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WDC

Western Digital CorporationClose $464.60EOD only
Max Pain
$450.00
Next expiry Sep 25, 2026
Expected Move
±$27.62
6.0% from close
Price Gap
-14.60
Distance to max pain
IV Rank
3
Low premium
P/C OI
1.41
Slightly put-heavy
Consensus
3.5/10
Bearish tilt
Published snapshot: Sep 22, 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 22, 2026 close
WDC Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 24, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness1 / 10
Sizing: Conservative
Primary: Stay Cash
Invalidation: IV contraction or breakout above $700 / below $540
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 3.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 104% vs VIX 19 (5.5x), extremely elevated
Favorable?
No

Term structure: Front-end spike to 114% (2d), then contango to ~97% at 30d, steep put skew persists

⚠️Front-end IV spike signals near-term event risk; put skew extreme
📉Negative dealer gamma (-$478K) amplifies directional moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-478K)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,878 (22.3% below spot)

OI concentrations: Max pain $670/$625/$615; call wall $700-$900; put floor $350-$540

Verdict: Spot below max pain, gamma flip at $500; pin risk near expiration

Premium Opportunities

#1
Call calendar
Sell 2026-07-10 $670.00 call / buy 2026-07-31 $670.00 call
Sell near-term call, buy later expiration; aims to profit from IV crush after earnings if spot stays below $670.
Debit: $28.84-$35.26
Max loss: $35.26
BE: Path-dependent
Mgmt: Close before earnings if IV expands too much; adjust strikes if spot drifts significantly.

Risk Alerts

!Negative GEX; dealer hedging amplifies swings
!High put/call ratios (1.39 vol, 1.37 OI) bearish
!Spot 3.9% below max pain; drift toward $670 possible
!Front-end IV spike suggests caution near events
How to Use These Reports
This theta reflects the market close on June 24, 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.