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SNDK

Sandisk CorporationClose $1383.29EOD only

Max Pain

$1330.00

Next expiry May 22, 2026

Expected Move

±$124.55

9.0% from close

Price Gap

-53.29

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.38

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

SNDK Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 19, 2026.

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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.

How to Use These Reports

This flow reflects the market close on March 31, 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.