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SNDK

Sandisk CorporationClose $1625.78EOD only
Max Pain
$1565.00
Next expiry Aug 21, 2026
Expected Move
±$115.40
7.1% from close
Price Gap
-60.78
Distance to max pain
IV Rank
14
Low premium
P/C OI
1.21
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Aug 18, 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
Aug 18, 2026 close
SNDK Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 5, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Selling put credit spreads
Invalidation: SNDK breaks below $1330 support
Confidence:
6.5 / 10
base 5; +1 GEX positive (pinning); -0.5 spot 4.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 108.8% vs VIX 17, extremely high premium.
Favorable?
Yes

Term structure: Short-term IV elevated with steep put skew; backwardated structure (2d peak).

⚡Avg IV 108% vs VIX 17, massive premium.
⚠️Put IV 176% dwarfs call IV 130%, downside hedging heavy.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+4.5M)

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 7,127 (21.0% below spot)

OI concentrations: Call wall $1500, put floor $800-$1200, max pain $1330 and $1300.

Verdict: Spot above max pain but pinning towards $1330, supported by dealer long gamma ($+4.5M).

Premium Opportunities

#1
Cash-secured put
Sell 2026-06-12 $1260.00 cash-secured put
Sells put to capture premium with defined risk, expressing bullish-to-neutral bias on SNDK near support.
Credit: $73.08-$89.32
Max loss: $1170.68
BE: $1170.68
Mgmt: Monitor spot near $1330; roll or close if support breaks to avoid assignment.
#2
Call credit spread
Sell 2026-06-18 $1680.00/$1690.00 call spread
Sells call spread to profit from downside or limited upside, capitalizing on extreme call IV.
Credit: $1.66-$2.03
Max loss: $7.97
BE: $1682.03
Mgmt: Manage if spot approaches $1500; consider early close for profit if IV collapses. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Extreme put skew suggests tail risk downside.
!Bearish PCR 1.47 and negative dealer premium add pressure.
How to Use These Reports
This theta reflects the market close on May 20, 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.