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WDC

Western Digital CorporationClose $459.62EOD only

Max Pain

$465.00

Next expiry May 22, 2026

Expected Move

±$27.70

6.0% from close

Price Gap

+5.38

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.29

Slightly put-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 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

May 20, 2026 close

WDC Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong bullish net premium & call flow; +1 flow aligns with trending GEX regime; -0.5 high IV (87%) suggests elevated risk; -0.5 spot below near-term max pain

Watch next session: Flow in $290C and $320C (4/2) for continuation; Any defensive put buying at $265 or below; Spot reaction near $280 max pain level

Flow Summary

Net premium: +$51.2M bullish

P/C volume ratio: 0.65 — strongly call-dominant

P/C OI ratio: 1.16 — moderate put lean in positioning

Aggressive, short-dated call buying is driving a strongly bullish flow regime, with over $51M in net premium paid for calls. This contrasts with the open interest, which shows a slight put lean, suggesting today's flow represents a significant new directional bet or a rapid repositioning.

Notable Prints

WDC 4/2 $320 Call

Vol: 5,827

OI: 666

Vol/OI: 8.8x

IV: 63.2%

Notional: ~$9.3M (est. mid ~$1.60)

Intent: Fresh, aggressive directional call buying

Dual read: Bought to open (bullish bet on >18% move in 2 days) or part of a complex spread (e.g., call diagonal).

Read-through: This is the dominant flow signal: a massive, high-conviction bet on an explosive move higher by Friday. The 63% IV is high but below the term structure, suggesting it was bought, not sold.

WDC 4/10 $290 Call

Vol: 1,164

OI: 162

Vol/OI: 7.2x

IV: 76.1%

Notional: ~$1.75M (est. mid ~$1.50)

Intent: Directional call buying for next week

Dual read: Bought to open (bullish) or sold (covered call).

Read-through: Follows the bullish theme but with more time (10 days). Targets a ~7% move. Consistent with the broader call-buying narrative, adding duration to the bullish exposure.

WDC 4/2 $300 Put

Vol: 1,234

OI: 278

Vol/OI: 4.4x

IV: 68.5%

Notional: ~$740K (est. mid ~$0.60)

Intent: Hedge or speculative put buy

Dual read: Bought as a hedge against a long position (defensive) or sold for premium (neutral/bullish).

Read-through: Given the overwhelmingly bullish call flow, this is likely a hedge. The $300 strike is 11% above spot, suggesting it's not a near-term directional bet but protection against a reversal. Its size is dwarfed by the call purchases.

WDC 5/15 $390 Call

Vol: 468

OI: 143

Vol/OI: 3.3x

IV: 83.0%

Notional: ~$655K (est. mid ~$1.40)

Intent: Long-dated, high-upside call buying

Dual read: Bought for leveraged upside over 6 weeks.

Read-through: A bet on a sustained rally (>44% move) into mid-May, potentially around earnings (5/6). Adds to the bullish, high-conviction theme but with a longer timeframe.

WDC 4/2 $315 Call

Vol: 1,423

OI: 458

Vol/OI: 3.1x

IV: 65.5%

Notional: ~$1.14M (est. mid ~$0.80)

Intent: Directional call buying

Dual read: Bought as a follow-on to the $320C trade, targeting a slightly lower hurdle (~16.5% move).

Read-through: Part of the concentrated bullish activity in the 4/2 expiration, clustering around the $310-$320 strikes. Reinforces the short-term explosive move thesis.

Institutional Positioning

Call additions: Heavy additions in 4/2 $310-$320C and 4/10 $290C. Longer-dated buying in 5/15 $390C.

Put additions: Minor defensive activity in 4/2 $300P and $285P. Far OTM puts ($90, $55) dominate OI but show no new flow.

GEX/DEX consistency: Yes — Negative GEX (-$285K) in a 'Trending' regime is pro-cyclical, meaning dealers are short gamma and will amplify spot moves. This aligns perfectly with the aggressive bullish flow seeking a breakout.

OI clusters: Major OI clusters are far OTM: $90P (19K OI), $55P (10K OI), $360C (6K OI), $350C (6K OI). These are likely legacy positions, not reflective of today's flow. Near-term, the $280-$290 area shows concentration from max pain.

Hedging evidence: Limited. The $300P and $285P buys are small relative to call flows. The massive far OTM put OI ($90, $55) could be part of tail-risk hedges or financed structures from months ago.

Max pain context: Spot ($270.49) is below the nearest max pain ($280 for 3/27, $272.50 for 4/2). The falling MP trend suggests gravity is pulling lower, but today's aggressive call flow is betting against that gravity for a sharp move higher.

Signal vs Noise

~The massive net premium from $40, $80, $110 calls is almost certainly noise — likely the result of a large, multi-leg institutional trade (e.g., a collar roll, diagonal) where deep OTM calls were sold for financing. The volume/OI on those strikes is negligible.

~High OI in $90P and $55P is structural (likely old hedges or financed positions), not a signal of new bearish intent given zero flow.

~Some of the 4/2 put flow ($265P, $285P, $290P) could be closing of existing hedges (profit-taking on recent down move) rather than new bearish bets.

Key Conclusions

🚀Explosive bullish bet in play: Over $51M net premium paid, concentrated in short-dated, OTM calls targeting moves to $290-$320.

⚙️Dealer positioning (negative GEX) will fuel any breakout, amplifying the move if calls start going in-the-money.

⚖️High IV (87%) and spot below max pain create headwinds; flow is betting against these technical resistances.

🎯Watch $280 (max pain) and $290 (key call strike). A break above confirms the flow thesis; failure suggests a pin at max pain.

How to Use These Reports

This flow reflects the market close on March 31, 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.