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SNDK

Sandisk CorporationClose $1716.36EOD only

Max Pain

$1595.00

Next expiry Jun 5, 2026

Expected Move

±$135.85

7.9% from close

Price Gap

-121.36

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.60

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

SNDK Theta Report

Analysis based on market close April 17, 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 17, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 15.1% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

ATM IVs elevated vs VIX; very steep short-term put skew (0–14d)

Favorable?

Yes

Term structure: Front-week (1–7d) IV compresses to ~20–22%; near-term (8–42d) stays elevated ~30–40%; mid-to-long (>90d) normalizes ~20–25%

📌Pinning concentrated at $800 across expiries; dealers show +$22.5M GEX

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+22.5M)

Gamma flip: ~$700.00 — Approx — based on put OI concentration of 5,472 (24.0% below spot)

OI concentrations: Put OI concentrated at the $800 strike (~24% of total OI) while spot ≈ $985; roughly 1.2k contracts would be ITM at $800 causing potential assignment/notional exposure ≈ $1.2M and margin sensitivity if price approaches strike

Verdict: High pin risk into weekly expiries; dealer hedges (stock sells/put buys) — reflected in +$22.5M GEX near $800 — can anchor price and steepen short-term directional moves

Premium Opportunities

Put credit spread

Sell 2026-05-08 $830.00/$665.00 put spread

Collect elevated short-dated premium while limiting gap exposure via defined spread.

Credit: $38.97-$47.63

Max loss: $117.37

BE: $782.37

Mgmt: Close or hedge if price ≤743 or IV >45%; trim size into pin risk (reduce notional 50% within 3 trading days of expiry). Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Wide spread (55%).

Iron condor

Sell 2026-05-15 $790.00/$650.00 put wing and $1200.00/$1280.00 call wing

Sell both wings to monetize elevated ATM IV and pin-induced flow while keeping defined losses.

Credit: $41.58-$50.82

Max loss: $89.18

BE: 739.18 / 1250.82

Mgmt: Buy to close both short strikes if underlying ≤725 or ≥765; close/roll if IV >40% or if ≤5 days to earnings where P/L >50% of max loss; otherwise let decay. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Cash-secured put

Sell 2026-06-18 $810.00 cash-secured put

Collect mid-term premium targeting assignment near desired stock entry.

Credit: $86.89-$106.21

Max loss: $703.79

BE: $703.79

Mgmt: Buy back or roll down/up if price ≤743; close if IV rises >35% from entry or if ≤14 days to expiry and position ITM greater than 50% of required collateral.

Risk Alerts

!Gamma flip ~700 — downside vulnerability if breached

!Short-dated put skew extreme; gap risk into earnings/events

!Net premium large — monitor dealer hedging deltas

How to Use These Reports

This theta reflects the market close on April 17, 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.