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WDC

Western Digital CorporationClose $448.17EOD only
Max Pain
$450.00
Next expiry Sep 25, 2026
Expected Move
±$26.55
5.9% from close
Price Gap
+1.83
Distance to max pain
IV Rank
1
Low premium
P/C OI
1.42
Slightly put-heavy
Consensus
3.5/10
Bearish tilt
Published snapshot: Sep 21, 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 21, 2026 close
WDC Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put spread or iron condor around $670
Invalidation: Spot closes below $670 or above $787; IV collapse
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.1% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV ~105% vs VIX ~19.5; extreme premium
Favorable?
Yes

Term structure: Near-term elevated (3d 113%); steep backwardation; longer-term ~100%

🎯Max pain $670 anchors nearest expiry; put OI skew supports pinning

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+1.1M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,776 (25.5% below spot)

OI concentrations: Put OI heavy below $670; call wall $800+

Verdict: Pin risk elevated near expiry; dealers long gamma supports pinning to $670

Premium Opportunities

#1
Put credit spread
Sell 2026-07-31 $670.00/$650.00 put spread
Sell put spread at $670 strike, collect premium ~$11, max gain $11, max loss $9. Edge from elevated premium and dealer pinning.
Credit: $9.00-$11.00
Max loss: $9.00
BE: $659.00
Mgmt: Enter at $9-$11 credit; exit at 50% max gain or $670 breach; manage for IV collapse after earnings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.

Risk Alerts

!Near-term event risk: high IV may collapse post-expiry
!Put OI concentration may cause instability if spot drops
How to Use These Reports
This theta reflects the market close on June 23, 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.