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WDC

Western Digital CorporationClose $746.23EOD only
Max Pain
$580.00
Next expiry Jun 26, 2026
Expected Move
±$42.75
5.7% from close
Price Gap
-166.23
Distance to max pain
IV Rank
100
High premium
P/C OI
1.38
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
WDC Earnings Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

WDC earnings 7/29, 37d out. High IV, strong put flow, 100% beat rate. Spot above MP but call wall at $800. Net premium $173M.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.5% from MP; +1 VIX 17
Most important: Put dominance and $800 call wall define range. Max pain $640 near-term.
🛡️Heavy put activity suggests hedging ahead of earnings.
📈Call wall at $800 acts as upside magnet.
💼Net premium $173M shows institutional flow.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$540.00 — Approx — based on put OI concentration of 1,308 (26.3% below spot)

Earnings Overview

Next earnings: 2026-07-29 (37 days)explicit

Expected moves:

  • 2026-06-26 (4d): ±$73.67 (10.1%)
  • 2026-07-02 (10d): ±$48.92 (6.7%)
  • 2026-07-10 (18d): ±$63.20 (8.6%)

IV Setup

Term structure: Expected moves: 4d ±10.1%, 10d ±6.7%, 18d ±8.6% – front-end elevated.

Crush estimate: Post-event crush ~30-50% from current IV around 100%+.

Skew: Put skew steep; put/call volume ratio 1.45.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not explicitly provided; beat rate 100% (5/5) suggests consistent beats.

Directional bias: Neutral; beat rate alone doesn't indicate direction.

Key Levels

1$540.00 gamma flip
2EM guardrails: 1w $683.69/$781.54
3Max pain pins: $640 (2026-06-26); $610 (2026-07-02); $610 (2026-07-10)

Flow Highlights

Unusual $17.50 put (2027) with vol/OI 6.3, IV 166%.

Deep OTM put purchase, likely a long-term hedge or lottery.

Multiple large put prints at $625, $645, $700 for 6/26 expiry.

Active hedging or bearish positioning before earnings.

Strategies

Earnings Neutral Iron Condor
Sell 2026-07-31 $720.00/$710.00 put wing and $760.00/$765.00 call wing
Credit: $6.95-$8.50
Max loss: $1.50
Max gain: $8.50
BE: 711.50 / 768.50
Trigger: Close at 50% max profit or before earnings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_call: Open interest below 25.
Defined risk, high IV crush, neutral bias.
Outperforms: Sell put spread and call spread near support/resistance.
Underperforms: Move outside short strikes invalidates range thesis.
Premium Harvest Short Strangle
Sell 2026-07-31 $710.00 put + sell $765.00 call
Credit: $152.30-$186.15
Max loss: Unlimited
Max gain: $186.15
BE: 523.85 / 951.15
Trigger: Monitor delta, close if breached. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
Higher premium but unlimited risk.
Outperforms: Sell OTM put and call for premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Earnings miss risk (low given 100% beat rate but high IV).
!Upside capped by call wall at $800; downside supported by put floor $430-$540.
!Gamma flip near $540 if spot declines.

What to Watch

?Spot relative to $640 max pain and $800 call wall.
?IV crush magnitude post-earnings.
?Any gamma flip near $540 support.
How to Use These Reports
This earnings reflects the market close on June 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.