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WDC

Western Digital CorporationClose $643.83EOD only

Max Pain

$670.00

Next expiry Jun 26, 2026

Expected Move

±$53.27

8.3% from close

Price Gap

+26.17

Distance to max pain

IV Rank

Low premium

P/C OI

1.37

Slightly put-heavy

Consensus

4.0/10

Bearish tilt

Published snapshot: Jun 24, 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 24, 2026 close

WDC Directional Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish. Spot > MP $658; dealers long gamma/delta. High confidence 8.5/10.

Confidence:

8.5 / 10

Base 5; +2 GEX/flow aligned; +1 GEX pinning; +0.5 VIX 19

Supports: Spot above MP, dealer gamma, VIX low
Conflicts: Mixed flow, high vol, resistance $726

📈Spot > MP $658; dealer gamma supports

📊GEX +$1.4M, DEX +10.9M

⚠️Mixed flow, high vol

Regime Classification

Vol Regime

High

High - event vol

Gamma Regime

Pinning

Pinning - GEX +$1.4M, flip ~$658 MP

Flow Regime

Mixed

Mixed - GEX aligned

Spot vs Max Pain

Above

Above MP $658

Thesis duration: Event-specific — Jun26 OPEX

Price Range Forecast

Next 2 days

$643.22$707.57

Target $708

Next 1 week

$638.02$712.77

Resist $726

Next 2 weeks

$624.77$726.02

Support $625

Key Levels

Max pain pins: $658 (2026-06-26); $625 (2026-07-02); $620 (2026-07-10)

EM guardrails: 2d $643.22/$707.57; 1w $638.02/$712.77

Support: $657.50 · $624.77

Resistance: $726.02

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,927 (26.0% below spot)

Structural: MP $658/625/620; S $657/$625; R $726; EM 2d $643/$708 1w $638/$713

Dealer Positioning (GEX/DEX)

GEX: $+1.4M

DEX: +10.9M shares

Gamma flip: ~$500 (Approx — based on put OI concentration of 2,927 (26.0% below spot))

NTM gamma: GEX +$1.4M, DEX +10.9M; flip ~$658

IV Analysis

IV vs VIX: IV > VIX, event rich

Term structure: Contango to Jun26 OPEX

Skew: Put skew high; short vol after OPEX

Flow Analysis

Net premium: Net bullish premium $117.7M but put/call vol ratio 1.27 suggests put buying dominates, bearish bias.

Directional prints: 94 put 650 OTM 2026-07-02 — Vol/OI 2.7; new put buying in high IV; bearish position initiated. 102.2 put 600 OTM 2026-07-02 — Vol/OI 3.2; OTM put buying with high IV; bearish sentiment.

Unusual: 210.9 put 410 OTM 2026-06-26 — Vol/OI 3.9; extreme OTM put with very high IV; speculative bearish lottery. 218.4 put 440 OTM 2026-06-26 — Vol/OI 3.8; OTM put with very high IV; similar speculative put. 84.9 call 765 OTM 2026-06-26 — Vol/OI 3.2; OTM call with moderate IV; possibly sold by MM or bought as tail risk.

Risks & Catalysts

!Drop below $643

!Flow reversal

!Sector slide

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-31 $685.00/$880.00 call spread Why now: High dealer gamma/delta support, spot above MP, limited downside.	Drop below 660 or IV crush after earnings. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Long call	Moderate-Weak	Buy 2026-07-31 $710.00 call Why now: High confidence 8.5, flow supports upside, convexity cheap.	Time decay and IV crush if stock doesn't rally quickly. Liquidity constraints: long_call: Open interest below 25.
Call diagonal	Moderate-Weak	Sell 2026-07-10 $755.00 call / buy 2026-08-21 $670.00 call Why now: High IV in front month, buy back-month call for follow-through.	Assignment risk on short call if assigned early. Liquidity constraints: short_call: Volume below 5.

Top Plays

Long Call

Buy 2026-07-31 $710.00 call

Buy $710 call for convexity and follow-through on bullish thesis.

Why this play: Highest confidence (8.5) and unlimited upside; spot above MP with dealer support.

Debit: $63.90-$78.10

Max loss: $78.10

BE: $788.10

Mgmt: Set stop-loss at 657.5; take partial profits at 30% gain; roll if IV spikes. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

High-conviction bull expecting strong move.

Bull Call Spread

Buy 2026-07-31 $685.00/$880.00 call spread

Buy $685/$880 call spread for defined risk and leverage.

Why this play: Limits downside while capturing upside; benefits from dealer gamma/delta.

Debit: $47.88-$58.52

Max loss: $58.52

BE: $743.52

Mgmt: Exit if underlying drops below 657.5; hold through earnings. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

Moderate bull seeking capped risk.

Call Diagonal

Sell 2026-07-10 $755.00 call / buy 2026-08-21 $670.00 call

Sell $755 call buy $670 call for theta decay and long vega.

Why this play: Exploits high front-month IV; buys time for follow-through.

Debit: $77.65-$94.90

Max loss: $94.90

BE: Path-dependent

Mgmt: Close if front-month IV falls; adjust if price approaches short strike. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Trader expecting gradual rise with volatility crush.

Watchlist Triggers

Entry Triggers

IFWDC holds above $657.5 support with RSI > 30 → Buy 2026-07-31 $710 call (long_call_1)

IFWDC dips to $657.5 and RSI > 30 → Buy $685/$880 call spread (bull_call_spread_1)

Adjustment Triggers

ADJWDC breaks above $726.02 resistance → Roll short leg of call_diagonal_1 to higher strike

Exit Triggers

EXITWDC closes below $657.5 → Exit all positions: long_call_1, bull_call_spread_1, call_diagonal_1

EXITWDC gaps below $643 → Close all bullish positions immediately

Tactical Summary

Bullish with spot above MP $658; key support $657.5, resistance $726. Initiate long calls or bull spreads on dips to $657.5. Exit on breakdown below $657.5 or gap below $643. Adjust diagonals on resistance break. High confidence; manage with strict stop.

How to Use These Reports

This directional reflects the market close on June 25, 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.