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WDCWestern Digital Corp.

Options Analysis Report•COMPUTER STORAGE DEVICES
Market Cap $165.7B|NASDAQ
● 2026-08-31$459.45
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +460.9%YTD +144.8%7D +5.5%
46,233
30D
±18.1%
1%

WDC Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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WDC Gamma Walls

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Value

Is IV priced right?

6.2
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 97.8% — elevated vs history

<1.05x

IV/HV 0.70x — IV ≤ HV

Sector Relative≤50%

Sector percentile 91% — above sector median

<1.1x

Front/Back 0.88x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 59.5% — normal range

<80%

Effective IV 79.3% (ATM 59.5% + spread 9.9% + bias) — fair

<3.0%

Total drag 19.54% (spread 9.88% + slippage 9.66%) — high friction

≥5.0

Vega efficiency 4.03 (vega 3.978 / spread 9.88%) — spread drag

Sentiment

Bullish or bearish?

3.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +1%, Raw: +4%)
|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +4%

≥15%

|OI skew| 16.8% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -21.2%, OI skew -16.8% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +18%, ATM: -2%, OTM: +4% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

4.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.8x avg — normal

≥15%

Vol/OI 9.9% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +14.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 70% — active vs sector

≥30%

Large trade volume 4% — mostly retail

≥60%

Aggressive execution 15% — patient

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.7
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 9.9% — wide

≥10,000

OI 466,941 — deep

≥500

Volume 46,233/day — active

≤$0.50

$0.49 to cross — cheap

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 91% — much wider than sector

≥100 contracts

Depth 82.19999999999999 contracts (bid:31.4 ask:50.8) — thin

<1.0%

Avg slippage 9.66% — poor

Timing

Is now a good time?

7.2
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -12.4% — contango

<30 or >70

IV percentile 98% — seller opportunity

≥10pts kink

IV kink -5.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 8.26 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +1% @ 50% consistency — unclear

≥40 composite score

Score 34 (ITM 20% + inst 4%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV cheap, bearish flow
Long Puts6.2
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, bearish flow
Covered Call5.4
bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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