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WDC

Western Digital CorporationClose $643.83EOD only
Max Pain
$670.00
Next expiry Jun 26, 2026
Expected Move
±$53.27
8.3% from close
Price Gap
+26.17
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.37
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: Jun 24, 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 24, 2026 close
WDC Theta Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Conservative
Primary: Short put spreads
Invalidation: Break below $658 support or IV drop below 80%
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 102.86% vs VIX 18.89, rich for selling
Favorable?
Yes

Term structure: Front-week contango but flattening after 57DTE; put skew extreme at 1DTE

📈IV 102.86% vs VIX 18.89, rich for premium selling
⚠️Put skew elevated at 1DTE (put IV 183 vs call 126)

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.4M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 2,927 (26.0% below spot)

OI concentrations: Put floor $350-$540 (OI concentration below spot); call wall $800-$980

Verdict: Pinning risk elevated due to put OI concentration and dealer hedge; max pain $658 (06/26), $625 (07/02)

Premium Opportunities

#1
Put credit spread
Sell 2026-07-31 $580.00/$515.00 put spread
Sell $580/$515 put spread to capture elevated premium with defined risk
Credit: $16.04-$19.61
Max loss: $45.39
BE: $560.39
Mgmt: Manage if WDC breaks below $657.5; take profit at 50% max gain Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.
#2
Short strangle
Sell 2026-07-31 $580.00 put + sell $880.00 call
Sell $580 put and $880 call to benefit from IV crush
Credit: $59.67-$72.93
Max loss: Unlimited
BE: 507.07 / 952.93
Mgmt: Close if IV drops significantly or underlying moves sharply Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; short_put: Volume below 5.

Risk Alerts

!Front-week put skew extreme; gamma risk near expiration
!High IV relative to VIX may normalize, crushing premium
How to Use These Reports
This theta reflects the market close on June 25, 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.