thetaOwl
HomeOptionsSNDKReports

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
53
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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put vertical at $1400 support
Invalidation: Spot breaks below $1330 or above $1600
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.6% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV >> VIX (avg IV 107% vs VIX 16.7)
Favorable?
Yes

Term structure: Steep contango from front-month 25.5% to 90%+ by 14 days

🚨Put IV premium elevated vs call IV across expiries, downside hedging heavy
📌Max pain pins at $1400 (today) and $1350 (next week)

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+6.3M)

Gamma flip: ~$1100.00 — Approx — based on put OI concentration of 6,701 (25.6% below spot)

OI concentrations: Call wall $1600-$1800; Put floor $800-$1250; Gamma flip ~$1100 (25.6% below spot)

Verdict: Spot above today's max pain $1400; pinning risk to $1350 by next expiry

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $1440.00/$1430.00 put wing and $1500.00/$1520.00 call wing
Expresses edge of range-bound price action with high IV, selling premium on both sides.
Credit: $10.85-$13.26
Max loss: $6.74
BE: 1426.74 / 1513.26
Mgmt: Close if spot approaches either wing; manage gamma near expiry. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; long_call: Volume below 5.
#2
Put credit spread
Sell 2026-06-12 $1440.00/$1430.00 put spread
Expresses bullish view with buffer at $1400 support, collecting premium.
Credit: $2.25-$2.75
Max loss: $7.25
BE: $1437.25
Mgmt: Close if spot drops below $1400 to limit loss. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!High IV (107%) amplifies vega risk on premium sales
!Gamma pinning may cause sharp moves as expiry approaches
!Put OI concentration $1100 could act as downside magnet
How to Use These Reports
This theta reflects the market close on May 22, 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.