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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

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 Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.8% from MP

Watch next session: $750C OI buildup; Put flow at $720-$725

Flow Summary

Net premium: +$170.9M bullish

P/C volume ratio: 1.11 — slight put-dominant volume

P/C OI ratio: 1.03 — neutral OI positioning

Massive net premium bullish despite slightly elevated put volume, indicating strong institutional call buying. Flow regime is mixed but GEX strongly positive at +$8.4M, creating pinning pressure.

Notable Prints

SNDK 4/24 $750 Call

Vol: 2,220

OI: 195

Vol/OI: 11.4x

IV: 95.3%

Notional: ~$113M

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Large notional bullish bet targeting +3.5% move in 18 days, consistent with $750 premium flow dominance

SNDK 4/10 $720 Put

Vol: 1,172

OI: 120

Vol/OI: 9.8x

IV: 105.7%

Notional: ~$34.6M

Intent: Near-term protective hedge

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

Read-through: Likely hedging against short-term downside near spot, with high IV suggesting premium selling is possible

SNDK 4/10 $725 Call

Vol: 1,130

OI: 161

Vol/OI: 7.0x

IV: 106.9%

Notional: ~$35.9M

Intent: Directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: At-the-money call flow supporting bullish bias near current price

SNDK 4/10 $727.50 Put

Vol: 666

OI: 109

Vol/OI: 6.1x

IV: 108.7%

Notional: ~$22.4M

Intent: ITM put hedge or spread leg

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

Read-through: In-the-money put with high volume, likely part of collar or protective strategy given spot proximity

SNDK 4/10 $430 Put

Vol: 1,210

OI: 242

Vol/OI: 5.0x

IV: 177.3%

Notional: ~$60.5K

Intent: Lottery ticket or far OTM hedge

Dual read: Bought (crash protection) or sold (premium collection)

Read-through: Extremely high IV suggests likely premium selling, not directional bearish bet

Institutional Positioning

Call additions: $750-$1000 calls across April expirations, with massive premium flow at $750C ($20.7M) and $1000C ($19.5M)

Put additions: Protective puts at $720-$727.50 and far OTM puts at $430-$570

GEX/DEX consistency: Yes — positive GEX of +$8.4M aligns with bullish premium flow and pinning regime

OI clusters: $580 call wall (6,576 OI), $575 put floor (4,759 OI), $770-$1080 call wall (4,044-3,417 OI), $500-$530 put floor (3,385-3,711 OI)

Hedging evidence: Moderate near-term put flow at $720-$727.50 suggests some hedging, but dwarfed by call premium

Max pain context: Near-term max pain at $672.50 (4/10) and $610 (4/17), well below spot at $724.63, creating upward pinning pressure

Signal vs Noise

~$430 Put 4/10 with 177.3% IV is likely premium selling, not directional bearish bet

~$545 Put 4/10 with 135.8% IV appears as lottery ticket or far OTM hedge, not meaningful flow

~$1140 Call 4/24 is far OTM (57% from spot) and likely speculative or spread leg

Key Conclusions

🐂Net premium +$170.9M strongly bullish despite mixed volume

📌Positive GEX +$8.4M creates pinning pressure with spot above max pain

🛡️Near-term put flow at $720-$727.50 shows hedging, not dominant bearish positioning

How to Use These Reports

This flow reflects the market close on April 6, 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.