thetaOwl
HomeOptionsSNDKReports

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 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 19, 2026. A newer theta report is available for May 20, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Long put spreads
Invalidation: Spot breaks below $1330 max pain
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.0% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Extremely elevated: avg IV 109% vs VIX 18
Favorable?
No

Term structure: Near-term backwardation: 3d IV 107.88, 30d 98.16, skew favors puts

📈IV sky-high but near-term backwardation raises risk
📊Put IV elevated; call wall at $1800 caps upside

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+2.8M)

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 4,332 (20.5% below spot)

OI concentrations: Put OI 20.5% below spot; call wall $1800; max pain $1330/1300

Verdict: Moderate pin risk: spot above max pain, but put support near $1330

Premium Opportunities

#1
PMCC / LEAPS diagonal
Buy 2026-08-21 $1220.00 call + sell 2026-06-18 $1670.00 call
Sells near-term premium and owns long-dated call to benefit from IV decline and theta.
Debit: $271.35-$331.65
Max loss: $331.65
BE: Path-dependent
Mgmt: Monitor spot near $1330 invalidation; roll or close if breached. Liquidity warning: Liquidity constraints: long_call: Volume below 5.; short_call: Volume below 5.

Risk Alerts

!High IV with backwardation increases gamma risk for short premium
!Earnings or news event? Near-term IV spike may be short-lived
!Dealer GEX positive but delta-neutral? Monitor spot vs $1330
How to Use These Reports
This theta reflects the market close on May 19, 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.