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WDC

Western Digital CorporationClose $670.75EOD only

Max Pain

$670.00

Next expiry Jun 26, 2026

Expected Move

±$62.98

9.4% from close

Price Gap

-0.75

Distance to max pain

IV Rank

Low premium

P/C OI

1.37

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 23, 2026 close

End-of-day snapshot

This page reflects WDC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 23, 2026 close

WDC Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Short gamma regime, spot below $670 max pain. Bearish bias toward $590-560 support. Elevated IV and put skew reflect hedging. Event-specific due to weekly expiries.

Confidence:

4 / 10

Base 5; -1 GEX/flow, -0.5 spot vs MP, +0.5 VIX; net 4.

Supports: Short gamma, spot below MP, put skew, high vol.
Conflicts: Dealer long delta +10.8M, mixed flow, bounce risk at gamma flip.

⚡GEX -$478K; gamma flip ~$500 downside key.

🎯Max pain $670 caps; spot well below.

📉VIX 19; put skew rich, favor premium selling.

Regime Classification

Vol Regime

High

IV high vs typical, VIX 19, weekly expiries.

Gamma Regime

Trending

GEX -$478K; flip ~$500 (22% below) adds downside risk.

Flow Regime

Mixed

Mixed net premium; dealers long delta.

Spot vs Max Pain

Below

Spot below $670 max pain, downward pin pressure.

Thesis duration: Event-specific — Weekly expiries (6/26,7/2) concentrate risk.

Price Range Forecast

Next 2 days

$590.56$697.11

Gamma flip near $500; downside toward $590.

Next 1 week

$561.71$725.96

Gamma flip at $500 adds risk; target $561 support.

Next 2 weeks

$536.56$751.11

Wider $536-751; reversal if flip holds.

Key Levels

Max pain pins: $670 (2026-06-26); $625 (2026-07-02); $615 (2026-07-10)

EM guardrails: 2d $590.56/$697.11; 1w $561.71/$725.96

Support: $536.56

Resistance: $670.00 · $700.00 · $751.11

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,878 (22.3% below spot)

Structural: Support 536.56, $500 (gamma flip); resistance 670,700,751.11; guardrails 2d $590.56/$697.11, 1w $561.71/$725.96.

Dealer Positioning (GEX/DEX)

GEX: $-478K

DEX: +10.8M shares

Gamma flip: ~$500 (Approx — based on put OI concentration of 2,878 (22.3% below spot))

NTM gamma: GEX -$478K; DEX +10.8M; gamma flip ~$500.

IV Analysis

IV vs VIX: IV elevated vs VIX (19) due to weekly events and short gamma.

Term structure: Upward-sloping, kinks at 6/26 and 7/2.

Skew: Steep put skew; put spreads to capture premium.

Flow Analysis

Net premium: Net premium $81.4M, put-call vol ratio 1.39 indicates heavy put buying.

Directional prints: 101.1 put 570 OTM 2026-07-17 — Vol/OI 3.3; OI increase; large put purchase, bearish. Preferred: bearish. 100.4 call 800 OTM 2026-07-02 — Vol/OI 2.6; OI increase; bullish call buying. Preferred: bullish. 115.1 call 645 OTM 2026-06-26 — Vol/OI 1.8; OI increase; bullish. Preferred: bullish.

Unusual: 258.6 put 325 OTM 2026-06-26 — Vol/OI 2.6; OI increase; deep OTM put, 258% IV; speculative. Preferred: bearish lottery. 285 put 410 OTM 2026-06-26 — Vol/OI 2.3; OI increase; deep OTM put, 285% IV. Preferred: bearish. 266.4 put 90 OTM 2026-07-17 — Vol/OI 2.1; OI increase; deep OTM put, 266% IV. Preferred: bearish.

Risks & Catalysts

!Down to $536.

!Upside if $670 reclaimed.

!Vol compression.

!Gamma flip at $500 could accelerate downside.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put calendar	Moderate	Sell 2026-08-21 $620.00 put / buy 2026-09-18 $620.00 put Why now: Elevated put skew and large put flow suggest downside pressure. Put calendar exploits term structure decay while maintaining long vega for event risk.	Upside if spot reclaims $670; back-month put loses value. Limited downside risk due to long put. Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.
Bear put spread	Moderate	Buy 2026-07-31 $600.00/$570.00 put spread Why now: Short gamma regime and put skew favor bear put debit spreads. Post-earnings follow-through expected.	Upside risk if spot reclaims $670. Vol compression may reduce spread value. Liquidity constraints: short_put: Open interest below 25.
Long put	Moderate	Buy 2026-08-21 $570.00 put Why now: Heavy put buying and bearish range leans suggest further downside. Longer dated put to capture follow-through.	Time decay if move is delayed. Premium cost high due to elevated IV.
Bear put spread	Weak	Buy 2026-09-18 $610.00/$580.00 put spread Why now: Extended consolidation after earnings could lead to larger move. Spread reduces cost and risk.	If spot stays above $660, spread loses value. Time decay benefits short leg. Liquidity constraints: short_put: Volume below 5.

Top Plays

Long Put $570

Buy 2026-08-21 $570.00 put

Captures downside follow-through on elevated put skew and bearish range leans.

Why this play: Direct bearish play with liquidity pass; aligns with heavy put flow and short gamma regime.

Debit: $58.95-$72.05

Max loss: $72.05

BE: $497.95

Mgmt: Trail stop at $590; exit if spot reclaims $670.

Traders seeking high-conviction directional exposure with defined risk.

Bear Put Spread $600/$570

Buy 2026-07-31 $600.00/$570.00 put spread

Exploits short gamma and put skew for defined-risk bearish bet through July expiry.

Why this play: Near-term play targeting post-earnings weakness with limited risk and lower cost.

Debit: $11.70-$14.30

Max loss: $14.30

BE: $585.70

Mgmt: Hold through earnings; close early if spot approaches $570. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Traders wanting near-term event-driven exposure with capped risk.

Bear Put Spread $610/$580

Buy 2026-09-18 $610.00/$580.00 put spread

Positions for larger move post-earnings using time and skew to reduce cost.

Why this play: Longer-dated spread to capture extended consolidation breakout with favorable risk/reward.

Debit: $13.34-$16.31

Max loss: $16.31

BE: $593.69

Mgmt: Exit if spot breaks below $536 or reclaims $670. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Traders with multi-week horizon seeking a cheaper bearish alternative.

Watchlist Triggers

Entry Triggers

IFSpot breaks below $590 (2d guardrail). → Buy Aug21 $570 put for $58.95-$72.05 (long_put_1).

IFSpot holds $600-$570 zone and stays below $600. → Buy Jul31 $600/$570 bear put spread for $11.70-$14.30 (bear_put_spread_1).

Exit Triggers

EXITSpot reclaims $670 resistance. → Close all bearish positions: long_put_1, bear_put_spread_1.

Tactical Summary

Bearish bias, short gamma regime. Key support $536, resistance $670. Elevated put skew favors downside. Preferred: long put on breakdown below $590, or bear put spread if spot holds $600. Exit if $670 reclaimed. Manage vol compression risk with stops.

How to Use These Reports

This directional reflects the market close on June 24, 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.