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WDC

Western Digital CorporationClose $675.39EOD only
Max Pain
$657.50
Next expiry Jun 26, 2026
Expected Move
±$32.17
4.8% from close
Price Gap
-17.89
Distance to max pain
IV Rank
22
Low premium
P/C OI
1.38
Slightly put-heavy
Consensus
4.0/10
Range bias
Published snapshot: Jun 25, 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 25, 2026 close
WDC Earnings Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

WDC earnings 7/29. High IV, heavy deep OTM put buying. 100% beat rate but bearish flow. Confidence 3.5.

Confidence:
3.5 / 10
base 5; -1 GEX/flow contradict; -1 spot 10.5% from MP; +0.5 VIX 18
Most important: Deep OTM puts signal downside hedge; call wall $700-$800 caps upside. Crush ~10-18%.
🐻Put ratio 1.73; heavy bearish flow.
📊100% beat rate but spot below MP.
⚠️High IV; premium decay risk.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,935 (14.7% below spot)

Earnings Overview

Next earnings: 2026-07-29 (33 days)explicit

Expected moves:

  • 2026-07-02 (6d): ±$59.28 (10.1%)
  • 2026-07-10 (14d): ±$84.60 (14.4%)
  • 2026-07-17 (21d): ±$104.05 (17.7%)

IV Setup

Term structure: Upward: 6d ±10.1%, 14d ±14.4%, 21d ±17.7%.

Crush estimate: Crush 10-18% post-event.

Skew: Put skew steep; deep OTM 112-222% IV.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: N/A; only beat rate.

Directional bias: No bias; 100% beat rate.

Key Levels

1$500.00 gamma flip
2EM guardrails: 1w $527.18/$645.73
3Max pain pins: $655 (2026-06-26); $645 (2026-07-02); $630 (2026-07-10)

Flow Highlights

Heavy deep OTM puts: $300 8/21, $270 7/2, $115 7/17.

Bearish positioning or hedging.

Moderate calls: $670 7/2, $600 6/26.

Upside speculation limited by wall.

Strategies

Call Calendar
Sell 2026-07-10 $670.00 call / buy 2026-07-31 $670.00 call
Debit: $24.70-$30.20
Max loss: $30.20
Max gain: Variable
BE: Path-dependent
Trigger: Exit if stock breaks below $540, or close after earnings.
Upward term structure and high IV favor calendar; potential crush on short leg. Heavy put buying may unwind on beat.
Outperforms: Sell near-term call, buy later-term call to profit from term structure and crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put Calendar
Sell 2026-07-10 $540.00 put / buy 2026-07-31 $540.00 put
Debit: $23.38-$28.57
Max loss: $28.57
Max gain: Variable
BE: Path-dependent
Trigger: Monitor put flow; exit if stock rises above $671.
Heavy put buying suggests downside demand; upward term structure supports put calendar; short leg decays if vol falls.
Outperforms: Sell near-term put, buy later-term put to capture premium decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron condor
Sell 2026-07-10 $580.00/$565.00 put wing and $600.00/$610.00 call wing
Credit: $11.14-$13.61
Max loss: $1.39
Max gain: $13.61
BE: 566.39 / 613.61
High IV and expected move range support premium sale; defined wings limit tail risk.
Outperforms: Harvest elevated pre-earnings premium with defined risk using Jul 10 expiration (pre-earnings).
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Heavy puts may unwind on beat.
!Low delta puts need big move.
!High IV leads to premium risk.
!Weak market increases downside.

What to Watch

?Put flow continuation.
?Support $540, resistance $671.
?Pre-earnings catalysts.
?VIX and market direction.
How to Use These Reports
This earnings reflects the market close on June 26, 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.