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SNDK

Sandisk CorporationClose $1447.23EOD only
Max Pain
$1220.00
Next expiry May 15, 2026
Expected Move
±$110.05
7.6% from close
Price Gap
-227.23
Distance to max pain
IV Rank
69
High premium
P/C OI
1.43
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: May 13, 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 13, 2026 close
SNDK Earnings Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Earnings due 2026-05-15; 100% beat rate, high IV, mixed flow with put skew. Spot above MP, VIX 17.

Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -1 spot 11.5% from MP; +1 VIX 17
Most important: Expected 1d move ±5.4% vs historical avg beat; put skew warns downside.
📈100% beat rate; spot above MP; bullish bias intact.
⚠️High IV skew and put OI suggest downside risk premium.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$1200.00 — Approx — based on put OI concentration of 5,015 (13.2% below spot)

Earnings Overview

Expected moves:

  • 2026-05-15 (1d): ±$74.35 (5.4%)
  • 2026-05-22 (8d): ±$186.60 (13.5%)
  • 2026-05-29 (15d): ±$231.45 (16.7%)

IV Setup

Term structure: Front-end elevated (1d ±5.4%), back-end high (15d ±16.7%); slight upward slope.

Crush estimate: Estimated crush ~50% of front IV post-earnings.

Skew: Put skew elevated; put OI concentration 13.2% below spot.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Expected 1d move ±5.4%; historical moves near

Directional bias: Bullish bias given 100% beat rate and spot above MP.

Key Levels

1$1200.00 gamma flip
2EM guardrails: 2d $1308.37/$1457.07; 1w $1196.12/$1569.32
3Max pain pins: $1240 (2026-05-15); $1300 (2026-05-22); $1250 (2026-05-29)

Flow Highlights

Large call OI at $1500 (5173 vol, 1717 OI) and put activity at $1315-$1320.

Speculative upside interest with downside hedging near key support.

Unusual $1810 Call (627 vol vs 118 OI) and $425 Put (266 vol vs 104 OI).

High IV skew driven by tail-risk positioning.

Strategies

Call calendar
Sell 2026-05-22 $1610.00 call / buy 2026-06-18 $1610.00 call
Debit: $64.58-$78.93
Max loss: $78.93
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot breaks below $1151; target profit from crush.
Bullish bias, 100% beat rate, IV term structure favors front sell; expected crush ~50%.
Outperforms: Sell front-month call, buy back-month to profit from IV crush and time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Diagonal calendar
Sell 2026-05-22 $1610.00 call / buy 2026-06-18 $1610.00 call
Debit: $64.58-$78.93
Max loss: $78.93
Max gain: Variable
BE: Path-dependent
Trigger: Monitor skew changes; exit if IV flattens or spot exceeds short strike.
Different strike selection captures higher skew premium while maintaining calendar structure; less capital efficient but reduces gamma risk.
Outperforms: Buy back-month OTM call, sell front-month lower strike call to benefit from term structure and skew.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-05-22 $1150.00 put + sell $1610.00 call
Credit: $40.37-$49.34
Max loss: Unlimited
Max gain: $49.34
BE: 1100.66 / 1659.34
Trigger: Close near expiration or if volatility expands; set stop at $1390.
Collects elevated premium but put skew warns downside; higher risk.
Outperforms: Short OTM put and call to profit from IV contraction.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Earnings miss could trigger put wall at $1315; crush if beat.
!Gamma flip at $1200; break below risks acceleration.

What to Watch

?Earnings report: revenue/guidance vs expectations.
?Spot reaction to $1350-$1390 zone (max pain for 5/15).
How to Use These Reports
This earnings reflects the market close on May 14, 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.