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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 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with strong dealer support, but elevated vol and pinning suggest range-bound upside toward $800 resistance.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot above MP; +1 VIX 17

Supports: GEX+35.9M, DEX+85.8M, VIX 17
Conflicts: Spot 5.3% above MP, high vol

🟢Strong dealer long gamma pinning near spot

⚠️Spot above max pain by 5.3%, potential drift

Regime Classification

Vol Regime

High

High vol: IV above 2-wk range vs VIX 17.4.

Gamma Regime

Pinning

GEX +35.9M positive; flip at $620 (15% below spot).

Flow Regime

Mixed

Mixed flow net positive aligned with GEX.

Spot vs Max Pain

Above

Spot ~$732, 5.3% above max pain $695 (nearest expiry).

Thesis duration: Multi-week — Structural gamma pinning and dealer support indicate sustained range.

Price Range Forecast

Next 2 days

$681.61$782.36

Support $695 from dealer gamma

Next 1 week

$649.16$814.81

Expiry pin $695, resistance $800

Next 2 weeks

$624.34$839.64

Wider range; gamma flip $620 downside

Key Levels

Max pain pins: $695 (2026-05-22); $680 (2026-05-29); $660 (2026-06-05)

EM guardrails: 2d $681.61/$782.36; 1w $649.16/$814.81

Support: $695.00 · $624.34

Resistance: $800.00 · $839.64

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,459 (15.3% below spot)

Structural: Support $695 (MP), $624 (gamma flip); resistance $800, $840; EM guardrails 2d $681-782, 1w $649-815.

Dealer Positioning (GEX/DEX)

GEX: $+35.9M

DEX: +85.8M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 17,459 (15.3% below spot))

NTM gamma: GEX +$35.9M, DEX +85.8M shares; long gamma flips at ~$620 (15% below spot).

IV Analysis

IV vs VIX: MU IV elevated vs VIX 17.44, implying event premium.

Term structure: Mild contango near-term vs far-term.

Skew: Put skew elevated; call upside favored given dealer gamma.

Flow Analysis

Net premium: Net call premium of $711M, P/C vol ratio 0.87, indicates strong bullish flow.

Directional prints: 95.2 call 725 ITM 2026-05-22 — Vol/OI 4.7, high volume relative to OI; likely bought calls for upside. 95.5 call 715 ITM 2026-05-22 — Vol/OI 5.8, aggressive buying; likely bought calls. 96 call 717.5 ITM 2026-05-22 — Vol/OI 5.1, suggests institutional buying; likely bought calls.

Unusual: 95.6 call 727.5 ITM 2026-05-22 — Vol/OI 9.1, extremely high; likely bought calls for upside. 94.7 put 717.5 OTM 2026-05-22 — Vol/OI 8.5, unusual put activity; likely bought puts for downside hedge or bearish bet. 96 call 712.5 ITM 2026-05-22 — Vol/OI 6.8, high; likely bought calls.

Risks & Catalysts

!Drop below $695 support

!Gamma flip break at $620

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-26 $740.00/$795.00 call spread Why now: Dealer support and bullish flow suggest slow grind higher; spread caps cost and risk.	Upside capped at $760; stock below $740 at expiry loses premium.
Call diagonal	Moderate	Sell 2026-06-18 $860.00 call / buy 2026-07-17 $750.00 call Why now: Elevated front-month vol (87%+) vs back-month (89%); term structure favors short premium.	Large move against short leg can cause losses; assignment risk before earnings.
Put credit spread	Moderate-Weak	Sell 2026-06-26 $600.00/$525.00 put spread Why now: Strong dealer support and bullish flow; selling put spread aligns with upward drift.	Break below $707.5 leads to max loss; gamma risk near expiration. Liquidity constraints: long_put: Volume below 5.

Top Plays

Bull call spread

Buy 2026-06-26 $740.00/$795.00 call spread

Captures gradual upside to $795 with defined risk, leveraging cheap call premiums.

Why this play: Directly aligns with bullish bias and dealer support; capped risk suitable for moderate upside.

Debit: $19.26-$23.54

Max loss: $23.54

BE: $763.54

Mgmt: Exit if MU closes below $695 invalidation; take profits near expiration if near max gain.

Traders seeking bullish exposure with defined risk tolerance.

Call diagonal

Sell 2026-06-18 $860.00 call / buy 2026-07-17 $750.00 call

Sells expensive short-dated call, buys longer-dated call; profits from time decay if stock stays below short strike.

Why this play: Exploits elevated front-month volatility and term structure; benefits from theta decay.

Debit: $58.32-$71.28

Max loss: $71.28

BE: Path-dependent

Mgmt: Monitor implied volatility; adjust if stock approaches $860 short strike.

Experienced traders comfortable with volatility and time decay strategies.

Watchlist Triggers

Entry Triggers

IFMU holds above $695 support → Buy $740/$795 call spread

IFMU above $695 with elevated front-month vol → Sell $860 call / buy $750 call diagonal

Adjustment Triggers

ADJMU approaches $860 → Roll up short call in diagonal

Exit Triggers

EXITMU closes below $695 → Exit all long positions

Tactical Summary

Bullish bias with dealer support above $695; target $800 resistance. Preferred: bull call spread (740/795) or call diagonal. Invalidate below $695.

How to Use These Reports

This directional reflects the market close on May 20, 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.