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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 May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.7% from MP; +1 VIX 17

Watch next session: Spot action vs 1440-1450; Put/call volume ratio trend; Gamma flip level

Flow Summary

Net premium: +$729.0M bullish

P/C volume ratio: 1.28

P/C OI ratio: 1.41

Large net premium with dominant put activity (P/C vol 1.28, OI 1.41) signals bearish hedging. Yet positive GEX $14M and pinning regime imply support. Unusual prints show concentrated put buying at OTM strikes (800-1450) alongside smaller call sweeps at 1520-1700. Flow mixed, spot 14.7% above MP.

Notable Prints

SNDK 2026-05-22 $1520.00 Call

Vol: 1,383

OI: 117

Vol/OI: 11.8x

IV: 72.2%

Notional: ~$6.3M

Intent: Bullish speculation

Read-through: Expects breakout above 1520

SNDK 2026-06-05 $800.00 Put

Vol: 2,411

OI: 212

Vol/OI: 11.4x

IV: 140.5%

Notional: ~$350K

Intent: Tail hedge

Dual read: Lottery ticket

Read-through: Protection against crash

SNDK 2026-05-22 $1450.00 Put

Vol: 1,865

OI: 193

Vol/OI: 9.7x

IV: 78.4%

Notional: ~$1.1M

Intent: Bearish bet

Dual read: Hedging long stock

Read-through: Expects drop below 1450

SNDK 2026-05-29 $800.00 Put

Vol: 3,128

OI: 410

Vol/OI: 7.6x

IV: 169.4%

Notional: ~$266K

Intent: Tail hedge

Dual read: Lottery

Read-through: Crash protection

SNDK 2026-05-22 $1170.00 Put

Vol: 2,418

OI: 321

Vol/OI: 7.5x

IV: 153.4%

Notional: ~$145K

Intent: Speculative put

Dual read: Hedging

Read-through: Bearish on earnings

Institutional Positioning

Call additions: High strike calls ($1520/$1700) added for upside speculation

Put additions: Heavy OTM puts ($800/$1450) added for downside hedges

GEX/DEX consistency: GEX +$14.4M, DEX +19.6M shares, aligned with gamma pinning above MP

OI clusters: Largest OI at $800 puts (6,919 OI) and $1650 calls (442 OI)

Hedging evidence: Put wall at $800, collars via put buys

Max pain context: Spot above MP; gamma flip at 1100 suggests downside risk

Signal vs Noise

~High put volume at $800 is real downside hedge signal

~Call volume at $1700 may be noise unless sustained

~High IV in OTM puts reflects tail risk pricing

Key Conclusions

🛡️Heavy put accumulation at $800 signals institutional downside protection

🎯Gamma pinning likely keeps stock near MP until expiry

How to Use These Reports

This flow 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.