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SNDK

Sandisk CorporationClose $1383.29EOD only
Max Pain
$1330.00
Next expiry May 22, 2026
Expected Move
±$124.55
9.0% from close
Price Gap
-53.29
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
1.38
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: May 19, 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 19, 2026 close
SNDK Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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You are viewing an older report from May 15, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness7.5 / 10
Sizing: Moderate
Primary: Bear Put Spread
Invalidation: Spot breaks below $1100 gamma flip level
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV significantly elevated above VIX
Favorable?
No

Term structure: Extreme front-week skew; back-month IV elevated but flat

⚠️Front-week put IV 298% highlights panic pricing

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+2.1M)

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 4,730 (21.9% below spot)

OI concentrations: Put OI concentrated $800-$1300; call OI wall $1800-$2000

Verdict: Pinning risk elevated due to high put OI and gamma flip near $1100; expiration pin likely near $1250 max pain

Premium Opportunities

#1
Put diagonal
Sell 2026-06-18 $1260.00 put / buy 2026-09-18 $1250.00 put
Sell near-term put, buy later put to capture IV premium.
Debit: $122.94-$150.26
Max loss: $150.26
BE: Path-dependent
Mgmt: Exit if spot breaches invalidation level.
#2
Call diagonal
Sell 2026-06-18 $1480.00 call / buy 2026-09-18 $1730.00 call
Sell near-term call, buy later call for bearish bias.
Debit: $85.50-$104.50
Max loss: $104.50
BE: Path-dependent
Mgmt: Roll short call if spot approaches short strike. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
#3
PMCC / LEAPS diagonal
Buy 2026-09-18 $1250.00 call + sell 2026-06-18 $1480.00 call
Buy LEAPS call, sell shorter-term call for net long delta.
Debit: $240.48-$293.92
Max loss: $293.92
BE: Path-dependent
Mgmt: Adjust short call strike to manage delta. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Elevated gap risk due to high IV skew and spot far from major gamma levels
!Gamma flip at $1100 poses downside risk for put credit spreads; use bear put spread for defined risk
How to Use These Reports
This theta reflects the market close on May 15, 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.