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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
33
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 Earnings Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Earnings Verdict

High IV, mixed flow, historical 100% beat rate; market pricing large move uncertainty.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.0% from MP; +0.5 VIX 18
Most important: Watch max pain $1330 and unusual put volume at $1095/$1140 for directional clues.
📈100% beat rate; flow shows upside bets.
⚡IV elevated, crush likely; wait for entry.
🐻Put OI ratio 1.38; implied downside hedging.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 4,332 (20.5% below spot)

Earnings Overview

Expected moves:

  • 2026-05-22 (3d): ±$124.55 (9.0%)
  • 2026-05-29 (10d): ±$190.95 (13.8%)
  • 2026-06-05 (17d): ±$247.65 (17.9%)

IV Setup

Term structure: Steep backwardation; 3d ~9% move, 17d ~18%.

Crush estimate: Expected 40-60% crush post-event.

Skew: Put skew elevated; unusual puts at 1095 & 1140 suggest downside hedging.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Historical moves vs expected unavailable; large expected moves imply high uncertainty.

Directional bias: Neutral; net premium positive but put-heavy OI.

Key Levels

1$1100.00 gamma flip
2EM guardrails: 2d $1258.74/$1507.84; 1w $1192.34/$1574.24
3Max pain pins: $1330 (2026-05-22); $1300 (2026-05-29); $1300 (2026-06-05)

Flow Highlights

Aggressive call buying at $1520 and $2000 strikes (vol/oi >6x).

Bet on large upside move beyond current levels.

Heavy put activity at $1095 and $1140 near term.

Protection against downside gap to support.

Strategies

Iron Condor
Sell 2026-05-29 $1285.00/$1175.00 put wing and $1520.00/$1650.00 call wing
Credit: $46.98-$57.42
Max loss: $72.58
Max gain: $57.42
BE: 1227.58 / 1577.42
Trigger: Close at 50% max gain or exit before event if IV collapses.
Earnings play with steep backwardation and neutral bias; high IV favors credit spread.
Outperforms: Sells put and call wings around max pain, capturing premium crush.
Underperforms: Move outside short strikes invalidates range thesis.
Call Diagonal
Sell 2026-05-29 $1405.00 call / buy 2026-06-26 $1460.00 call
Debit: $58.68-$71.72
Max loss: $71.72
Max gain: Variable
BE: Path-dependent
Trigger: Adjust if spot falls below $1330 invalidation level. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Exploits steep term structure by selling near-term call and buying later call.
Outperforms: Bullish bias but protected by long call; profits from time decay and volatility.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV pricing large moves; post-event crush risk.
!Gamma pinning near $1330 max pain.
!Spot above max pain; pullback possible.
!Despite 100% beat rate, high IV signals potential disappointment.

What to Watch

?Price reaction at $1330 max pain.
?Put OI concentration at $1250 and $1095.
?Unusual call activity at $1520.
How to Use These Reports
This earnings reflects the market close on May 19, 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.