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Micron Technology, Inc.Close $895.88EOD only

Max Pain

$705.00

Next expiry May 29, 2026

Expected Move

±$75.05

8.4% from close

Price Gap

-190.88

Distance to max pain

IV Rank

High premium

P/C OI

1.39

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 26, 2026 close

End-of-day snapshot

This page reflects MU options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 26, 2026 close

MU Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 6, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Bullish with upside magnet to $400-$415. Confidence: 7.5/10 (base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP). Strong GEX pinning and massive net premium support upside; conflict is high IV (78.5%) and spot above max pain.

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP

Supports: GEX +$24.0M (pinning), net premium +$225.5M, P/C vol 0.51
Conflicts: IV 78.5% (rich), spot 4.9% above max pain $360

📊GEX pinning near $380-$415

💰Net premium +$225.5M bullish

⚠️IV 78.5% vs VIX unknown — selling premium edge

Regime Classification

Vol Regime

High

IV 78.5% — high vol regime; selling premium favored if VIX < 78.5.

Gamma Regime

Pinning

GEX +$24.0M concentrated near spot; pinning supports mean reversion.

Flow Regime

Bullish

Net prem +$225.5M with P/C vol 0.51 — strong institutional bullish flow.

Spot vs Max Pain

Above

Spot $377.76 above MP $360 by 4.9%; gravity toward MP but flow overrides.

Thesis duration: Multi-week — Max pain ladder rises from $360 to $390 over 16 expirations; GEX sign stable positive; flow regime consistent across expirations.

Price Range Forecast

Next 2 weeks

$330.04$425.49

GEX pinning dominates; <$370 invalidates.

Key Levels

Max pain pins: $360 (2026-04-10); $360 (2026-04-17); $400 (2026-04-24)

EM guardrails:

Support: $370.00 · $360.00 · $350.00

Resistance: $400.00 · $415.00 · $425.00

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 17,349 (20.6% below spot)

Structural: Call OI wall $400-$450 caps upside; put floor $200-$350 distant.

Dealer Positioning (GEX/DEX)

GEX: $+24.0M

DEX: +63.3M shares

Gamma flip: ~$300 (Approx — based on put OI concentration of 17,349 (20.6% below spot))

NTM gamma: Positive GEX concentrated at $380-$415; dealer hedging buys dips, sells rallies.

IV Analysis

IV vs VIX: IV 78.5% — high; VIX unknown but likely lower, making vol rich.

Term structure: Steeply inverted — 4/10 80.6% > 4/17 73.9% > 4/24 71.1%.

Skew: 4/10 vs 4/17 ~7 vol-pt differential favors calendar spreads.

Flow Analysis

Net premium: +$225.5M bullish; P/C vol 0.51

Directional prints: call 380 OTM 2026-04-10 — Vol 21,050 vs OI 2,565 (8.2x) — likely bought calls. call 400 OTM 2026-05-01 — Vol 22,756 vs OI 3,605 (6.3x) — likely bought calls.

Unusual: 115.6 call 570 OTM 2026-04-10 — Vol 2,313 vs OI 164 (14.1x) — speculative upside bet.

Risks & Catalysts

!Gamma flip ~$300 breaks pin downward

!High IV (78.5%) risk of vol crush

!Call OI wall $400-$450 resistance

!Earnings 2026-06-24 unknown catalyst

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Strong	Buy shares at $377.76	High IV and above MP pullback.
Short stock	Weak	Avoid — flow strongly bullish.	GEX pinning and net premium oppose.
Covered call	Moderate-Strong	Buy shares, sell $400 call 4/24	Upside capped at $400.
Cash-secured put / put spread	Moderate-Strong	Sell $370/$360 put spread 4/24	Break below $360.
Long calls	Moderate	Buy $380 call 4/24	High IV and time decay.
Long puts / bear put spreads	Weak	Avoid — regime bullish.	Flow opposes.
Iron condor	Moderate	$370/$360P x $415/$425C 4/24	High IV >28 and GEX positive.
Calendar/diagonal	Moderate-Strong	Sell 4/10 $380 call (IV 81.3%), buy 4/24 $380 call (IV 71.1%) — regular calendar.	Spot moves away from $380.
PMCC / LEAPS diagonal	Moderate	Buy 2027-03-19 $300 call, sell 4/24 $400 call	High IV in long leg.

Top Plays

Cash-Secured Put Spread

Sell $370/$360 put spread 4/24

Defined-risk premium collection below support with GEX pinning.

Credit: $3.00-$4.00

Max loss: $7.00

BE: $367.00

Mgmt: Close at 50-70% max profit; stop if spot <$360.

Traders bullish but wanting defined risk below $370.

Covered Call

Buy shares at $377.76, sell $400 call 4/24

Income play with upside to call OI wall; aligns with bullish flow.

Credit: $10.00-$12.00

Max loss: unlimited below stock purchase

BE: $367.76

Mgmt: Roll up if spot approaches $400; take profit at 80% premium.

Shareholders or those willing to own stock.

Regular Calendar Spread

Sell 4/10 $380 call (IV 81.3%), buy 4/24 $380 call (IV 71.1%)

Exploits 10.2 vol-pt inversion; time decay edge if pin holds.

Credit: $1.50-$2.50

Max loss: unlimited above long strike

BE: varies with vol

Mgmt: Close if spot moves >±5% from $380; target 50% max profit.

Vol traders expecting pin near $380.

Watchlist Triggers

Entry Triggers

IFSpot dips to $370 and holds 1 hour → Sell $370/$360 put spread 4/24

IFIV term structure flattens (4/10 IV < 75%) → Exit calendar spreads

Exit Triggers

EXITNet premium turns negative (>$100M outflow) → Exit all bullish positions

EXITVIX spikes >30 (if data available) and spot <$370 → Cut all short premium

Tactical Summary

Bullish pin toward $400-$415 driven by GEX and flow. Invalidation: <$360. Favors selling premium (put spreads, covered calls) and calendar spreads. Top plays: put spread for defined risk, covered call for income, calendar for vol edge.

How to Use These Reports

This directional reflects the market close on April 6, 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.