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MU

Micron Technology, Inc.Close $698.74EOD only

Max Pain

$700.00

Next expiry May 22, 2026

Expected Move

±$58.15

8.3% from close

Price Gap

+1.26

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.31

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 19, 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 19, 2026 close

MU Directional Report

Analysis based on market close May 19, 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 May 19, 2026. A newer directional report is available for May 20, 2026.

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Outlook

Neutral-to-bullish. Spot pinned at max pain $700 via positive dealer gamma ($11.3M GEX) and long delta (+83M shares). Near-term range $680-$740 with upside drift if momentum holds. Risks: gamma flip at $620 or vol spike.

Confidence:

9 / 10

Base 5 +2 GEX/flow +1 pinning +1 spot at MP +0.5 VIX 18 = 9.0. Structural support drives high conviction.

Supports: Dealer gamma pinning, spot at max pain, positive DEX, support at $650.
Conflicts: Mixed flow, wide range, high vol regime may cause volatility.

📌Spot at MP $700, gamma pin strong until 5/22 expiry.

🟢Dealer GEX $11.3M positive, long delta $83M shares.

⚠️Gamma flip near $620 is 11% below spot.

Regime Classification

Vol Regime

High

IV is high relative to VIX (18), consistent with elevated options activity. Pinning keeps realized low.

Gamma Regime

Pinning

Positive gamma ($11.3M) with flip ~$620 (11% below). Strong pinning to max pain $700.

Flow Regime

Mixed

Mixed overall but GEX/flow aligned, supporting stability.

Spot vs Max Pain

Spot at MP $700 for upcoming expiry, implying dealer hedging to pin price.

Thesis duration: Multi-week — Multiple max pain pins across expiries ($700, $660) and structural support/resistance suggest a multi-week range trade.

Price Range Forecast

Next 2 days

$640.59$756.89

Range $680-$740, pinned at $700 with upside potential. Tight range due to gamma.

Next 1 week

$657.14$740.34

Range $657-$757, pin shifts to $660 next expiry. Wider range as gamma fades.

Next 2 weeks

$591.09$806.39

Wider range $591-$806, gamma flip at $620 provides downside floor.

Key Levels

Max pain pins: $700 (2026-05-22); $660 (2026-05-29); $660 (2026-06-05)

EM guardrails: 2d $640.59/$756.89; 1w $657.14/$740.34

Support: $650.00 · $591.09

Resistance: $700.00 · $806.39

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,414 (11.3% below spot)

Structural: Support: $650 (structural), $591 (extreme). Resistance: $700 (max pain 5/22), $757 (call wall), $806 (extreme). Gamma flip near $620.

Dealer Positioning (GEX/DEX)

GEX: $+11.3M

DEX: +83.2M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 17,414 (11.3% below spot))

NTM gamma: NTM gamma positive at $11.3M, dealers long delta (+83.2M shares). Gamma flip at $620 approximated from put OI concentration.

IV Analysis

IV vs VIX: IV at ~45% (90th percentile vs 1yr) is rich vs VIX 18, reflecting event premium and high vol regime. Pinning suppresses realized vol.

Term structure: Likely backwardated near term due to pinning, with kinks at expiries (5/22, 5/29, 6/5).

Skew: Skew elevated put-side, indicating downside protection. No actionable structure; prefer short premium in pinning range.

Flow Analysis

Net premium: Positive net premium of $559M with put/call volume ratio 0.87 indicates net buying, predominantly calls.

Directional prints: 101.3 call 680 ITM 2026-05-22 — Vol/OI 7.5x, OI 745; likely bought, bullish bet on upside. 100.1 call 715 OTM 2026-05-22 — Vol/OI 7.3x, OI 548; aggressive call buying, bullish. 88.9 call 690 ITM 2026-05-29 — Vol/OI 10.7x, OI 311; new long position, bullish for earnings.

Unusual: 168.4 put 430 OTM 2026-05-22 — Vol/OI 8.9x, OI 1282; premium $0.15, likely sold puts for premium, bearish if bought. 88.9 call 690 ITM 2026-05-29 — Vol/OI 10.7x, OI 311; heavy call buying, directional bullish. 99.8 call 707.5 OTM 2026-05-22 — Vol/OI 8.8x, OI 113; low OI suggests new position, bullish.

Risks & Catalysts

!Break below gamma flip at $620 triggers dealer selling.

!Macro selloff increasing VIX and breaking pin.

!Earnings or event that breaks range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $705.00/$710.00 call spread Why now: Defined risk upside capture through earnings; net call buying in flow confirms.	Gamma flip below $620 or vol spike breaks range.
Put credit spread	Moderate	Sell 2026-06-26 $575.00/$570.00 put spread Why now: Net call buying and positive dealer gamma support bullish; defined risk.	Break below $680 if gamma flip triggers selling.
Call diagonal	Moderate-Weak	Sell 2026-06-05 $750.00 call / buy 2026-07-17 $720.00 call Why now: Term structure steep; net premium flow suggests upside; offset theta decay.	Vol collapse hurts long leg; directional drop breaks diagonal.

Top Plays

Bull Call Spread

Buy 2026-06-26 $705.00/$710.00 call spread

Buy $705/$710 call spread for earnings drift.

Why this play: Defined risk upside capture; flow confirms call buying.

Debit: $1.98-$2.42

Max loss: $2.42

BE: $707.42

Mgmt: Roll up if above $710; exit if below $650.

Traders seeking capped upside with limited risk.

Put Credit Spread

Sell 2026-06-26 $575.00/$570.00 put spread

Sell $575/$570 put spread to collect premium with wide buffer.

Why this play: Net call buying and positive gamma support bullish; defined risk.

Credit: $1.10-$1.35

Max loss: $3.65

BE: $573.65

Mgmt: Close at 50% profit; stop loss if MU breaks $650.

Income-focused bulls expecting support at $600.

Call Diagonal

Sell 2026-06-05 $750.00 call / buy 2026-07-17 $720.00 call

Sell near OTM call, buy further OTM later expiration.

Why this play: Term structure steep; premium flow supports upside; theta decay offset.

Debit: $50.04-$61.16

Max loss: $61.16

BE: Path-dependent

Mgmt: Adjust strikes as spot moves; exit near front expiry.

Advanced traders managing time decay and volatility.

Watchlist Triggers

Entry Triggers

IFMU above $650 and bullish momentum near $700 → Buy $705/$710 call spread for $2.00 debit

IFMU holds $650 and VIX stable → Sell $575/$570 put spread for $1.25 credit

IFMU above $650 and term structure steep → Enter call diagonal: sell 6/5 $750 call, buy 7/17 $720 call for ~$55 debit

Adjustment Triggers

ADJMU breaks above $710 → Roll bull call spread up

ADJPut credit reaches 50% profit → Close put credit spread

Exit Triggers

EXITMU closes below $650 → Exit all positions immediately

Tactical Summary

Neutral-bullish bias. Spot pinned at $700 max pain via dealer gamma. Key support $650 (structural), resistance $700 (max pain), $757 (call wall), $806 (extreme). Gamma flip risk at $620. Top plays: Bull call spread $705/$710, Put credit spread $575/$570, Call diagonal (sell 6/5 $750 call, buy 7/17 $720 call). Invalidation level $650 for all.

How to Use These Reports

This directional reflects the market close on May 19, 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.