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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

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 Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

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

IV Environment

IV Regime

High

IV vs VIX

IV elevated vs VIX; spot ATM IV ~63 for 1d vs term avg ~111 (short-dated put-rich)

Favorable?

Yes

Term structure: Steep short-term skew (puts rich vs calls) compressing into next 3 expiries

⚠️Pinning regime with MP cluster at $900/$850/$810

📈Dealer GEX +$5.5M supports call-side resilience and partially cushions downside

🔻High avg IV (~111) makes short-dated premiums rich for sellers

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+5.5M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,778 (14.2% below spot)

OI concentrations: Put OI concentrated ~14% below spot (~5,778 contracts) with MP cluster at $900/$850/$810

Verdict: Elevated pin risk into MP dates; positive dealer GEX materially reduces immediate downside gamma risk but does not eliminate attraction to strikes—expect partial mitigation, not full prevention

Premium Opportunities

Put credit spread

Sell 2026-05-22 $900.00/$880.00 put spread

Sell the 900/880 put spread to collect short-dated elevated put IV post-earnings while limiting tail risk.

Credit: $9.32-$11.39

Max loss: $8.61

BE: $888.61

Mgmt: Trim or buy back if price <=900 or IV spikes; close ahead of unexpected news.

Iron condor

Sell 2026-05-22 $900.00/$870.00 put wing and $1000.00/$1030.00 call wing

Sell wings to monetize elevated short-term IV and earn theta while keeping defined risk.

Credit: $22.41-$27.39

Max loss: $2.61

BE: 872.61 / 1027.39

Mgmt: Narrow or unwind if stock moves into 870–900 or call side delta >0.25; tighten wings or close when remaining theta <0.10/day. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; long_call: Open interest below 25.

Cash-secured put

Sell 2026-05-22 $900.00 cash-secured put

Sell the 900 put to acquire stock basis or collect rich short-dated put premium.

Credit: $89.95-$109.95

Max loss: $790.05

BE: $790.05

Mgmt: Reserve full cash for assignment; buy back if price <=905, or if put delta >0.30 or VIX >30; roll down 1–2 strikes if near assignment.

Risk Alerts

!Sustained move < $800 invalidates premium-selling thesis

!VIX spike >30 or sudden put-buying flow increases short-term IV

!Earnings/news around expiries can amplify pinning

How to Use These Reports

This theta 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.