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MU

Micron Technology, Inc.Close $762.10EOD only

Max Pain

$700.00

Next expiry May 22, 2026

Expected Move

±$27.20

3.6% from close

Price Gap

-62.10

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.30

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

MU Directional Report

Analysis based on market close May 21, 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, gamma-pinning regime with spot above max pain. Positive dealer gamma ($66.3M) supports near-term price stability, but 8.9% premium over MP ($700) suggests pinning risk. Multi-week bullish bias due to structural support at $660 and dealer net long (87.8M shares).

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot vs MP; +1 VIX 17. Total 8.

Supports: Positive GEX ($66.3M), dealer net long (87.8M shares), structural support $660, bullish range expansion.
Conflicts: Spot 8.9% above MP, high vol regime, gamma flip at $620 tail risk.

🟢GEX +$66.3M: Dealers long gamma, pinning near $700.

⚠️Spot 8.9% above MP: Increased pinning risk near $700.

📈Range leans bullish: 1w high $834, 2w high $864.

Regime Classification

Vol Regime

High

IV elevated relative to typical range; VIX at 16.76 supports high vol regime.

Gamma Regime

Pinning

GEX +$66.3M positive, dealers hedge by buying dips/selling rallies, pinning price near strikes.

Flow Regime

Mixed

Net premium flow mixed with both calls and puts active; no dominant directional bet.

Spot vs Max Pain

Above

Spot 8.9% above max pain ($700) suggesting upward bias but potential resistance near MP.

Thesis duration: Multi-week — Price ranges extend to 2 weeks; no specific event identified; sustained gamma pinning supports multi-week horizon.

Price Range Forecast

Next 2 days

$734.90$789.30

Gamma pinning near $700; range $734.90-$789.30

Next 1 week

$690.32$833.87

Expanded range $690-$834; positive GEX supports upside

Next 2 weeks

$659.92$864.27

Widest range $660-$864; structural support at $660

Key Levels

Max pain pins: $700 (2026-05-22); $680 (2026-05-29); $660 (2026-06-05)

EM guardrails: 2d $734.90/$789.30; 1w $690.32/$833.87

Support: $700.00 · $659.92

Resistance: $800.00 · $864.27

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,472 (18.6% below spot)

Structural: Support: $700 (max pain), $660; Resistance: $800, $864; Gamma flip: ~$620 (put wall).

Dealer Positioning (GEX/DEX)

GEX: $+66.3M

DEX: +87.8M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 17,472 (18.6% below spot))

NTM gamma: GEX +$66.3M (long gamma), DEX +87.8M shares (net long); gamma flip at ~$620.

IV Analysis

IV vs VIX: MU IV elevated vs VIX (16.76), consistent with high vol regime; premium rich for short vol.

Term structure: Likely contango with event kinks around weekly expiries; front-week elevated.

Skew: Put skew elevated; selling puts at $660 support could be attractive given positive GEX.

Flow Analysis

Net premium: Net premium +$1.01B; P/C vol ratio 0.88 (call-heavy) but OI ratio 1.30 (put-heavy), indicating near-term bullish bias with longer-term bearish hedging.

Directional prints: 60.1 call 760 ITM 2026-05-22 — Vol/OI 6.6x at $760 call 5/22; bullish upside bets, likely bought. IV 60%. Preferred: bought. 63 call 755 ITM 2026-05-22 — Vol/OI 6.3x at $755 call 5/22; similar bullish flow. Bought aggressively. Preferred: bought.

Unusual: 78.1 call 755 ITM 2026-05-29 — Vol/OI 22.1x, extreme. $755 call 5/29; new bullish bets. IV 78%. Preferred: bought. 85 put 740 OTM 2026-06-26 — Vol/OI 19.3x for $740 put June; bearish hedge. IV 85%. Preferred: bought as downside protection. 91.1 put 620 OTM 2026-05-29 — Vol/OI 9.9x deep OTM put; tail-risk bet. IV 91%. Preferred: bought.

Risks & Catalysts

!Gamma flip at $620 could accelerate selloff if triggered.

!Spot 8.9% above MP increases pinning risk.

!High vol regime may persist on sector headwinds.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $800.00/$805.00 call spread Why now: Positive dealer gamma and bullish flow support higher prices; spread reduces cost and defines risk.	Upside capped at 800; pinning risk if spot stays below 750. Liquidity constraints: short_call: Open interest below 25.
Call calendar	Moderate	Sell 2026-06-05 $800.00 call / buy 2026-06-26 $800.00 call Why now: High near-term vol makes short call attractive; long call captures expected rally after earnings.	If spot surges early, short call may cap gains; assignment risk near earnings.
Long call	Moderate-Strong	Buy 2026-06-26 $800.00 call Why now: Dealer gamma support and call-heavy flow suggest upside; defined downside with unlimited upside.	Time decay accelerates after earnings; high premium due to high vol.

Top Plays

Call Calendar

Sell 2026-06-05 $800.00 call / buy 2026-06-26 $800.00 call

Sells short-dated call to collect premium from high vol; buys later-dated call to benefit from expected rally.

Why this play: Highest rank due to liquidity pass, defined risk, and capturing near-term vol decay while maintaining long upside.

Debit: $29.03-$35.48

Max loss: $35.48

BE: Path-dependent

Mgmt: Monitor near vol; close if spot breaches invalidation at 700.

Traders expecting near-term stability but longer-term bullish move.

Long Call

Buy 2026-06-26 $800.00 call

Buying a call to profit from upward price movement.

Why this play: Second rank: clear directional bet with unlimited upside, but high premium and no liquidity issue.

Debit: $61.43-$75.08

Max loss: $75.08

BE: $875.08

Mgmt: Set stop loss near invalidation; consider rolling if under water.

Aggressive bullish traders willing to pay premium.

Bull Call Spread

Buy 2026-06-26 $800.00/$805.00 call spread

Buy lower strike call, sell higher strike to reduce cost.

Why this play: Third rank due to liquidity failure; otherwise defined risk/gain.

Debit: $1.55-$1.90

Max loss: $1.90

BE: $801.90

Mgmt: Exit if spot falls below invalidation; manage early assignment risk. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Traders seeking defined risk with moderate upside.

Watchlist Triggers

Entry Triggers

IFSpot holds above $700 support and vol remains elevated → Enter Call Calendar: sell 2026-06-05 $800 call, buy 2026-06-26 $800 call at ~$29-$35 debit

IFSpot breaks above $750 with volume → Buy 2026-06-26 $800 call at ~$61-$75 premium

Exit Triggers

EXITSpot breaks below $700 → Close all positions

Tactical Summary

MU holds above max pain ($700) with dealer gamma support, favoring multi-week bullish. Top play: Call Calendar (vol decay + rally). Invalidation $700; resistance $800/$864. Tail risk at gamma flip $620.

How to Use These Reports

This directional reflects the market close on May 21, 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.