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MU

Micron Technology, Inc.Close $766.58EOD only
Max Pain
$565.00
Next expiry May 15, 2026
Expected Move
±$65.50
8.5% from close
Price Gap
-201.58
Distance to max pain
IV Rank
90
High premium
P/C OI
1.29
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 12, 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 12, 2026 close
MU Directional Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish: GEX +$48.5M, spot above MP, bullish flow. High vol regime requires wide stops. Support $670, resistance $937.

Confidence:
8 / 10
Base 5: +2 GEX/flow, +1 GEX pin, -1 spot far from MP, +1 low VIX. Total 8.
Supports: Bullish flow, positive GEX, spot above MP, low VIX.
Conflicts: High vol, wide range, gamma flip at $620.
🟢GEX +$48.5M: strong dealer long gamma supports dips.
📈Flow bullish: calls dominate, net premium positive.
⚠️Spot 33.9% above MP: pinning weak near-term.
📊High vol regime: IV elevated vs VIX.

Regime Classification

Vol Regime
High
High: IV elevated vs VIX 17.87; event-specific vol likely from earnings/sector news.
Gamma Regime
Pinning
Positive: GEX +$48.5M, gamma flip at $620 (22.9% below spot). Dealers long gamma support dips.
Flow Regime
Bullish
Bullish: net premium positive, calls dominate, low P/C ratio.
Spot vs Max Pain
Above
Above: spot ~$800 vs MP $600; 33.9% above, pinning weak near-term.
Thesis duration: Multi-week — Structural GEX and bullish flow suggest sustained momentum; high vol and distance from MP favor multi-week horizon.

Price Range Forecast

Next 2 days
$748.81$858.46
Spot holds above $748; target $858.
Next 1 week
$695.38$911.88
Continuation up; resistance at $912.
Next 2 weeks
$670.53$936.73
Structural support $670; resistance $937; trend upside.

Key Levels

Max pain pins: $600 (2026-05-15); $650 (2026-05-22); $600 (2026-05-29)
EM guardrails: 2d $748.81/$858.46; 1w $695.38/$911.88
Support: $670.53
Resistance: $936.73
Gamma flip: ~$620.00 — Approx — based on put OI concentration of 15,576 (22.9% below spot)
Structural: Support $670.53 (2w low). Resistance $936.73 (2w high). Gamma flip $620 (put OI). Max pain pins: $600 (May 15, 29), $650 (May 22).

Dealer Positioning (GEX/DEX)

GEX: $+48.5M

DEX: +100.1M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 15,576 (22.9% below spot))

NTM gamma: GEX +$48.5M, DEX +100.1M shares long. Gamma flip at $620 (22.9% below spot). Dealers long gamma, bullish delta.

IV Analysis

IV vs VIX: IV rich vs VIX 17.87; high vol regime, beneficial for option sellers, risky for buyers.

Term structure: Front-end elevated due to near-term event; backwardation into expiries, vol expected to decline.

Skew: Steep put skew; call skew moderate. Opportunity: sell put spreads at $650 support.

Flow Analysis

Net premium: Strong net premium positive ($1.6B) driven by call activity; put/call volume ratio 0.71 indicates call dominance.

Directional prints: 94.8 put 800 OTM 2026-05-15 — Vol 9249 vs OI 1709 (5.4x), heavy put buying near expiry, likely positioning for downside or hedging. 92.9 call 795 ITM 2026-05-15 — Vol 6844 vs OI 1051 (6.5x), call buying at 795 suggests bullish sentiment near ATM. 94.9 put 805 ITM 2026-05-15 — Vol 3612 vs OI 173 (20.9x), aggressive put buying at 805; potential bearish bet or collaring.

Unusual: 181.3 put 65 OTM 2026-07-17 — Vol 1496 vs OI 113 (13.2x), deep OTM put with extremely high IV; likely speculative cheap hedge. 125 call 990 OTM 2026-05-15 — Vol 3416 vs OI 630 (5.4x), OTM call buying at 990 far from spot; unusual tail position. 100.7 put 610 OTM 2026-05-29 — Vol 855 vs OI 155 (5.5x), out-of-the-money put with elevated IV; possibly bearish spread.

Risks & Catalysts

!Spot far from MP reduces pinning; sharp move to $620 gamma flip possible.
!High vol regime can trigger violent reversals if flow shifts.
!Wide ranges: 2d $748-$858, 1w $695-$912; stops need accommodation.
!Event risk from earnings/sector news.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadStrong
Buy 2026-07-17 $760.00/$850.00 call spread
Why now: Positive GEX and net premium flow suggest continued upside; high vol makes defined-risk spreads prudent.
Upside capped at short strike; high IV may inflate debit cost; post-earnings move could exceed wing.
Bullish risk reversalModerate-Strong
Buy 2026-07-17 $800.00 call / sell 2026-07-17 $760.00 put
Why now: Call dominance and bullish lean support upside convexity; high IV inflates put premium received.
Short put exposes downside risk below strike; assignment risk if stock drops sharply.

Top Plays

#1
Defined-Risk Bull Call Spread
Buy 2026-07-17 $760.00/$850.00 call spread
Buy 760/850 call spread to capture upside with limited downside.
Why this play: Mitigates high vol risk with capped loss, aligns with bullish flow and positive GEX.
Debit: $32.99-$40.32
Max loss: $40.32
BE: $800.32
Mgmt: Exit if spot breaks below 670 support; take profits 1-2 weeks before expiration.
Traders seeking controlled risk in high-vol environment.
#2
Bullish Risk Reversal
Buy 2026-07-17 $800.00 call / sell 2026-07-17 $760.00 put
Buy 800 call, sell 760 put for upside convexity with unlimited upside but large potential loss.
Why this play: Leverages call dominance and high IV to receive put premium, but exposes to downside risk.
Debit: $27.31-$33.38
Max loss: $760.00
BE: $760.00
Mgmt: Roll or close if spot nears 670; adjust strikes if volatility shifts.
Aggressive traders comfortable with short put risk and wide stops.

Watchlist Triggers

Entry Triggers
IFIF spot holds above $670.53 support with sustained bullish flow → THEN buy the 2026-07-17 $760.00/$850.00 bull call spread at market or limit in the 32.99-40.32 range
IFIF spot consolidates above $700 with bullish momentum and volume → THEN enter the 2026-07-17 $800.00 call / $760.00 put bullish risk reversal at market or limit in the 27.31-33.38 range
Exit Triggers
EXITIF spot breaks below $670.53 invalidation level → THEN close all positions immediately

Tactical Summary

Bullish bias supported by +$48.5M GEX, spot above MP, and bullish flow. Key support $670.53, resistance $936.73, gamma flip $620. High vol favors defined-risk trades. Preferred: 760/850 bull call spread for controlled upside. Invalidation below $670.53 triggers exit.
How to Use These Reports
This directional reflects the market close on May 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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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.