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SNDK

Sandisk CorporationClose $919.47EOD only
Max Pain
$800.00
Next expiry Apr 17, 2026
Expected Move
±$34.95
3.8% from close
Price Gap
-119.47
Distance to max pain
IV Rank
93
High premium
P/C OI
1.23
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 16, 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
Apr 16, 2026 close
SNDK Earnings Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High probability of pinning into $800-$1000 zone pre-earnings; market pricing implies large expected move for multi-week expiries but 1w IV elevated near event.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 15.1% from MP; +1 VIX 17; override: GEX and flow strongly aligned; pinning risk
Most important: Concentration of put OI below spot (~24% at $500-$800) creating pinning pressure and a nearby gamma flip (~700).
📌Pinning risk: put OI concentrated 24% below spot near $500-$800
⚖️Front-week IV steep vs longer-dated; expect material front-week crush

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$700.00 — Approx — based on put OI concentration of 5,472 (24.0% below spot)

Earnings Overview

Next earnings: 2026-04-30 (13 days)explicit

Expected moves:

  • 2026-04-24 (7d): ±$44.55 (4.8%)
  • 2026-05-01 (14d): ±$177.60 (19.3%)
  • 2026-05-08 (21d): ±$204.00 (22.2%)

IV Setup

Term structure: Front-week IV elevated with steep term structure; 1w IV > longer-dated IVs, big jump for 4/24 & later expiries.

Crush estimate: Moderate-to-large crush for front-week expirations (~40-60% of event IV premium); larger absolute for near-term high IV contracts.

Skew: Put skew steep into strikes $730-$910; call OI wall $1000-$1140 supports asymmetric demand.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical beat rate 100% (4/4); realized moves have tended to be within or below modelled multi-week expected moves.

Directional bias: Slightly bearish-to-neutral given put concentration and spot above MP, but pinning increases chance of muted post-earnings drift.

Key Levels

1$700.00 gamma flip
2EM guardrails: 1w $876.44/$965.54
3Max pain pins: $800 (2026-04-17); $800 (2026-04-24); $800 (2026-05-01)

Flow Highlights

Large unusual call prints at 925–935 and heavy put prints 730–915

Short-term activity clustered around pinning/hedging strikes may compress realized move

Net premium large and put_call_oi_ratio >1.27

Dealer long gamma pressure via puts increases pinning risk

Strategies

Front-week call diagonal
Sell 2026-04-24 $910.00 call / buy 2026-05-08 $1110.00 call
Credit: $5.67-$6.93
Max loss: $0.01
Max gain: Variable
BE: Path-dependent
Trigger: Trim or roll short 4/24 call if spot approaches 880–900 or if IV fails to compress; close pre-crush if IV spike persists. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Captures front-week rich IV vs back month and benefits if pinning mutes move into $800–$1000.
Outperforms: Sell 4/24 $910 call, buy 5/08 $1110 to collect IV premium while limiting upside exposure; favorable when short-term IV collapses vs back month.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Defined-risk iron condor
Sell 2026-05-01 $900.00/$880.00 put wing and $950.00/$960.00 call wing
Credit: $12.55-$15.34
Max loss: $4.66
Max gain: $15.34
BE: 884.66 / 965.34
Trigger: Adjust wings or hedge if spot moves toward any wing; close or widen after IV crush or on large directional break.
Collects back-month premium with defined loss when pinning/muted drift is expected post-earnings.
Outperforms: Sell 5/01 put and call wings (900/880 put, 950/960 call) to pocket premium while capping risk across outcomes.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Pinning into $800-$1000 increases tail gamma risk
!High front-week IV — rapid repricing possible at print
!Spot ~15% above MP increases gap-down vulnerability

What to Watch

?Volume/price action around $800-$1000 pre-earnings
?IV changes in 4/24 and 4/30 expiries
?Unusual prints follow-through vs. unwind (calls vs puts)

Read the Earnings analysis for SNDK for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.