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SNDK

Sandisk CorporationClose $1559.32EOD only
Max Pain
$1540.00
Next expiry Jun 12, 2026
Expected Move
±$189.85
12.2% from close
Price Gap
-19.32
Distance to max pain
IV Rank
63
High premium
P/C OI
1.74
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Jun 5, 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 5, 2026 close
SNDK Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 14, 2026. A newer theta report is available for June 5, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Put credit spreads
Invalidation: Break of support/resistance or VIX spike
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -1 spot 11.5% from MP; +1 VIX 17; override: Base 5 adjusted -1 GEX/flow, -1 spot vs MP, +1 VIX

IV Environment

IV Regime
High
IV vs VIX
Avg IV 117% vs VIX 17 - extreme skew
Favorable?
Yes

Term structure: Term structure steep near-term, declining after 1w

⚠️IV at 117% vs VIX 17 - unusual relative value

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-2.9M)

Gamma flip: ~$1200.00 — Approx — based on put OI concentration of 5,015 (13.2% below spot)

OI concentrations: Put floor $700-1200; Call wall $2000; Max pain near $1240-$1300

Verdict: Moderate pin risk - OI concentrated near current spot but wide range

Premium Opportunities

#1
Put credit spread
Sell 2026-06-05 $1210.00/$1025.00 put spread
Sell put spread to collect premium; limited risk.
Credit: $37.85-$46.26
Max loss: $138.74
BE: $1163.74
Mgmt: Exit if spot breaks invalidation level. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
#2
Iron condor
Sell 2026-06-05 $1250.00/$1100.00 put wing and $1640.00/$1900.00 call wing
Sell OTM put and call spreads; benefits from range-bound.
Credit: $69.12-$84.48
Max loss: $175.52
BE: 1165.52 / 1724.48
Mgmt: Manage wings if spot approaches short strikes.

Risk Alerts

!Dealer gamma negative (-$2.9M) - vulnerable to large moves
!Spot 11.5% from max pain - potential pinning pressure
How to Use These Reports
This theta reflects the market close on May 14, 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.