SNDK Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

4.5 / 10

base 5; -0.5 mixed flow; -0.5 spot below MP; +0.5 high IV for premium selling context

Watch next session: $650-$670 put OI buildup for 4/2; Spot action relative to $625-$648 MP zone

Flow Summary

Net premium: +$267.4M bullish

P/C volume ratio: 1.05 — balanced with slight put lean

P/C OI ratio: 0.96 — nearly balanced

Massive net premium is deceptive, driven by a few far OTM call prints. Near-spot flow shows aggressive put buying for 4/2, indicating hedging or bearish bets against a pin to max pain. The regime is mixed with a defensive tilt.

Notable Prints

SNDK 4/2 $650 Put

Vol: 9,167

OI: 969

Vol/OI: 9.5x

IV: 83.0%

Notional: ~$5.8M

Intent: Fresh directional put buying or protective hedge

Dual read: Bought to open (bearish) vs. sold to open (bullish/neutral)

Read-through: High volume vs. OI at a key level just above spot. In a high IV regime, buying puts is expensive, suggesting strong conviction in a move lower or urgent protection.

SNDK 4/2 $670 Put

Vol: 5,490

OI: 614

Vol/OI: 8.9x

IV: 77.0%

Notional: ~$3.5M

Intent: Fresh directional put buying (bearish)

Dual read: Bought (bearish) or sold (bullish)

Read-through: Part of a concentrated put-buying ladder from $650-$700 for the weekly expiry. This is institutional-scale hedging or speculation against a rally.

SNDK 4/10 $1000 Call

Vol: 3,211

OI: 101

Vol/OI: 31.8x

IV: 86.7%

Notional: ~$2.0M

Intent: Lottery ticket call buying or spread leg

Dual read: Bought (bullish lottery) vs. sold (covered call/neutral)

Read-through: Extremely high vol/oi for a far OTM call. Likely cheap, low-delta bullish bets or part of a complex spread (e.g., call butterfly). Contributes heavily to net premium but is not a near-term directional signal.

SNDK 4/2 $700 Put

Vol: 3,413

OI: 262

Vol/OI: 13.0x

IV: 73.4%

Notional: ~$2.4M

Intent: Protective put buying or bearish speculation

Dual read: Bought (bearish) or sold (bullish)

Read-through: Completes the put wall from $650-$700. This strike is well above spot and max pain ($648), suggesting institutions are hedging against a failed rally or a sharp reversal.

SNDK 4/10 $575 Put

Vol: 3,028

OI: 343

Vol/OI: 8.8x

IV: 106.1%

Notional: ~$1.7M

Intent: Downside protection or bearish bet

Dual read: Bought (bearish) vs. sold (bullish/neutral)

Read-through: High IV print ~10% below spot. This is either expensive downside insurance or a speculative bet on a deeper pullback beyond the weekly expiry.

Institutional Positioning

Call additions: Far OTM calls ($700, $880, $1080) dominate premium flow but are low-delta lottery tickets.

Put additions: Concentrated near-term put buying at $650, $670, $700 (4/2) and $575 (4/10).

GEX/DEX consistency: Partial. Positive GEX (+$6.6M) suggests pinning support, but heavy put flow contradicts and may pressure spot lower.

OI clusters: Major OI: $250P (13.7K - legacy/outlier), $580C (6.5K), $500P (5.1K). Near-term walls: $650P (4/2), $580C, $500P.

Hedging evidence: Strong evidence. The ladder of 4/2 puts from $650-$700, bought at high IV, is classic institutional hedging against a long equity position.

Max pain context: Spot ($635.34) is below nearest max pain ($647.50 for 3/27, $625 for 4/2). This creates a magnetic pull zone between $625-$648. The put flow suggests positioning for a test of the lower bound.

Signal vs Noise

~Far OTM call premium (e.g., $700C, $880C, $1080C) is noise for near-term direction—likely lottery tickets or spread legs.

~The massive $250 Put OI (13,729) is a legacy position or structured product, not a current flow signal.

~High IV (~100%) across the term structure inflates premium values, making net premium a less reliable directional indicator on its own.

Key Conclusions

🛡️Institutions are aggressively hedging near-term downside with 4/2 puts from $650-$700.

🧲Spot is in a max pain pin zone ($625-$648); watch for a break lower given the put flow.

🎫Deceptive net premium is driven by far OTM call lottery tickets, not near-spot conviction.

Read the Flow analysis for SNDK for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.