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WDC

Western Digital CorporationClose $681.08EOD only
Max Pain
$415.00
Next expiry Jun 18, 2026
Expected Move
±$43.80
6.4% from close
Price Gap
-266.08
Distance to max pain
IV Rank
100
High premium
P/C OI
1.39
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: Jun 16, 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 16, 2026 close
WDC Earnings Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

WDC 100% beat rate (5/5). IV term structure downward sloping, near-term elevated. Unusual flow: large call buys at $980 6/26, deep OTM puts at $485/$490. Market context slightly bearish. Risk: downside from put concentration, resistance at $800.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 61.8% from MP; +0.5 VIX 18
Most important: Earnings 42 days away; focus on $800 call wall and gamma levels.
🏆100% beat rate (5/5 quarters) supports bullish sentiment.
⚠️Unusual put activity at $485/$490 signals downside hedging.
📈Large call sweep at $980 6/26 targets 37% upside in 9 days.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,706 (29.8% below spot)

Earnings Overview

Next earnings: 2026-07-29 (42 days)explicit

Expected moves:

  • 2026-06-18 (1d): ±$32.98 (4.6%)
  • 2026-06-26 (9d): ±$84.60 (11.9%)
  • 2026-07-02 (15d): ±$107.48 (15.1%)

IV Setup

Term structure: Downward sloping; front-week implied move 4.6%, 2-week 11.9% annualizes lower.

Crush estimate: Earnings 42 days out; no immediate crush. Post-earnings crush likely >50%.

Skew: Skew steep on puts; deep OTM put IV >170% at $485/$490 strikes.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Above implied move historically given 100% beat rate.

Directional bias: Bullish on earnings due to consistent beats.

Key Levels

1$500.00 gamma flip
2EM guardrails: 2d $679.16/$745.11; 1w $627.53/$796.73
3Max pain pins: $440 (2026-06-18); $550 (2026-06-26); $570 (2026-07-02)

Flow Highlights

Large $980 call sweep on 6/26 expiry with vol/OI 4.8.

Speculative bullish bet targeting ~37% upside in 9 days.

Elevated put activity at $485 and $490 strikes with high IV.

Hedging or bearish positioning at deep OTM puts.

Strategies

Call calendar
Sell 2026-06-26 $820.00 call / buy 2026-07-17 $820.00 call
Debit: $25.56-$31.24
Max loss: $31.24
Max gain: Variable
BE: Path-dependent
Trigger: Close before earnings to avoid post-earnings crush.
Exploits downward sloping IV term structure: sell high IV near-term, buy lower IV later. Liquidity pass.
Outperforms: Short leg decays quickly; maintains upside exposure before earnings 42 days out.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long strangle
Buy 2026-08-21 $630.00 put + buy $980.00 call
Debit: $107.57-$131.48
Max loss: $131.48
Max gain: Unlimited
BE: 498.52 / 1111.48
Trigger: Set profit target 2x premium; close before earnings if IV expands too much. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; long_put: Volume below 5.
Cheaper than straddle, captures large move from 100% beat rate. IV term structure downward, but long vega.
Outperforms: Buy OTM put and call; reduce premium cost while still profiting from big move.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long straddle
Buy 2026-08-21 $780.00 put + buy $780.00 call
Debit: $226.44-$276.76
Max loss: $276.76
Max gain: Unlimited
BE: 503.24 / 1056.76
Trigger: Monitor gamma risk; close 1-2 weeks before earnings to avoid IV crush. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Highest premium but unlimited profit; less suitable due to liquidity fail and high theta.
Outperforms: Buy ATM put and call; profits from any large move regardless of direction.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Downside gap risk from large put OI below spot ($400-$500).
!Call wall at $800-$800 may cap upside.
!VIX 18.4 suggests elevated volatility environment.

What to Watch

?Price action relative to $800 call wall.
?Gamma flip level near $500 (put OI concentration).
?Unusual flow continuation in weekly expiries.
?Earnings date proximity (42 days) may expand IV.
How to Use These Reports
This earnings reflects the market close on June 17, 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.