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MU

Micron Technology, Inc.Close $971.00EOD only

Max Pain

$820.00

Next expiry Jun 5, 2026

Expected Move

±$107.40

11.1% from close

Price Gap

-151.00

Distance to max pain

IV Rank

100

High premium

P/C OI

1.47

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

MU Directional Report

Analysis based on market close April 13, 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 13, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Neutral-to-bullish with upside magnet into the $450 area; Confidence: 7.5/10 per model. Primary supports: large positive GEX $+49.7M concentrated at $415/$425/$450, heavy net premium inflow $345.6M and bullish top-flow at $420/$450/$415; conflicts: spot sits 9.4% above short-dated max pain cluster (~$390-$400) and ATM IV is elevated (66–71%).

Confidence:

7.5 / 10

Base 7.5 (pre-computed); drivers are concentrated positive GEX (+$49.7M), bullish net premium (+$345.6M), large call OI/flow at $420/$450/$415; downside tension from spot ~9.4% above MP and high avg IV 77.6%

Supports: GEX concentrations at $415/$425 (+$4.9M/$1.6M), strong put OI floor $250-$400, net premium inflow +$345.6M
Conflicts: Spot 426.56 > short-dated MP cluster $390-$400 (pin resistance to downside); IV high (Avg IV 77.6%) increases cost to buy protection

📌Positive GEX $+49.7M pins spot to nearby call clusters (415,425,450)

💵Heavy net premium $345.6M concentrated in calls at 420/450/415 — institutional bullish skew

⚠️Short-dated max pain near $390-$400 while spot is 426.56 — downside risk if pin breaks

Regime Classification

Vol Regime

High

High — ATM IVs 66.3% (4d) → 71.1% (18d) and Avg IV 77.6%; buying protection expensive but selling premium rich.

Gamma Regime

Pinning

Pinning — large positive GEX $+49.7M with concentration at $415/$425/$450 creates local mean-reversion and magnet behavior.

Flow Regime

Bullish

Bullish — Net premium +$345.6M and P/C vol 0.73; top premium flow net call dollars at $420/$450/$415 indicate directional call buys or synthetic positioning.

Spot vs Max Pain

Above

Spot $426.56 sits ~9.4% above short-dated MP cluster (~$390-$400) so there is asymmetric downside if pin unravels.

Thesis duration: Multi-week — Positive GEX and large call OI/flow persist across the next several expirations (MP flat ~ $390 across expirations; GEX concentrations present at multiple strikes), favoring a 30–45 DTE horizon with weeklies used tactically.

Price Range Forecast

Next 2 weeks

$371.48$481.63

GEX pinning at $415/$425 and heavy call flow at $420/$415 create uphill magnet; break below $415 would signal immediate roll lower.

Key Levels

Max pain pins: $390 (2026-04-17); $400 (2026-04-24); $385 (2026-05-01)

EM guardrails:

Support: $415.00 · $425.00 · $400.00

Resistance: $450.00 · $480.00 · $500.00

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 17,536 (29.7% below spot)

Structural: Structural call OI wall $450–$500 caps upside; put floor $250–$400 provides deep downside support for long-dated positioning.

Dealer Positioning (GEX/DEX)

GEX: $+49.7M

DEX: +69.6M shares

Gamma flip: ~$300 (Approx — based on put OI concentration of 17,536 (29.7% below spot))

NTM gamma: Near-term positive gamma concentrated at $415 (+$4.9M) and $425/+1.6M; dealers will sell into rallies near those pins and buy back on small dips — a ±2% move (≈$8.5) would see dealer hedging reduce selling on upticks and accelerate covering on downside, steepening moves beyond EM bounds.

IV Analysis

IV vs VIX: Avg IV 77.6% vs VIX 19.12 — equity vol demand high; short premium lucrative but buying protection expensive.

Term structure: Front-end elevated and slight contango: 4d ATM 66.3% → 18d ATM 71.1% then flattens ~69% out to 95d — short-dated is relatively cheaper than very near-term spikes.

Skew: Skew shows expensive downside protection (puts) at lower strikes and large call IV at 415/420; mispriced trade: sell volatility via defined short premium (IC or put spreads) while owning cheap extra time (sell 18–46d vs buy 66d) — front/back vols ~71% vs ~69% (small edge).

Flow Analysis

Net premium: Net premium large bullish +$345.6M with top call dollar flow concentrated at $420/$450/$415

Directional prints: 68.6 call 417.5 ITM 2026-04-17 — Large prints: MU260417C00417500 OI 497 Vol 7,006 (14.1x) — could be buys or dealer sales; consistent with institutional call accumulation. 82.6 put 300 OTM 2026-05-08 — MU260508P00300000 OI 195 Vol 5,251 (26.9x) — large long-dated puts (tail hedges) likely protective buys against broad drawdown.

Unusual: 67.6 put 412.5 OTM 2026-04-17 — MU260417P00412500 put prints OI 257 Vol 4,934 (19.2x) — active short-dated put flow near 412.5 consistent with hedged call structures or collars.

Risks & Catalysts

!Gamma flip deep at ~$300 would remove dealer pinning and allow trend acceleration lower.

!Spot sits 9.4% above short-dated MP (~$390-$400) — failure to hold $415/$425 may cascade dealer buying pause.

!Elevated Avg IV 77.6% means protection expensive; VIX ~19 can gap up and widen front-end IV rapidly.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy MU shares at market ($426.56)	Large capital commitment; exposed to MP reversion to $390-$400
Short stock	Weak	Avoid initiating naked short given positive GEX and strong call flow	Gamma pinning and concentrated call buying creates buy-the-dip dealer behavior
Covered call	Moderate	Sell 2026-05-01 450.00 call against stock	Caps upside at $450 near a strong call OI wall; limited downside protection
Cash-secured put / put spread	Moderate-Strong	Sell 2026-05-01 400.00/395.00 put spread	If pin breaks toward $390-$371, spread will widen—gamma increases P&L risk
Long calls	Moderate-Weak	Buy 2026-05-01 450.00 call	High debit (IV elevated); needs >$450 move within DTE to pay off
Long puts / bear put spread	Moderate	Buy 2026-05-01 395.00/380.00 bear put spread	Expensive protection but defined risk; tail hedge if spot falls below $400
Iron condor	Moderate-Strong	Sell 2026-05-01 415.00/395.00 put spread short 450.00/480.00 call spread	IV spike or directional break beyond $395–$450 will hurt; width must be managed
Calendar / diagonal (reverse calendar)	Moderate-Strong	Sell 2026-06-18 415.00 call (higher IV ~69.3%), buy 2026-04-17 415.00 call (lower IV ~66.3%) — reverse calendar (sold longer-dated leg)	Short longer-dated vega exposure; requires spot to remain near 415–430 or be managed if front leg gaps away
PMCC / LEAPS diagonal	Moderate	Sell 2026-04-24 420.00 call, buy 2027-01-15 420.00 call (sell near-term high IV, buy longer exposure)	Roll/assignment risk; requires management if stock rallies past short leg
Covered put collar (existing holders)	Moderate-Strong	Buy 2026-05-01 395.00 put, sell 2026-05-01 450.00 call (collar for longs)	Caps large upside but provides defined downside protection

Top Plays

Sell 400/395 put spread (18d)

Sell 2026-05-01 400.00/395.00 put spread

Collect rich premium against short-dated pin cluster at $390-$400 and positive GEX; defined risk under MP.

Credit: $0.90-$1.40

Max loss: $4.10

BE: $399.10

Mgmt: Take profits at 50–70% of max credit; cut if spot < $395 or VIX spikes >25.

Accounts seeking defined premium with view that pin holds above $395

Short iron condor (46d)

Sell 2026-05-29 415.00/395.00 put spread short 450.00/480.00 call spread

Use multi-week thesis: positive GEX + call wall at $450 caps upside; sells rich IV across wings with ~30–45 DTE preference.

Credit: $4.50-$7.50

Max loss: $194.50

BE: breakevens at sold wings

Mgmt: Close 50–70% profit; tighten if spot < $410 or > $460; reduce width if assignment risk rises.

Traders who can manage larger widths and want to harvest front-end elevated IV

Reverse calendar on 415 (sell longer-dated)

Sell 2026-06-18 415.00 call, buy 2026-04-17 415.00 call

Sell higher-IV longer-dated leg (6/18 ~69.3%) and buy lower-IV front leg to capture term premium and benefit from pinning at 415.

Credit: $0.80-$1.80

Max loss: Limited to net debit/assignment exposure

BE: N/A

Mgmt: Close short longer leg if spot moves >$5 away from 415 or if front IV spikes >6 vol pts; take profits at 60% of initial credit.

Experienced vol traders who want to monetize term structure and pin behavior

Watchlist Triggers

Entry Triggers

IFIf spot tags $415.00 and holds for 30 minutes → Sell 2026-05-01 400.00/395.00 put spread

IFIf spot rallies to $450.00 with >$20M call net premium at $450 → Sell part-sized 2026-05-29 450.00/480.00 call spread as upside wing

IFIf unusual buy prints accumulate at 300.00 puts in >$5k vol (MU260508P00300000 increases further) → Reduce short premium sizing and consider buying long-dated tail protection (buy 2026-10-16 340.00 put)

Exit Triggers

EXITIf spot < $395.00 (short put spread short strike) → Close sell 400/395 put spread immediately

EXITIf spot > $480.00 or breaks above $500.00 with volume spike → Close short call wings on iron condor and buy protection

Tactical Summary

Primary thesis: short/mid-term neutral-to-bullish with dealer pinning around 415–450; invalidate if spot decisively breaks below $395 (short-dated puts) or above $500 with momentum. Regime favors defined short premium (sell put spreads, iron condors, reverse calendar to harvest term premium); top plays: sell 400/395 put spread (defined premium), 46d iron condor (multi-week harvest), reverse calendar 415 (sell longer leg) for vol sellers.

How to Use These Reports

This directional reflects the market close on April 13, 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.

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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.