thetaOwl
HomeOptionsSNDKReports

SNDK

Sandisk CorporationClose $1452.02EOD only
Max Pain
$1200.00
Next expiry May 15, 2026
Expected Move
±$136.50
9.4% from close
Price Gap
-252.02
Distance to max pain
IV Rank
64
High premium
P/C OI
1.41
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 12, 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 12, 2026 close
SNDK Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Call Spreads
Invalidation: Spot breaks below $1200 gamma flip
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 18.6% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV at 119% vs VIX 17.87 => extremely rich; IV percentile near 100%
Favorable?
Yes

Term structure: Flat with put skew near term; front-month (2d) IV elevated vs back months

⚠️IV extremely rich at 119% vs VIX 18; pinning gamma at $1200-$1280, but spot 18.6% above max pain

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+3.9M)

Gamma flip: ~$1200.00 — Approx — based on put OI concentration of 4,868 (17.1% below spot)

OI concentrations: Put OI heavy below $1200; Call OI wall at $1600-$2000; Front-month max pain $1220 with high put OI

Verdict: Elevated pin risk at front-month due to large put OI at $1200; spot well above may pin downward but OI suggests support

Premium Opportunities

#1
Iron condor
Sell 2026-06-05 $1310.00/$1130.00 put wing and $1750.00/$2020.00 call wing
Sells put and call wings for time decay and IV contraction.
Credit: $81.95-$100.16
Max loss: $169.84
BE: 1209.84 / 1850.16
Mgmt: Close at 50% max gain or adjust if spot breaks wings. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.; short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Put credit spread
Sell 2026-06-05 $1310.00/$1130.00 put spread
Sells put spread to collect premium on support.
Credit: $49.32-$60.28
Max loss: $119.72
BE: $1249.72
Mgmt: Close at 50% profit or stop at invalidation 1312.63. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.

Risk Alerts

!Front-month (2 DTE) options may see wild swings due to low DTE and high put OI
!High IV may contract quickly after expiration; position sizing should account for rapid decay
How to Use These Reports
This theta reflects the market close on May 13, 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.