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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 Theta 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 theta report is available for May 21, 2026.

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Theta Verdict

Confidence:

6 / 10

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

IV Environment

IV Regime

High

IV vs VIX

IV 102.9% — extremely elevated

Favorable?

Yes

Term structure: Steep contango: 106.4% at 4d vs 99.5% at 11d and 97.7% at 18d — >7 vol point differential

📈Front-week IV spike (106.4%) offers reverse calendar opportunity

💰High IV across all expirations provides rich premium for standard strategies

Pin Risk Assessment

Spot vs MP: Above by 7.8% ($724.63 vs $672.50 nearest max pain)

GEX regime: Pinning (GEX +$8.4M)

Gamma flip: ~$575.00 — Below $575, dealers amplify downward moves

OI concentrations: Put floor $500-$575 (large OI clusters), Call wall $770-$1080

Verdict: Favorable — strong positive GEX and put floor create support for credit positions

Premium Opportunities

reverse calendar spread

Sell $725 straddle (call & put) 2026-04-10 (4 DTE) / Buy $725 straddle 2026-04-24 (18 DTE)

Captures ~8.7 vol point differential (106.4% vs 97.7%). Front-week IV spike likely due to event risk; bet on volatility collapsing after expiration. ATM strikes minimize vega exposure while harvesting theta from high-IV short leg.

Credit: $3.00-$5.00

Max loss: $15.00

BE: IV collapse of >3 vol points; price outside $660.23-$789.03 (front-week expected move) increases risk

Mgmt: Close after front-week expiration if IV collapses. Exit if spot breaches front-week expected move bounds. Roll short leg if tested.

put spread

Sell $575/$550 put spread 2026-04-24 (18 DTE)

Puts at $575 have largest OI (4,759) and positive GEX concentration (+$460K). Structural put floor $500-$575 provides strong support. High IV (97.7% ATM) yields rich credit.

Credit: $6.00-$8.00

Max loss: $19.00

BE: $569.00

Mgmt: Close at 65% profit. Exit if spot closes below $575 gamma flip. Roll down/out if short strike tested.

iron condor

Sell $575/$550P x $800/$825C 2026-04-24 (18 DTE)

Wide range between put floor ($575) and call wall ($800 OI 1,068). Expected move ±$125.25 leaves room. High IV provides premium. Positive GEX pinning supports range-bound thesis.

Credit: $10.00-$13.00

Max loss: $15.00

BE: 565.0/815.0

Mgmt: Close at 50% profit. Exit if spot breaches $575 or $800. Manage legs independently if one side tested.

call credit spread

Sell $800/$805 call spread 2026-04-10 (4 DTE)

Call wall at $800 (OI 1,068, GEX +$270K). Expected move upper bound $789.03. High IV (101.0% ATM) for weekly. Defined risk with high probability.

Credit: $0.50-$0.80

Max loss: $4.50

BE: $800.50

Mgmt: Close at 50% profit. Exit if spot closes above $800. Let expire if OTM.

Risk Alerts

!Earnings 2026-04-30 (24 days) — close all positions before announcement to avoid IV crush

!Gamma flip $575 — breach accelerates downward moves, exit credit positions

!Liquidity moderate — multi-leg strategies face slippage; use limit orders

!Spot 7.8% above nearest max pain ($672.50) — pinning may pull price lower

!Unusual activity in OTM puts ($430, $545) — monitor for institutional downside bets

!Front-week IV spike (106.4%) — reverse calendar trades require precise timing and risk management due to gamma risk near expiration

How to Use These Reports

This theta 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.