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WDC

Western Digital CorporationClose $732.62EOD only
Max Pain
$640.00
Next expiry Jun 26, 2026
Expected Move
±$73.67
10.1% from close
Price Gap
-92.62
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.33
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Jun 22, 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 22, 2026 close
WDC Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High confidence; strong GEX pinning, elevated IV, 100% beat rate. Earnings in 36 days present opportunity.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.1% from MP; +0.5 VIX 19
Most important: IV crush post-earnings likely sharp; watch max pain $670 and $800 call wall.
📈100% beat rate supports bullish historical bias.
⚠️Deep OTM put flow signals tail risk hedging.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,776 (25.5% below spot)

Earnings Overview

Next earnings: 2026-07-29 (36 days)explicit

Expected moves:

  • 2026-06-26 (3d): ±$62.98 (9.4%)
  • 2026-07-02 (9d): ±$92.80 (13.8%)
  • 2026-07-10 (17d): ±$116.73 (17.4%)

IV Setup

Term structure: Steep near-term, flattening out; 3d ±9.4% vs 17d ±17.4%.

Crush estimate: Moderate, ~20-30% after earnings.

Skew: Put skew elevated; heavy OTM put OI below spot.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available, but 100% beat rate (5/5) suggests consistent upside.

Directional bias: Bullish historically; all quarters beat.

Key Levels

1$500.00 gamma flip
2EM guardrails: 2d $607.77/$733.73; 1w $577.95/$763.55
3Max pain pins: $670 (2026-06-26); $625 (2026-07-02); $615 (2026-07-10)

Flow Highlights

Unusual $90 put with 8.3x vol/OI, IV 333%.

Speculative tail hedge or lottery ticket; minimal impact.

$700 call (near spot) with 2.5x vol/OI, IV 116%.

Bullish directional bet ahead of earnings.

Strategies

Call Diagonal
Sell 2026-07-31 $690.00 call / buy 2026-08-21 $670.00 call
Debit: $27.29-$33.36
Max loss: $33.36
Max gain: Variable
BE: Path-dependent
Trigger: Close at $670 invalidation; roll if needed.
Best fit: bullish bias, 100% beat rate, IV crush; diagonal exploits term structure flattening.
Outperforms: Sell near-term call, buy longer call for upside with controlled risk.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long Strangle
Buy 2026-07-31 $600.00 put + buy $850.00 call
Debit: $80.12-$97.93
Max loss: $97.93
Max gain: Unlimited
BE: 502.07 / 947.93
Trigger: Exit if IV crushes without move. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Lower cost than straddle, wide strikes; liquidity issues reduce rank.
Outperforms: Buy OTM put and call for large move.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long Straddle
Buy 2026-07-31 $710.00 put + buy $710.00 call
Debit: $165.83-$202.68
Max loss: $202.68
Max gain: Unlimited
BE: 507.32 / 912.68
Trigger: Unwind quickly if stock near $670. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Direct volatility play; high cost and liquidity fail make it third.
Outperforms: Buy ATM put and call for large move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!IV crush risk post-earnings (event 36 days out).
!High gamma pinning around $670 could trigger sharp moves on break.
!Mixed flow: put volume heavy but net premium positive.

What to Watch

?Earnings date 2026-07-29; price action near $670 max pain.
?IV collapse after any large move.
?Call wall $800-$980 resistance; put floor $350-$540 support.
How to Use These Reports
This earnings reflects the market close on June 23, 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.