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WDC

Western Digital CorporationClose $681.08EOD only
Max Pain
$415.00
Next expiry Jun 18, 2026
Expected Move
±$43.80
6.4% from close
Price Gap
-266.08
Distance to max pain
IV Rank
100
High premium
P/C OI
1.39
Slightly put-heavy
Consensus
4/4
Partial coverage
Published snapshot: Jun 16, 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 16, 2026 close
WDC Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Short put spreads
Invalidation: Spot breaches gamma flip $500 or drops below put floor $400
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 61.8% from MP; +0.5 VIX 18; override: Base 7.5, GEX+2, VIX tailwind, but pinning and elevated risk reduce appeal

IV Environment

IV Regime
High
IV vs VIX
Avg IV 114.6% >> VIX 18.44, extreme skew
Favorable?
No

Term structure: Front-end IV inflated by pinning; 1d put IV 467% vs call 332%; term structure rises then flattens near 100%

⚠️1d put IV 467% signals extreme tail risk
📌Max pain $440 far below spot $712; OI skew puts heavy

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+8.2M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,706 (29.8% below spot)

OI concentrations: Put floor $400-$500; call wall $800-$800; gamma flip ~$500

Verdict: High pin risk: max pain $440 vs spot $712, 29.8% put OI below spot

Premium Opportunities

#1
Call calendar
Sell 2026-07-17 $710.00 call / buy 2026-08-21 $710.00 call
Front-month premium vs back-month, avoiding pin risk.
Debit: $38.61-$47.19
Max loss: $47.19
BE: Path-dependent
Mgmt: Exit if spot drops below $500 gamma flip.
#2
PMCC / LEAPS diagonal
Buy 2026-11-20 $700.00 call + sell 2026-07-24 $730.00 call
Buy LEAPS, sell short-term call for income.
Debit: $98.39-$120.26
Max loss: $120.26
BE: Path-dependent
Mgmt: Roll short call if challenged. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Extreme front-end put skew; 1d put IV 467%
!Gamma flip at $500; breach could accelerate moves
!Spot 61.8% above max pain, mean reversion risk
How to Use These Reports
This theta reflects the market close on June 17, 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.