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MU

Micron Technology, Inc.Close $981.61EOD only

Max Pain

$500.00

Next expiry Jun 18, 2026

Expected Move

±$100.92

10.3% from close

Price Gap

-481.61

Distance to max pain

IV Rank

100

High premium

P/C OI

1.46

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 12, 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 12, 2026 close

MU Directional Report

Analysis based on market close June 12, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish from gamma pinning at $920 and positive GEX; upside capped at $1000.

Confidence:

8 / 10

Base5 +2GEX, +1pin, -1spot6.7%, +1VIX18

Supports: Positive GEX $52.7M, gamma pin at $920, low VIX 18
Conflicts: Spot 6.7% above MP, $1000 resistance

📌Gamma pin at $920 supports

🚧$1000 resistance caps upside

Regime Classification

Vol Regime

High

IV high, event-driven premium

Gamma Regime

Pinning

GEX +$52.7M, strong pin near $920

Flow Regime

Mixed

Mixed flow, balanced P/C

Spot vs Max Pain

Above

Spot above $920 MP, nearing $1000

Thesis duration: Event-specific — Gamma concentration at $920 and $500 suggests event-driven positioning.

Price Range Forecast

Next 1 week

$880.68$1082.53

Gamma support, targeting $1000

Next 2 weeks

$802.48$1160.73

Wider range; gamma flip risk at $730

Key Levels

Max pain pins: $920 (2026-06-12); $500 (2026-06-18); $900 (2026-06-26)

EM guardrails: 1w $880.68/$1082.53

Support: $920.00 · $802.48

Resistance: $1000.00 · $1050.00 · $1160.73

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,791 (25.6% below spot)

Structural: Support: $920 (gamma pin), $802; Resist: $1000, $1050, $1160; Flip: $730

Dealer Positioning (GEX/DEX)

GEX: $+52.7M

DEX: +101.0M shares

Gamma flip: ~$730 (Approx — based on put OI concentration of 16,791 (25.6% below spot))

NTM gamma: Dealers long gamma $+52.7M, long delta 101M shares; put OI at $730 flip

IV Analysis

IV vs VIX: MU IV elevated vs VIX 18, event risk premium

Term structure: Short-term IV high, longer-term normal

Skew: Put skew elevated; call spreads for upside

Flow Analysis

Net premium: Net premium $872M bullish, call volume higher (P/C vol 0.89) but put OI elevated (1.46), suggesting mixed sentiment.

Directional prints: 14 call 995 OTM 2026-06-12 — Vol 19.4x OI, last $0.05. Likely opening call buyer; aggressive positioning at low premium indicates bullish bias. 13.6 call 990 OTM 2026-06-12 — Vol 12x OI, last $0.30. Large call volume vs OI suggests bullish positioning near the money.

Unusual: 18.1 put 985 ITM 2026-06-12 — Vol/OI 30.8x, extremely high. Heavy put buying but likely hedging; bearish only if new downside. 47.1 put 995 ITM 2026-06-12 — Vol 15.8x OI, high IV. Unusual put activity at ATM; could be protective puts or bearish bet. 160.4 call 1870 OTM 2026-06-18 — Vol 17.8x OI, extreme IV 160%. Far OTM call with huge premium; lottery-like speculation.

Risks & Catalysts

!Gamma flip at $730

!Resistance at $1000

!Event risk

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call calendar	Moderate	Sell 2026-07-24 $1000.00 call / buy 2026-08-21 $1000.00 call Why now: Gamma pinning at $920 and positive GEX support bullish drift; resistance at $1000 motivates short call; longer call captures post-earnings follow-through.	Upside beyond $1000 loses short call; downside below $920 reduces long call value.
Bull call spread	Moderate	Buy 2026-06-26 $955.00/$1070.00 call spread Why now: Aggressive call flow and positive GEX; 1000 resistance caps upside.	Capped upside; opportunity cost if stock surges past short strike.
Put credit spread	Moderate	Sell 2026-06-26 $895.00/$835.00 put spread Why now: Put OI elevated but net premium bullish; gamma pin near $920 provides support.	Loss if stock drops below short put; defined risk.
Call diagonal	Conditional	Sell 2026-06-26 $1010.00 call / buy 2026-07-02 $1015.00 call Why now: IV elevated near-term; term structure steepens after earnings; capture vol crush.	Large move can cause loss; requires stable volatility.

Top Plays

Bull call spread

Buy 2026-06-26 $955.00/$1070.00 call spread

Buy $955/$1070 call spread to capture upside with limited risk.

Why this play: Aggressive call flow and positive GEX support bullish drift; resistance at $1000 makes spread attractive.

Debit: $41.51-$50.74

Max loss: $50.74

BE: $1005.74

Mgmt: Exit if MU drops below $920 invalidation level; take profit near $1000.

Traders expecting a moderate rally toward $1000+.

Call calendar

Sell 2026-07-24 $1000.00 call / buy 2026-08-21 $1000.00 call

Sell 2026-07-24 $1000 call, buy 2026-08-21 $1000 call to profit from time decay and post-earnings follow-through.

Why this play: Gamma pinning at $920 and positive GEX support bullish drift; short $1000 call captures resistance.

Debit: $31.19-$38.12

Max loss: $38.12

BE: Path-dependent

Mgmt: Close if MU breaks below $920; roll if near $1000 at expiration.

Traders expecting a slow grind higher with capped upside.

Put credit spread

Sell 2026-06-26 $895.00/$835.00 put spread

Sell $895/$835 put spread to collect premium with bullish outlook.

Why this play: Gamma pin at $920 provides support; elevated put OI suggests hedging but net premium bullish.

Credit: $16.99-$20.76

Max loss: $39.24

BE: $874.24

Mgmt: Exit if MU falls below $920; take profit at 50% max gain.

Defensive traders seeking income with downside protection.

Watchlist Triggers

Entry Triggers

IFMU closes above $920 → Buy $955/$1070 call spread at entry range 41.51-50.74

IFMU holds above $920 and IV elevated → Sell 2026-07-24 $1000 call / buy 2026-08-21 $1000 call calendar at entry range 31.19-38.12

IFMU holds above $920 and premium favorable → Sell $895/$835 put spread at entry range 16.99-20.76

Adjustment Triggers

ADJMU drops to $920 intraday → Reduce bull call spread position by 50% and consider protective put

Exit Triggers

EXITMU closes below $920 → Exit all bullish positions immediately

EXITMU reaches $1000 resistance → Take profit on bull call spread and close call calendar

Tactical Summary

Bullish gamma pin at $920; resistance at $1000. Favor bull call spread and put credit spread for defined risk; call calendar for time decay. Exit below $920; take profit at $1000.

How to Use These Reports

This directional reflects the market close on June 12, 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.