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MU

Micron Technology, Inc.Close $751.00EOD only

Max Pain

$690.00

Next expiry May 29, 2026

Expected Move

±$65.55

8.7% from close

Price Gap

-61.00

Distance to max pain

IV Rank

High premium

P/C OI

1.31

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

MU Directional Report

Analysis based on market close May 26, 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 gamma support, but spot far above max pain introduces mean-reversion risk. Elevated vol and positive gamma suggest drift higher toward resistance.

Confidence:

8 / 10

Base 5; GEX/flow aligned +2; positive gamma +1; spot far from MP -1; VIX 17 +1.

Supports: Positive dealer gamma $44.5M; bullish leans across timeframes; resistance at $900 but gamma pinning aids drift.
Conflicts: Spot 27% above max pain; mixed flow; resistance at $900 and $1052; high vol may cause reversals.

📈Positive gamma $44.5M; dealers long, dampens selloffs.

⚠️Spot 27% above max pain; risk of mean reversion.

📊IV elevated vs VIX; term structure favors event vol.

Regime Classification

Vol Regime

High

IV elevated vs typical range; VIX 17 provides broad tailwinds for high vol.

Gamma Regime

Pinning

Positive gamma $44.5M; flip at ~$640 (28.6% below spot), well below price, reducing downside pinning.

Flow Regime

Mixed

Flow mixed with neutral premium; puts dominate but offset by calls.

Spot vs Max Pain

Above

Spot trades above max pain ($705) and key gamma levels, reducing downside pinning; resistance at $900 and $1052.

Thesis duration: Event-specific — Near-term weekly expirations (5/29-6/12) dominate; max pain shifts across these dates.

Price Range Forecast

Next 2 days

$820.83$970.93

Strong dealer gamma support; resistance at $900 capped.

Next 1 week

$770.33$1021.43

Max pain drift; 1-week range $770-$1021, bias upside with resistance.

Next 2 weeks

$739.61$1052.16

Structural bullish by VEC; support $740 key level.

Key Levels

Max pain pins: $705 (2026-05-29); $675 (2026-06-05); $705 (2026-06-12)

EM guardrails: 2d $820.83/$970.93; 1w $770.33/$1021.43

Support: $739.61

Resistance: $900.00 · $1052.16

Gamma flip: ~$640.00 — Approx — based on put OI concentration of 8,406 (28.6% below spot)

Structural: Support $739.61 (structural); resistance $900 (immediate), $1052 (2-week range). Max pain pins at $705 (5/29), $675 (6/5), $705 (6/12).

Dealer Positioning (GEX/DEX)

GEX: $+44.5M

DEX: +89.8M shares

Gamma flip: ~$640 (Approx — based on put OI concentration of 8,406 (28.6% below spot))

NTM gamma: Gamma positive $44.5M; flip at ~$640. Dealers long gamma, hedging with spot rallies dampens downside.

IV Analysis

IV vs VIX: IV rich vs VIX 17; elevated due to event risk and positive gamma.

Term structure: Front-end elevated; weekly expiries high vol; back month flatter.

Skew: Call skew steep; put cheap relative; consider call spreads to capture upside.

Flow Analysis

Net premium: Strong net call premium ($3.56B) with call volume 0.86x puts, but put OI ratio 1.39 indicates persistent bearish positioning.

Directional prints: 98.9 put 840 OTM 2026-05-29 — Vol/OI 53.2x suggests aggressive put buying; likely bearish hedge or outright bet on downside, though IV elevated. 101.4 call 885 ITM 2026-05-29 — Vol/OI 39.6x indicates new call buying; bullish bet on further upside, consistent with net premium.

Unusual: 102.1 put 800 OTM 2026-05-29 — Massive 19,238 vol vs OI 572; heavy put accumulation at 800 strike, potentially hedging downside risk. 118.4 call 1150 OTM 2026-05-29 — High vol 3,638 on OTM call with 118% IV; likely speculative long call or part of spread, extremely bullish.

Risks & Catalysts

!Gamma flip to positive below $640

!Resistance at $900 fails

!Flow turns bearish on put accumulation

!Vol collapse reduces premium selling opportunity

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-26 $1060.00/$1250.00 call spread Why now: Elevated vol and strong net call premium suggest drift higher; spread limits cost and risk.	Upside capped; if spot drops, premium lost.
Put credit spread	Moderate-Weak	Sell 2026-06-26 $775.00/$645.00 put spread Why now: Gamma support below spot limits downside risk; credit spread harvests vol premium.	If spot breaks support, max loss on put spread. Liquidity constraints: short_put: Open interest below 25.
Long call	Moderate	Buy 2026-06-26 $1060.00 call Why now: Net call premium and dealer gamma support upside; long call captures convexity.	Time decay if move delayed; vol crush after earnings.
Call diagonal	Moderate-Weak	Sell 2026-06-26 $1110.00 call / buy 2026-07-17 $1060.00 call Why now: IV elevated; calendar captures term structure decay while maintaining bullish exposure.	If spot stays flat, short leg may offset gains; vol expansion hurts.
PMCC / LEAPS diagonal	Moderate-Strong	Buy 2026-08-21 $790.00 call + sell 2026-06-26 $1110.00 call Why now: Vol term structure supports diagonal; LEAPS captures long-term upside, short call collects premium.	If spot drops sharply, LEAPS loses value; short call limits upside.

Top Plays

Bull Call Spread

Buy 2026-06-26 $1060.00/$1250.00 call spread

Buy 1060/1250 call spread limits cost while capturing upside.

Why this play: Best risk/reward for bullish earnings with gamma support and net call premium.

Debit: $26.41-$32.28

Max loss: $32.28

BE: $1092.28

Mgmt: Exit below invalidation; take profit near resistance.

Defined-risk traders.

Long Call

Buy 2026-06-26 $1060.00 call

Buy 1060 call for convexity and directional exposure.

Why this play: Unlimited upside from bullish drift and dealer gamma.

Debit: $50.49-$61.71

Max loss: $61.71

BE: $1121.71

Mgmt: Stop at invalidation; scale out on spikes.

Aggressive traders.

Call Diagonal

Sell 2026-06-26 $1110.00 call / buy 2026-07-17 $1060.00 call

Sell front 1110 call, buy back 1060 call for theta capture.

Why this play: Exploits term structure decay with bullish bias.

Debit: $29.09-$35.56

Max loss: $35.56

BE: Path-dependent

Mgmt: Roll or close before earnings.

Premium collectors.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $739.61 support → Enter bull call spread: buy 2026-06-26 $1060/$1250 call spread

IFIF spot breaks above $900 resistance → Add long call: buy 2026-06-26 $1060 call

Adjustment Triggers

ADJIF spot nears $900 with RSI divergence or volume decline → Take half profit on long call; roll bull call spread up to $1060/$1250

Exit Triggers

EXITIF spot closes below $739.61 → Exit all bullish positions immediately

Tactical Summary

Bullish bias with dealer gamma support. Lead with defined-risk bull call spread (1060/1250) near support. Add long call (1060) on break above $900 for convexity. Exit if spot loses $739.61. Manage around $900 resistance with profit-taking and spread roll.

How to Use These Reports

This directional reflects the market close on May 26, 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.