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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
58
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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

MU is in a high-vol, gamma-pinning regime with strong dealer support near $710. Spot above max pain suggests upward bias but mean reversion risk. Mixed flows and rich IV favor rangebound bullish drift with downside protection via gamma flip at $620. Multi-week thesis: slight bullish lean within defined ranges.

Confidence:
8 / 10
Base 8: +2 GEX/flow alignment, +1 positive GEX pinning, -1 spot 5.8% above MP, +1 VIX 17 support.
Supports: Strong dealer gamma (+$59.3M), positive DEX (+86.9M shares), VIX 17 supportive, support at $710 (MP).
Conflicts: Spot 5.8% above max pain ($710), mixed flow premium context, high vol may contract.
🛡️Dealer gamma +$59.3M creates pinning support near $710
⚠️Spot 5.8% above max pain; mean reversion risk
📈High vol regime favors premium selling strategies

Regime Classification

Vol Regime
High
IV is high relative to typical range (VIX 16.7), reflecting event or earnings uncertainty.
Gamma Regime
Pinning
GEX strongly positive at +$59.3M, indicating dealer hedging that favors pinning near strikes. Gamma flip at ~$620, far below spot, no immediate flip risk.
Flow Regime
Mixed
Net premium context shows mixed flows; put/call ratio not overwhelmingly directional.
Spot vs Max Pain
Above
Spot trades above max pain ($710) and dealer gamma concentration, providing support but also potential mean reversion pull.
Thesis duration: Multi-week — High vol, positive GEX, mixed flows support range-bound upward lean over multi-week horizon with weekly pinning events.

Price Range Forecast

Next 1 week
$685.45$816.55
Gamma pinning near $710 provides support; resistance at $800; range $685.45-$816.55.
Next 2 weeks
$653.58$848.42
Wider range with support $653.58 and resistance $848.42; gamma flip at $620 limits downside.

Key Levels

Max pain pins: $710 (2026-05-22); $690 (2026-05-29); $670 (2026-06-05)
EM guardrails: 1w $685.45/$816.55
Support: $710.00 · $653.58
Resistance: $800.00 · $848.42
Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,533 (17.4% below spot)
Structural: Structural support at $710 (max pain) and $653.58; resistance at $800 and $848.42. Gamma flip at ~$620 provides downside limit.

Dealer Positioning (GEX/DEX)

GEX: $+59.3M

DEX: +86.9M shares

Gamma flip: ~$620 (Approx — based on put OI concentration of 17,533 (17.4% below spot))

NTM gamma: Dealers long gamma with $+59.3M GEX and +86.9M shares DEX. Gamma flip at ~$620 (17.4% below spot) is a key downside guardrail.

IV Analysis

IV vs VIX: IV is elevated relative to VIX (16.7), suggesting rich premium for MU-specific risk; supports short premium positioning but reflects event uncertainty.

Term structure: Term structure data not explicit; high front-end vol likely with downward slope post-event, typical of high-vol regimes.

Skew: Skew likely put-skewed given positive GEX. Opportunity: short puts near $710 support to collect premium with defined risk.

Flow Analysis

Net premium: Net premium positive $472.8M; P/C vol ratio 1.06 (slight put bias), OI ratio 1.31 (put-heavy).

Directional prints: 94.7 put 615 OTM 2026-05-29 — Vol/OI 66.1x, aggressive put buying; bearish sentiment. 135.5 put 460 OTM 2026-05-29 — Vol/OI 23.1x, high IV; put buying targeting downside.

Unusual: 142.8 put 430 OTM 2026-05-29 — Vol/OI 16.9x, extreme IV 142.8%; distant put buying, likely tail hedge. 22.3 call 775 OTM 2026-05-22 — Vol/OI 16.9x, low IV; call buying at high strike, possibly OTM speculation. 73.9 put 765 ITM 2026-05-29 — Vol/OI 12.6x, moderate; put buying in near-term OTM.

Risks & Catalysts

!Spot above max pain by 5.8% risks pullback to $710
!Gamma flip at $620 if tested would reverse dealer hedging, accelerating downside
!High vol may subside, reducing premium decay opportunity
!Mixed flows could lead to indecision and choppy price action

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Put credit spreadModerate-Strong
Sell 2026-05-29 $710.00/$707.50 put spread
Why now: Rich IV and dealer support favor selling put credit spreads near support.
Downside if stock breaks below 730.
Bull call spreadModerate
Buy 2026-05-29 $800.00/$805.00 call spread
Why now: Directional bullish with defined risk and affordable premium.
Upside capped at 800.
Call calendarModerate
Sell 2026-05-29 $800.00 call / buy 2026-06-05 $800.00 call
Why now: High near-term IV from earnings expected to decline post-event.
IV term structure may not contract as expected.
Call calendarModerate
Sell 2026-05-29 $800.00 call / buy 2026-06-05 $800.00 call
Why now: Longer-dated call captures upside, short call decays quickly.
Short leg caps upside if stock rallies sharply.

Top Plays

#1
Put Credit Spread near Support
Sell 2026-05-29 $710.00/$707.50 put spread
Sell put spread at $710/$707.5 to profit from dealer gamma pinning and time decay.
Why this play: Highest probability given dealer support and rich IV, capturing premium with defined risk.
Credit: $0.77-$0.94
Max loss: $1.56
BE: $709.06
Mgmt: Close at 50% max profit or if MU breaks below $710.
Traders seeking high win-rate with defined risk in rangebound bullish conditions.
#2
Bull Call Spread Upside Capture
Buy 2026-05-29 $800.00/$805.00 call spread
Buy $800/$805 call spread to express directional view with capped upside and downside.
Why this play: Defined risk bullish bet aligned with slight upward bias, premium affordable.
Debit: $1.44-$1.76
Max loss: $1.76
BE: $801.76
Mgmt: Exit at 100% profit or if MU falls below $710 invalidation level.
Aggressive traders wanting leveraged upside with limited capital at risk.
#3
Call Calendar Volatility Play
Sell 2026-05-29 $800.00 call / buy 2026-06-05 $800.00 call
Sell front-month $800 call, buy back-month to capture volatility decline while maintaining upside.
Why this play: Benefit from high near-term IV before earnings and IV crush post-event.
Debit: $13.75-$16.80
Max loss: $16.80
BE: Path-dependent
Mgmt: Monitor vol; exit if IV spikes or MU breaks support. Adjust strikes if needed.
Traders expecting implied volatility contraction with neutral-to-bullish outlook.

Watchlist Triggers

Entry Triggers
IFMU holds above $710 support → Sell 2026-05-29 $710/$707.5 put credit spread (credit target $0.94)
IFMU breaks above $800 resistance → Buy 2026-05-29 $800/$805 bull call spread (debit target $1.76)
IFMU near $800 with high IV → Sell 2026-05-29 $800 call / buy 2026-06-05 $800 call calendar (debit target $16.80)
Exit Triggers
EXITMU closes below $710 → Exit all bullish positions immediately

Tactical Summary

MU in gamma-pinning regime with dealer support at $710, resistance $800. Slight bullish bias. Rich IV favors put credit spread near support. Break above 800 triggers bull call spread. High IV near 800 offers calendar for vol contraction. Invalidation at $710.
How to Use These Reports
This directional reflects the market close on May 22, 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.