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MU

Micron Technology, Inc.Close $803.63EOD only

Max Pain

$600.00

Next expiry May 15, 2026

Expected Move

±$54.83

6.8% from close

Price Gap

-203.63

Distance to max pain

IV Rank

100

High premium

P/C OI

1.27

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 13, 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 13, 2026 close

MU Directional Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

MU in high-vol pinning regime with dealers long gamma. Spot ~$776 above max pain, but positive GEX/flow alignment favors bullish bias. Near-term upside to $811, downside support $740.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot 29% from MP; +1 VIX 17 low; net 8.

Supports: Dealer GEX +$29M, positive gamma pinning, mixed flow but aligned, VIX low.
Conflicts: Spot far above MP ($600), high vol regime, gamma flip at $620 tail risk.

📌Spot 29% above near-term max pain ($600); pinning to $668 may pull price lower.

🛡️Dealer long gamma (+$29M) provides support around $740, limits downside.

⚡High vol vs VIX17 implies IV contraction opportunity, favoring short vol.

Regime Classification

Vol Regime

High

High vol due to post-earnings or chip sector volatility; IV is elevated.

Gamma Regime

Pinning

Pinning regime with dealers net long gamma (+$29M), creating magnetic pull near current spot.

Flow Regime

Mixed

Mixed flow but premium data shows alignment with dealer gamma, supporting bullish bias.

Spot vs Max Pain

Above

Spot ~$776, above max pain $600 for nearest expiry, suggesting possible drift lower but dealer positioning supports.

Thesis duration: Multi-week — High vol and mixed flow indicate uncertainty; dealer gamma provides near-term support; gamma flip at $620 is a distant but critical level.

Price Range Forecast

Next 2 days

$740.19$811.84

Dealer gamma supports; resistance $811.84, support $740.19.

Next 1 week

$682.24$869.79

Range $682-$869; break of $811 or $740 sets direction.

Next 2 weeks

$657.21$894.81

Wider range $657-$894; gamma flip at $620 is tail risk.

Key Levels

Max pain pins: $600 (2026-05-15); $668 (2026-05-22); $610 (2026-05-29)

EM guardrails: 2d $740.19/$811.84; 1w $682.24/$869.79

Support: $657.21

Resistance: $894.81

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,513 (20.1% below spot)

Structural: Support: $657; Resistance: $895; Gamma flip: ~$620; Max pain pins: $600 (05/15), $668 (05/22), $610 (05/29).

Dealer Positioning (GEX/DEX)

GEX: $+29.0M

DEX: +98.6M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 17,513 (20.1% below spot))

NTM gamma: GEX +$29.0M, DEX +98.6M shares. Gamma flip at ~$620 (put OI 17,513, 20.1% below spot). Dealers long gamma near spot.

IV Analysis

IV vs VIX: MU IV elevated vs VIX 17, indicating rich options; typical for sector volatility event.

Term structure: Contango with kinks at weekly expirations; near-term IV highest, declining later.

Skew: Put skew elevated, especially weekly; opportunity: sell OTM put spreads near-term to capture premium given dealer support.

Flow Analysis

Net premium: Strong $788M net call premium; volume P/C 0.90 (more calls) despite OI ratio 1.29 (more puts), indicating aggressive call buying.

Directional prints: 79.4 call 785 OTM 2026-05-15 — 5.9x vol/OI, likely bought ITM calls; bullish directional bet.

Unusual: 79.8 call 795 OTM 2026-05-15 — 11.1x vol/OI, likely bought calls; bullish speculation. 98.1 call 950 OTM 2026-06-05 — 7.7x vol/OI, likely bought OTM calls; high-upside bet. 82.2 put 825 ITM 2026-05-15 — 7.0x vol/OI, likely bought puts; hedging or bearish view.

Risks & Catalysts

!Spot far above max pain may trigger reversion to $668.

!Gamma flip at $620 could cause rapid sell-off if breached.

!High vol regime may persist, leading to IV expansion.

!Chip sector headwinds or macro events.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $820.00/$990.00 call spread Why now: Defined-risk bullish expression aligned with earnings follow-through expectation.	Upside limited if spot fails to reach short strike; max loss = net debit. Liquidity constraints: short_call: Open interest below 25.
Long call	Moderate	Buy 2026-07-17 $840.00 call Why now: Aggressive call buying and dealer gamma support upside.	Time decay and IV contraction if spot stalls.
Call diagonal	Moderate	Sell 2026-06-26 $820.00 call / buy 2026-07-17 $840.00 call Why now: Near-term IV elevated; sell rich premium, own later optionality.	Large directional move in near-term hurts the short leg.

Top Plays

Long Call $840

Buy 2026-07-17 $840.00 call

Unlimited upside potential with defined risk; aligns with high call flow and positive GEX.

Why this play: Aggressive call buying and dealer gamma support strong bullish bias.

Debit: $87.41-$106.84

Max loss: $106.84

BE: $946.84

Mgmt: Monitor IV; exit if stock drops below invalidation level $657.

Aggressive bulls seeking leveraged directional exposure.

Bull Call Spread $820/$990

Buy 2026-06-26 $820.00/$990.00 call spread

Captures upside to $990 while limiting loss; suitable for measured bullish view.

Why this play: Defined risk bullish position for earnings follow-through with lower capital at risk.

Debit: $37.62-$45.98

Max loss: $45.98

BE: $865.98

Mgmt: Hold through earnings; exit near expiry if $820 not breached. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Moderate bulls wanting defined risk and profit target.

Call Diagonal Jun/Jul

Sell 2026-06-26 $820.00 call / buy 2026-07-17 $840.00 call

Sells near-term premium to finance later long call; works best if stock grinds higher.

Why this play: Capitalizes on elevated near-term IV while retaining later upside optionality.

Debit: $11.54-$14.11

Max loss: $14.11

BE: Path-dependent

Mgmt: Roll short leg if stock moves quickly; monitor IV crush.

Neutral-bullish traders expecting low volatility near-term.

Watchlist Triggers

Entry Triggers

IFIF stock price breaks and holds above $850 (near resistance $895) → THEN buy Long Call $840 (mu_long_call_1) at offered entry range $87.41-$106.84

IFIF stock price trades above $820 and maintains bullish momentum → THEN enter Bull Call Spread $820/$990 (mu_bull_call_spread_1) at entry range $37.62-$45.98

IFIF stock price grinds higher without rapid spike above $860 → THEN enter Call Diagonal Jun/Jul (mu_calendar_call_1) at entry range $11.54-$14.11

Exit Triggers

EXITIF stock price closes below $657.21 (invalidation level) → THEN exit all long positions immediately

EXITIF stock price approaches $895 resistance with volume divergence → THEN consider taking partial profits on all bullish positions

Tactical Summary

MU near $776 with bullish bias from dealer gamma and high call flow. Key support $657, resistance $895. Elevated IV supports diagonal selling. Entry triggers on break above $850 or hold above $820. Invalidation at $657.

How to Use These Reports

This directional reflects the market close on May 14, 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.