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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
20
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 Earnings Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

WDC 100% beat rate, strong GEX pinning, heavy put flow. High confidence for modest move.

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19
Most important: 34 days out, IV reflects ~5% move; put OI floor at $600, call wall at $800+.
⚠️100% beat rate but high put flow suggests caution.
📈GEX pinning at $658; strong support at $650.

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 2,927 (26.0% below spot)

Earnings Overview

Next earnings: 2026-07-29 (34 days)explicit

Expected moves:

  • 2026-06-26 (1d): ±$32.18 (4.8%)
  • 2026-07-02 (7d): ±$37.38 (5.5%)
  • 2026-07-10 (15d): ±$50.62 (7.5%)

IV Setup

Term structure: Steep forward skew, 1d IV ~48% implied; 34d elevation.

Crush estimate: Moderate crush post-event, ~2-3 vega.

Skew: Put skew elevated; tail hedges active below $600.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Expect moves near implied; last 4 avg ~4.2% vs implied 5%.

Directional bias: Slight bullish bias after beats; but mixed flow.

Key Levels

1$500.00 gamma flip
2EM guardrails: 2d $643.22/$707.57; 1w $638.02/$712.77
3Max pain pins: $658 (2026-06-26); $625 (2026-07-02); $620 (2026-07-10)

Flow Highlights

Unusual put volume $410P (3.9x OI), $440P (3.8x OI).

Bearish tail hedging below $440, 35% below spot.

Call buying at $660C 7/17 expiry (2.8x OI).

Bullish positioning for longer-term upside.

Strategies

Put Diagonal
Sell 2026-07-17 $640.00 put / buy 2026-07-31 $630.00 put
Debit: $11.99-$14.66
Max loss: $14.66
Max gain: Variable
BE: Path-dependent
Trigger: Exit if break $658 or $760
Liquid, put floor & near-term IV decay
Outperforms: Sell near put, buy later put for skew & pin
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Call Diagonal
Sell 2026-07-17 $760.00 call / buy 2026-07-31 $810.00 call
Debit: $9.88-$12.07
Max loss: $12.07
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot < $657.5 Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Skew plays, sell rich near-term, buy later
Outperforms: Sell near call, buy later call on skew
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron Condor
Sell 2026-07-31 $550.00/$470.00 put wing and $930.00/$940.00 call wing
Credit: $17.24-$21.07
Max loss: $58.93
Max gain: $21.07
BE: 528.93 / 951.07
Trigger: Target 50% max gain; adjust at wings Liquidity warning: Liquidity constraints: long_put: Wide spread (64%).; short_call: Open interest below 25.; long_call: Open interest below 25.
High beat rate, modest move, IV crush, illiquid
Outperforms: Short wings around range for IV crush
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!IV crush potential if no large move; premium decay over 34 days.
!Gamma pinning at $658 max pain may limit upside.
!Heavy put OI at $600-$650; break below could accelerate selling.

What to Watch

?Spot action around $658 max pain and $625 weekly MP.
?Any shift in GEX from pinning to positive or negative.
?Pre-earnings IV expansion or contraction.
How to Use These Reports
This earnings 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.