1361 down.

Confidence:

8 / 10

Base 5; +2 GEX aligned; +1 GEX positive; -1 spot far MP; +1 VIX =>8

Supports: Long gamma $4.5M, DEX +18.7M, resistance $1883.
Conflicts: Spot 14% above MP, mixed flow, high vol.

📈Dealer gamma supports higher

⚠️Spot 14% above MP risks reversal

Regime Classification

Vol Regime

High

High IV, VIX 17 adds macro pressure.

Gamma Regime

Pinning

Positive GEX $4.5M, pinning near MP $1390/1350/1385. Flip ~$1250.

Flow Regime

Mixed

Mixed flow, no strong directional bias.

Spot vs Max Pain

Above

Spot ~$1590, 14% above MP $1390, reversion potential.

Thesis duration: Multi-week — Multiple expiry pins and wide range support.

Price Range Forecast

Next 2 days

$1458.55$1720.55

Range $1458-1720, gamma supports upper half

Next 1 week

$1361.00$1818.10

Range $1361-1818, MP pin $1350/1390

Next 2 weeks

$1295.85$1883.25

Range $1296-1883, gamma flip $1250

Key Levels

Max pain pins: $1390 (2026-05-29); $1350 (2026-06-05); $1385 (2026-06-12)

EM guardrails: 2d $1458.55/$1720.55; 1w $1361.00/$1818.10

Support: $1295.85

Resistance: $1883.25

Gamma flip: ~$1250.00 — Approx — based on put OI concentration of 3,371 (21.4% below spot)

Structural: Support $1295, resistance $1883, EM 2d $1458/$1720, 1w $1361/$1818, MP pins $1390/1350/1385, flip $1250.

Dealer Positioning (GEX/DEX)

GEX: $+4.5M

DEX: +18.7M shares

Gamma flip: ~$1250 (Approx — based on put OI concentration of 3,371 (21.4% below spot))

NTM gamma: GEX +$4.5M, DEX +18.7M shares, flip $1250 (put OI).

IV Analysis

IV vs VIX: IV rich vs VIX 17, elevated.

Term structure: Upward sloping, kinks near weekly expiries.

Skew: Sell wings if neutral, buy calls if bullish.

Flow Analysis

Net premium: Net $288M positive; P/C vol 1.30, OI 1.50; put-heavy but net bullish premium.

Directional prints: 102.3 call 1750 OTM 2026-05-29 — Vol/OI 8.8; likely bought (bullish); preferred bought. 98.2 call 1620 OTM 2026-05-29 — Vol/OI 7.5; bought (bullish) preferred. 99.4 call 1580 ITM 2026-05-29 — Vol/OI 6.3; bought (bullish) preferred.

Unusual: 99.4 put 1600 ITM 2026-05-29 — Vol/OI 10.1, vol 1508 vs OI 150; unusual put activity. 127.8 put 1255 OTM 2026-05-29 — Vol/OI 9.3, vol 1500 vs OI 162; deep OTM put. 108.3 call 1950 OTM 2026-05-29 — Vol/OI 5.5, vol 812 vs OI 148; OTM call sweep.

Risks & Catalysts

!Reversion to MP $1390

!Gamma flip $1250 on selloff

!Flow turns bearish

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $1730.00/$2130.00 call spread Why now: Positive flow and bullish bias; cap risk with spread.	Upside cap if rally exceeds short strike. Liquidity constraints: short_call: Volume below 5.
Long call	Moderate-Strong	Buy 2026-08-21 $2220.00 call Why now: Lead bullish print at 1750 call; net positive premium.	Time decay if move stalls; full premium at risk. Liquidity constraints: long_call: Open interest below 25.
Put credit spread	Moderate-Weak	Sell 2026-06-26 $1300.00/$1125.00 put spread Why now: Bullish bias and put-heavy flow offer premium.	Downside if selloff breaks below short strike. Liquidity constraints: long_put: Volume below 5.

Top Plays

Long Call $2220 Aug21

Buy 2026-08-21 $2220.00 call

Uncapped upside from bullish momentum; high IV supports premium capture.

Why this play: Directly follows bullish flow print at 1750 call; positive net premium and bullish bias.

Debit: $146.30-$178.81

Max loss: $178.81

BE: $2398.81

Mgmt: Trail stop at 1295 invalidation; consider rolling on 50% gain Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Aggressive traders seeking leveraged exposure

Bull Call Spread 1730/2130

Buy 2026-07-17 $1730.00/$2130.00 call spread

Limited-risk bet on upside; spread reduces premium outlay.

Why this play: Captures bullish bias with defined risk; lower cost than long call.

Debit: $86.98-$106.31

Max loss: $106.31

BE: $1836.31

Mgmt: Exit if spot below 1295; take profit at max gain Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk-averse bullish traders

Put Credit Spread 1300/1125

Sell 2026-06-26 $1300.00/$1125.00 put spread

Sells put spread to benefit from rising or stable price.

Why this play: Harvests premium from bullish thesis and elevated put demand.

Credit: $30.06-$36.74

Max loss: $138.26

BE: $1263.26

Mgmt: Close if spot below 1300; roll out for credit Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Income-focused traders with moderate bullish view

Watchlist Triggers

Entry Triggers

IFIF spot holds above 1295 and breaks above 1458 with volume → BUY LC1 at limit 146.3-178.81

IFIF spot remains above 1295 and bullish momentum continues → BUY BS1 at entry range 86.98-106.31

IFIF spot stays above 1295 and option IV elevated → SELL PCS1 at credit 30.06-36.74

Exit Triggers

EXITIF spot closes below 1295 (invalidation level) → EXIT all bullish positions: LC1, BS1, PCS1

Tactical Summary

Bullish bias 8/10, multi-week. Support 1295, resistance 1883. Entries above 1458. Risks: reversion to 1390, gamma flip 1250, flow turn bearish. Preferred: LC1, BS1, PCS1.

How to Use These Reports

This directional reflects the market close on May 26, 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.