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MU

Micron Technology, Inc.Close $1079.57EOD only
Max Pain
$950.00
Next expiry Jun 5, 2026
Expected Move
±$67.48
6.3% from close
Price Gap
-129.57
Distance to max pain
IV Rank
100
High premium
P/C OI
1.54
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 3, 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
Jun 3, 2026 close
MU Directional Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias with caution amid high vol. Positive GEX and pinning near $970 support suggest limited downside, but mixed flow and elevated IV warrant hedges.

Confidence:
9 / 10
Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; +1 low VIX 15. High vol and mixed flow are neutral.
Supports: GEX +13M, DEX +98.7M, pinning regime, support at $970.
Conflicts: High vol, mixed flow, spot above max pain, gamma flip at $765 far below.
📌Pinning at $970 max pain for 2026-06-05 OPEX.
⚠️Gamma flip at $765 sharpens downside risk if broken.

Regime Classification

Vol Regime
High
High vol vs typical; VIX 15.4 and MU IV likely elevated due to event risk.
Gamma Regime
Pinning
Positive GEX ($+13M) with gamma flip ~$765, creating pinning near $970 support.
Flow Regime
Mixed
Mixed flow: balanced call/put activity, net premium neutral.
Spot vs Max Pain
Above
Spot above max pain ($970) but near support; potential drift lower if no catalyst.
Thesis duration: Event-specific — Expiring OPEX on 2026-06-05 and 2026-06-12 drive pinning; post-event vol may collapse.

Price Range Forecast

Next 2 days
$953.95$1038.05
Pinning near $970; resistance at $1038.
Next 1 week
$884.10$1107.90
Range $884-$1108; gamma flip at $765 limits downside.
Next 2 weeks
$850.20$1141.80
Wider range $850-$1142; mixed flows dominate.

Key Levels

Max pain pins: $970 (2026-06-05); $920 (2026-06-12); $460 (2026-06-18)
EM guardrails: 2d $953.95/$1038.05; 1w $884.10/$1107.90
Support: $970.00 · $850.20
Resistance: $1141.80
Gamma flip: ~$765.00 — Approx — based on put OI concentration of 25,226 (23.2% below spot)
Structural: Support: 970 (max pain), 850.2 (2w low). Resistance: 1141.8 (2w high). Gamma flip: 765.

Dealer Positioning (GEX/DEX)

GEX: $+13.0M

DEX: +98.7M shares

Gamma flip: ~$765 (Approx — based on put OI concentration of 25,226 (23.2% below spot))

NTM gamma: GEX +$13M, DEX +98.7M shares. Positive gamma pins spot near $970. Gamma flip at $765 based on put OI concentration.

IV Analysis

IV vs VIX: Rich vs VIX; MU IV likely elevated due to event risk, making options expensive.

Term structure: Front-end elevated; contango expected post-OPEX.

Skew: Put skew high; consider put credit spreads at support.

Flow Analysis

Net premium: Net premium $1.24B positive but put/call OI ratio 1.53 (bearish) conflicts; call volume elevated in OTM weeklies vs. OI skew bearish.

Directional prints: 73.7 call 1020 OTM 2026-06-05 — Vol/OI 13.9x, new flow; likely bought as bullish bet. 73.8 call 1005 OTM 2026-06-05 — Vol/OI 20.1x, aggressive call buying above spot.

Unusual: 166.9 put 555 OTM 2026-06-12 — Deep OTM put, IV 166.9%, vol/OI 11.5; speculative purchase. 106.4 put 790 OTM 2026-06-12 — Vol/OI 19.8x, high IV 106.4%; hedge or bearish bet. 74.9 call 1025 OTM 2026-06-05 — Vol/OI 13.1x, OTM call buying; unusual high volume.

Risks & Catalysts

!Break below $970 support triggers gamma flip.
!High vol spike from macro event.
!Mixed flow fails to sustain pinning.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-06-26 $1140.00/$1150.00 call spread
Why now: Defined-risk debit spread to capture moderate upside post-earnings.
Underlying falls below 1000 or moves sideways.
Put credit spreadModerate-Weak
Sell 2026-06-26 $970.00/$965.00 put spread
Why now: Collect credit while retaining upside; earnings event may contain downside risk.
Sharp break below 970 support triggers maximum loss. Liquidity constraints: long_put: Open interest below 25.
Call calendarConditional
Sell 2026-06-26 $1140.00 call / buy 2026-07-17 $1140.00 call
Why now: Term structure favors front-month premium; earnings event likely to reduce IV.
Unexpected vol spike or sharp directional move hurts the calendar.

Top Plays

#1
Bull Call Spread on Earnings
Buy 2026-06-26 $1140.00/$1150.00 call spread
Captures moderate upside post-earnings with limited risk.
Why this play: Best direct bullish play with defined risk and good liquidity, aligning with bullish bias.
Debit: $2.50-$3.05
Max loss: $3.05
BE: $1143.05
Mgmt: Monitor $970 support; exit if breached.
Moderate bullish traders
#2
Call Calendar for IV Crush
Sell 2026-06-26 $1140.00 call / buy 2026-07-17 $1140.00 call
Sells near-term premium, buys later expiration to benefit from volatility drop.
Why this play: Profits from front-month IV contraction after earnings, supported by term structure.
Debit: $27.81-$33.99
Max loss: $33.99
BE: Path-dependent
Mgmt: Set stop loss on IV spike; close after earnings.
Volatility traders
#3
Put Credit Spread Defense
Sell 2026-06-26 $970.00/$965.00 put spread
Collects credit while defining risk at support level.
Why this play: Provides income with support at $970, but liquidity is poor, reducing rank.
Credit: $2.11-$2.58
Max loss: $2.42
BE: $967.42
Mgmt: Monitor gamma flip risk; exit if $970 breaks. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Defensive traders comfortable with thin liquidity

Watchlist Triggers

Entry Triggers
IFIf MU holds above $970 support. → Buy mu_bull_call_1 (2026-06-26 $1140/$1150 call spread) at $2.50-$3.05 debit.
IFIf IV elevated and MU near $1140 resistance. → Enter mu_calendar_call_1 (sell front $1140 call, buy back-month $1140 call) for IV crush.
Exit Triggers
EXITIf MU breaks below $970 support. → Close mu_bull_call_1 to limit losses.

Tactical Summary

Main bullish bias with bull call spread on $970 support. Exit if broken. Add call calendar if IV high near resistance. Avoid put credit spread due to poor liquidity.
How to Use These Reports
This directional reflects the market close on June 4, 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.