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SNDK

Sandisk CorporationClose $979.07EOD only
Max Pain
$870.00
Next expiry Apr 24, 2026
Expected Move
±$65.85
6.7% from close
Price Gap
-109.07
Distance to max pain
IV Rank
49
Middle-high premium
P/C OI
1.25
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 22, 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
Apr 22, 2026 close
SNDK Flow Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasMixed
Confirmation: Positive GEX (+$5.5M) and concentrated near-term call prints with pinning gamma support a upside squeeze/pinning scenario.
Invalidation: Elevated put OI and put/call OI ratio (>1.23) plus spot only ~3.6% above MP create meaningful downside pressure risk; large May puts with high vol suggest directional hedging or skewed downside bets.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.6% from MP; +0.5 VIX 19

Watch next session: Track price vs MP moves and whether pin holds; Monitor IV and vol spikes in unusual expiries; Follow changes in GEX and dex intraday; Observe execution vs OI increases at key strikes

Flow Summary

Net premium: +$178.4M bullish

P/C volume ratio: 0.86

P/C OI ratio: 1.24

Flows are mixed: dealer gamma and heavy call flow favor short-term pinning near current levels, but sizable put OI and skewed P/C OI argue meaningful downside risk if pin breaks; watch IV/prints and gamma flip.

Notable Prints

#1
SNDK 2026-05-01 $770.00 Put
Vol: 4,320
OI: 250
Vol/OI: 17.3x
IV: 146.6%
Notional: ~$9.5M
Intent: Tail hedge
Dual read: Directional bearish or portfolio protection

Read-through: Big OI jump: institutional hedge

#2
SNDK 2026-04-24 $965.00 Call
Vol: 1,534
OI: 253
Vol/OI: 6.1x
IV: 63.7%
Notional: ~$905K
Intent: Immediate upside play
Dual read: Spec buy or dealer hedging

Read-through: Clustered short-dated calls

#3
SNDK 2026-04-24 $970.00 Call
Vol: 1,844
OI: 449
Vol/OI: 4.1x
IV: 65.0%
Notional: ~$977K
Intent: Near-term upside speculation
Dual read: Directional buy or delta hedge

Read-through: Supports pinch in 965–980 zone

#4
SNDK 2026-04-24 $950.00 Call
Vol: 5,127
OI: 1,314
Vol/OI: 3.9x
IV: 64.7%
Notional: ~$5.2M
Intent: Short-dated bullish/earnings/spec
Dual read: Buy or sell-to-close gamma

Read-through: Pin pressure near 950–980

#5
SNDK 2026-04-24 $955.00 Put
Vol: 395
OI: 103
Vol/OI: 3.8x
IV: 63.2%
Notional: ~$1.3M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated near-dated calls clustered 935–980 strikes (notable volume/OI around 4/24 expiries).

Put additions: Large May 1 770 put noted; elevated short-dated puts 935–955 present but lower relative volume vs calls.

GEX/DEX consistency: GEX +$5.5M and DEX +16.3M align with upside call concentration, consistent with upside flow but not definitive.

OI clusters: Largest OI around 950–980; put OI cluster roughly 14% below spot (~5,778 level, near reported gamma flip zone).

Hedging evidence: Structured hedges (collars/protective puts) are consistent with observed concentrated call sales and sizable put blocks, though not conclusively proven.

Max pain context: Max pain centers near 950–970; spot slightly above that range so possible pinning into expiry, subject to short-dated orderbook shifts.

Signal vs Noise

~Signal: concentrated 4/24 call blocks and aligned positive GEX/DEX.
~Signal: large May 1 770 put appears as tail exposure or directional hedge.
~Noise: many single‑leg short‑dated trades could distort near-term flow—monitor orderbook and decay into expiry.

Key Conclusions

📌Flow and GEX/DEX point to possible short-term pin toward 950–970; monitor decay into 4/24 and watch for single‑leg noise.
⚠️Large May 1 770 put is an outlier tail exposure—could shift skew if the underlying gaps; treat as directional/hedge signal and watch orderbook.
How to Use These Reports
This flow reflects the market close on April 23, 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.