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WDC

Western Digital CorporationClose $746.23EOD only

Max Pain

$580.00

Next expiry Jun 26, 2026

Expected Move

±$42.75

5.7% from close

Price Gap

-166.23

Distance to max pain

IV Rank

100

High premium

P/C OI

1.38

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 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

Jun 18, 2026 close

WDC Theta Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

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

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.

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.