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SNDK

Sandisk CorporationClose $1542.24EOD only
Max Pain
$1345.00
Next expiry May 22, 2026
Expected Move
±$64.70
4.2% from close
Price Gap
-197.24
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
1.41
Slightly put-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
SNDK Earnings Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

SNDK earnings setup with high IV, strong beat rate (100% 5/5), but mixed flow: put-heavy volume and OI, yet large call interest at 1520/1530. Implied move 4.2% 1d. Risk of IV crush and gap.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.7% from MP; +1 VIX 17
Most important: IV extremely elevated; put skew warns of downside hedging; earnings beat streak provides bullish bias but flow is cautious.
⚠️Put skew at multi-month highs; deep puts pricing 30%+ downside.
📈100% beat rate but market pricing cautious – IV could crush if results solid.
🔴Unusual call vol at $1520/$1530 suggests bullish gamma positioning ahead of event.

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 6,919 (28.7% below spot)

Earnings Overview

Expected moves:

  • 2026-05-22 (1d): ±$64.70 (4.2%)
  • 2026-05-29 (8d): ±$169.20 (11.0%)
  • 2026-06-05 (15d): ±$238.65 (15.5%)

IV Setup

Term structure: Steep contango: 1d IV 70-161%, 8d 87-169%, 15d 140% on deep puts. Near-term IV at upper decile.

Crush estimate: Expected 50-70% crush post-earnings on 1d options; longer-dated may drop 20-30%.

Skew: Put skew extreme: deep OTM puts (800, 1170, 1295) with IV 150-170%, implying high tail risk premium.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Beat rate 100% but historical move vs implied not available; implied 4.2% 1d move moderate.

Directional bias: Neutral – flow shows both large put buying and call activity; net premium positive but put/call ratio elevated.

Key Levels

1$1100.00 gamma flip
2EM guardrails: 2d $1477.54/$1606.94; 1w $1373.04/$1711.44
3Max pain pins: $1345 (2026-05-22); $1300 (2026-05-29); $1310 (2026-06-05)

Flow Highlights

Unusual call volume: SNDK 2026-05-22 $1520C (11.8x OI), $1530C (6.9x), $1650C (6.2x).

Aggressive bullish positioning at strikes near and above spot; suggests upside speculation or delta hedging.

Deep OTM put buying: SNDK 2026-05-22 $1170P (7.5x), $1295P (7.5x); May 29 $800P (7.6x).

Hedging or bearish bets on sharp selloff; put skew inflated by demand for downside protection.

Strategies

Iron condor
Sell 2026-05-29 $1450.00/$1340.00 put wing and $1670.00/$1790.00 call wing
Credit: $40.32-$49.28
Max loss: $70.72
Max gain: $49.28
BE: 1400.72 / 1719.28
Trigger: Monitor spot near $1450-$1670; adjust if breached. Exit before expiration if IV collapses.
Best captures IV crush with defined risk given neutral bias and high IV.
Outperforms: Sells wings to profit from range-bound move and volatility compression post-earnings.
Underperforms: Move outside short strikes invalidates range thesis.
Call diagonal
Sell 2026-05-29 $1670.00 call / buy 2026-06-26 $1500.00 call
Debit: $151.60-$185.30
Max loss: $185.30
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot falls below invalidation $1303.59; roll forward if trend reverses.
Exploits steep contango and slight bullish OI bias, reducing premium cost.
Outperforms: Sells short-dated call against longer-dated call to benefit from term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long strangle
Buy 2026-05-29 $1305.00 put + buy $1780.00 call
Debit: $32.09-$39.22
Max loss: $39.22
Max gain: Unlimited
BE: 1265.78 / 1819.22
Trigger: Set stop-loss at 50% premium decay; take profits on 2x move. Avoid holding through crush. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Allows for large directional moves but suffers from IV crush and low liquidity.
Outperforms: Buys out-of-the-money puts and calls to profit from breakout, but premium decay is high.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!IV crush: post-earnings vol compression may hit long options hard.
!Gap risk: despite 100% beat rate, SNDK could miss or guide lower.
!Gamma risk: large put OI below $1300 may amplify moves if spot breaks key levels.

What to Watch

?Spot action near $1520 (call heavy) and $1450 (put interest).
?Sustained call volume at $1650 / $1700 for upside conviction.
?Open interest build at $800 put for tail risk sentiment.
How to Use These Reports
This earnings reflects the market close on May 21, 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.