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WDC

Western Digital CorporationClose $441.36EOD only
Max Pain
$455.00
Next expiry Sep 25, 2026
Expected Move
±$31.77
7.2% from close
Price Gap
+13.64
Distance to max pain
IV Rank
34
Middle-high premium
P/C OI
1.27
Slightly put-heavy
Consensus
3.5/10
Bearish tilt
Published snapshot: Sep 18, 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
Sep 18, 2026 close
WDC Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Bearish Put Credit Spreads
Invalidation: Spot breaks below $669 support
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.5% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV at 103% vs VIX 17 – extreme premium, IV >6x VIX
Favorable?
Yes

Term structure: Front-week elevated (108% IV), then dips to 96-97% by 18d, then rises to 103% by 39d – mixed structure

⚠️IV rank extreme – premium selling attractive but high tail risk
📈Pinning regime with max pain $640-$610 below spot – put skew elevated

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+3.9M)

Gamma flip: ~$540.00 — Approx — based on put OI concentration of 1,308 (26.3% below spot)

OI concentrations: Put OI concentrated 26% below spot at $540; call wall $800-$980; support $669

Verdict: Moderate pin risk with heavy put OI below – spot above max pain but gamma flip near $540

Premium Opportunities

#1
Short strangle
Sell 2026-07-31 $710.00 put + sell $760.00 call
Sell 710p/760c capturing extreme IV (103% vs VIX 17).
Credit: $154.10-$188.35
Max loss: Unlimited
BE: 521.65 / 948.35
Mgmt: Monitor earnings; close if IV crushes or spot < $669.
#2
Call credit spread
Sell 2026-08-21 $750.00/$760.00 call spread
Sell $750/$760 call spread; limited loss if breakout.
Credit: $3.98-$4.87
Max loss: $5.13
BE: $754.87
Mgmt: Close at 50% max gain or if spot > $795.82.

Risk Alerts

!High IV skew – put IV 155% near-term, call IV 121%, 34% spread
!Gamma flip at $540 – 26% below current spot, could accelerate if tested
How to Use These Reports
This theta reflects the market close on June 22, 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.