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SNDK

Sandisk CorporationClose $979.07EOD only
Max Pain
$870.00
Next expiry Apr 24, 2026
Expected Move
±$65.85
6.7% from close
Price Gap
-109.07
Distance to max pain
IV Rank
49
Middle-high premium
P/C OI
1.25
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 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
Apr 22, 2026 close
SNDK Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence setup (base 8) with strong near-term call flow pinning around $900–$1,000 ahead of 2026-04-30 earnings; 4/4 historical beats noted but sample is small so directional confidence is limited; large IV and asymmetric prints increase tail risk.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.6% from MP; +0.5 VIX 19
Most important: Near-dated call concentration plus put OI floor creating pinning near $900–$1,000 that could amplify post-earnings dislocation.
📌Heavy call OI/flow around $900–$1,000 — short-term pinning risk.
⚠️May1 $770 put (vol/oi 17.3, ~147% IV) signals notable asymmetric downside exposure.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,778 (14.2% below spot)

Earnings Overview

Next earnings: 2026-04-30 (7 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$34.80 (3.7%)
  • 2026-05-01 (8d): ±$163.15 (17.5%)
  • 2026-05-08 (15d): ±$191.25 (20.5%)

IV Setup

Term structure: Very elevated short-dated IV vs longer-dated; front-week 1d strikes ~61–66% IV, and the May1 deep put showed ~147% IV.

Crush estimate: Material IV crush expected for front-week expiries after the print.

Skew: Steep skew: puts priced very rich at deep strikes (May1 $770 ~147% IV) while heavy call OI clusters sit $1,000–$1,140.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Realized moves have often met or exceeded model expected moves; historical beat rate 4/4 noted but is a small sample.

Directional bias: No reliable directional edge from history alone; current flow/OI imply short-term pinning bias.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $897.63/$967.23; 1w $769.28/$1095.58
3Max pain pins: $900 (2026-04-24); $850 (2026-05-01); $810 (2026-05-08)

Flow Highlights

Concentrated near-dated call flow (935–980 strikes) with high volumes and OI.

Pinning pressure into earnings around $900–$1,000.

Large May1 $770 put print with vol/oi 17.3 and ~147% IV.

Downside tail hedging or directional exposure that raises asymmetric risk if shares gap down.

Strategies

Front‑week long straddle
Buy 2026-05-01 $955.00 put + buy $955.00 call
Debit: $151.38-$185.02
Max loss: $185.02
Max gain: Unlimited
BE: 769.98 / 1140.02
Trigger: Pare into move; exit into immediate post‑print IV collapse or roll to May15 if directional conviction emerges. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Max convexity to capture a large post‑print move where front‑week IV is extreme.
Outperforms: Bid both May1 955 put and call to profit from a big directional jump or skewed tail; expensive with material IV crush risk.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.
Front‑week long strangle (OTM)
Buy 2026-05-01 $895.00 put + buy $980.00 call
Debit: $112.55-$137.56
Max loss: $137.56
Max gain: Unlimited
BE: 757.44 / 1117.56
Trigger: Tighten after a strong one‑side move; consider closing into first post‑print crush.
Retains event convexity at lower cost and passed liquidity check.
Outperforms: Buy May1 895 put + 980 call to limit premium while keeping asymmetric tail exposure from concentrated OTM flow.
Underperforms: Insufficient realized move reduces long-strangle edge.
Post‑earnings bull call spread
Buy 2026-05-15 $900.00/$950.00 call spread
Debit: $19.57-$23.93
Max loss: $23.93
Max gain: $26.07
BE: $923.93
Trigger: Hold into post‑earnings drift; cut if spot breaks below 900 (invalidation).
Reduces front‑week decay and exploits pinning/upsided skew with limited risk.
Outperforms: Buy May15 900/950 call spread to play upside while avoiding front‑week IV and crush.
Underperforms: Loss of support weakens upside continuation thesis.
Bear put spread
Buy 2026-05-15 $990.00/$900.00 put spread
Debit: $46.62-$56.98
Max loss: $56.98
Max gain: $33.02
BE: $933.02
May15 puts still elevated but cheaper than front-week; 950/900 bear put captures downside while capping cost; delta targets are absolute (|Δ|).
Outperforms: Defined-risk downside hedge post-earnings using May15 to benefit from potential unwind of pinning and put-rich skew (next_earnings_date: 2026-05-01).
Underperforms: Trade above resistance weakens downside thesis.

Risk Assessment

!High front-week IV and large expected post-earnings move
!Pinning can flip to rapid unwind if spot breaches concentrated strikes
!Deep put activity creates asymmetric downside tail risk
!Market volatility increases execution cost and slippage

What to Watch

?Spot vs max pain $900–$1,000 into expiry
?Front-week IV levels and immediate post-print crush
?Unusual prints (May1 $770 put, 945–980 calls) in time & sales
?Gamma/GEX thresholds near concentrated put cluster (~14% below spot)
How to Use These Reports
This earnings reflects the market close on April 23, 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.