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SNDK

Sandisk CorporationClose $1542.24EOD only

Max Pain

$1345.00

Next expiry May 22, 2026

Expected Move

±$64.70

4.2% from close

Price Gap

-197.24

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.41

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

SNDK Theta Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.7% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV 107% vs VIX 17, extremely rich

Favorable?

Yes

Term structure: Short-term put IV 247% skew extreme; term steep backwardation

📊Put skew extreme: 1d put IV 247% vs call 113%

📈High IV offers rich premiums for sellers

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+14.4M)

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 6,919 (28.7% below spot)

OI concentrations: Max pain pins: $1345 (5/22), $1300 (5/29), $1310 (6/5). Put OI heavy at $1100 (28.7% below spot).

Verdict: Moderate pin risk: high put OI but positive dealer gamma limits squeeze; spot far above max pain.

Premium Opportunities

Put credit spread

Sell 2026-06-12 $1520.00/$1500.00 put spread

Sells put spread to capture elevated short-term IV; spot well above max pain reduces assignment risk.

Credit: $7.06-$8.63

Max loss: $11.37

BE: $1511.37

Mgmt: Monitor spot relative to invalidation 1303; roll if delta increases or IV collapses. Avoid holding through expiry if pin pressure persists. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!Short-term put IV extreme: 1d 247% skew signals tail risk

!Spot 14.7% above max pain: pin may pull price lower into expiry

!High VIX at 17 amplifies IV spikes

How to Use These Reports

This theta reflects the market close on May 21, 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.