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MU

Micron Technology, Inc.Close $1087.99EOD only

Max Pain

$560.00

Next expiry Jun 18, 2026

Expected Move

±$90.20

8.3% from close

Price Gap

-527.99

Distance to max pain

IV Rank

100

High premium

P/C OI

1.45

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 15, 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 15, 2026 close

MU Directional Report

Analysis based on market close June 16, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

MU pinned near $935 max pain with positive gamma support. Spot 46% above lower max pain ($640), creating overhead resistance. Vol high vs VIX, mixed flow. Bearish bias toward lower end of range, awaiting expiry catalysts.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 gamma pinning; -1 spot 46% from MP; +1 VIX 16 => 8.0

Supports: Positive GEX $31.4M; pinning gamma near $935 expiry; low VIX 16
Conflicts: Spot 46% from lower max pain; high vol regime; mixed flow

📌Gamma pin near $935 (6/26) and $640 (6/18) anchors price

⬆️Spot 46% above $640 MP suggests resistance near $1050

📊Mixed flow with no strong directional bet; wait for catalyst

Regime Classification

Vol Regime

High

High vol regime: IV elevated due to event uncertainty and semiconductor selloff (QQQ -1.9%)

Gamma Regime

Pinning

Positive GEX +$31.4M, pinning gamma at $640 (6/18) and $935 (6/26). Gamma flip ~$730

Flow Regime

Mixed

Mixed flow: net premium unclear, no extreme put/call imbalance

Spot vs Max Pain

Above

Spot ~$935 vs max pain $640 (6/18) and $935 (6/26). Near higher MP, 46% above lower MP

Thesis duration: Event-specific — Expiries in 2 days (6/18) and 1 week (6/26) with large OI concentration create pinning; no structural catalyst beyond events

Price Range Forecast

Next 2 days

$952.79$1088.74

Resistance $1050; support $953; pinning at $935

Next 1 week

$852.14$1189.39

Max pain $935 anchor; break below $953 opens $825 support

Next 2 weeks

$825.11$1216.41

Wide range $825-$1216; wait for expiry catalyst

Key Levels

Max pain pins: $640 (2026-06-18); $935 (2026-06-26); $910 (2026-07-02)

EM guardrails: 2d $952.79/$1088.74; 1w $852.14/$1189.39

Support: $825.11

Resistance: $1050.00 · $1216.41

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,761 (28.5% below spot)

Structural: Max pain $640 (6/18), $935 (6/26), $910 (7/2); support $825; resistance $1050, $1216; gamma flip ~$730

Dealer Positioning (GEX/DEX)

GEX: $+31.4M

DEX: +100.7M shares

Gamma flip: ~$730 (Approx — based on put OI concentration of 16,761 (28.5% below spot))

NTM gamma: +$31.4M GEX (positive), +100.7M shares DEX; gamma flip ~$730 (put OI concentration)

IV Analysis

IV vs VIX: IV rich vs VIX 16.4, implying event premium; high vol regime pricing in outsized move

Term structure: Contango with kink at monthly expiry (6/18); near-dated vol elevated vs back months

Skew: Put skew elevated; potential put credit spread around $825 support; post-event vol crush likely

Flow Analysis

Net premium: Net premium $584.8M positive (bullish), volume P/C 1.00 neutral, OI P/C 1.48 bearish.

Directional prints: 123.3 call 1240 OTM 2026-06-26 — Vol/OI 18x; likely bought as bullish directional; far OTM aggressive.

Unusual: 126.1 put 810 OTM 2026-06-26 — Vol/OI 8.8x; deep OTM put bought as tail hedge or bearish bet.

Risks & Catalysts

!Spot breakdown below $953 triggers gamma flip towards $730

!Vol crush post-expiry if pinning dissolves

!Macro selloff (QQQ -1.9%) could accelerate downside

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-02 $990.00/$930.00 put spread Why now: High IV supports debit spread; spot pinned with gamma risk; bearish flow.	Vol crush post-earnings if stock doesn't decline; time decay of long put.
Put diagonal	Moderate-Weak	Sell 2026-07-02 $990.00 put / buy 2026-07-17 $920.00 put Why now: High near-term IV from earnings uncertainty; back-month vol lower; net vega negative if spot rallies.	Directional loss if spot rallies hard; implied vol collapse in back-month.
Call credit spread	Moderate	Sell 2026-07-02 $1190.00/$1290.00 call spread Why now: Spot pinned below max pain, overhead gamma resistance; sell call spread for defined risk profit.	Risk of stock surging above short strike; limited upside but defined.

Top Plays

Bear Put Spread

Buy 2026-07-02 $990.00/$930.00 put spread

Expresses bearish view via put debit spread ahead of earnings.

Why this play: Best aligns with bearish bias, defined risk, high IV supports debit spread.

Debit: $24.10-$29.45

Max loss: $29.45

BE: $960.55

Mgmt: Exit if spot breaks above $1050 or after earnings.

Aggressive bearish traders seeking defined risk.

Put Diagonal Calendar

Sell 2026-07-02 $990.00 put / buy 2026-07-17 $920.00 put

Sells near-term put to capture elevated premium, buys longer-dated put for protection.

Why this play: Low cost bearish play with time decay and negative vega if spot rallies.

Credit: $6.73-$8.22

Max loss: $0.01

BE: Path-dependent

Mgmt: Monitor for spot below $825; roll or close if thesis fails.

Moderate bearish outlook wanting defined risk and premium collection.

Call Credit Spread

Sell 2026-07-02 $1190.00/$1290.00 call spread

Sells OTM call spread to profit from spot staying below $1190.

Why this play: Bearish play on overhead resistance but lower probability with wide strikes.

Credit: $15.66-$19.14

Max loss: $80.86

BE: $1209.14

Mgmt: Close if spot approaches $1190 to avoid assignment.

Bearish traders expecting limited upside.

Watchlist Triggers

Entry Triggers

IFSpot breaks below $935 max pain with bearish volume → Enter bear put spread: buy 2026-07-02 $990/$930 put spread for debit 24.10-29.45

IFSpot rallies to $1050 resistance and stalls → Enter call credit spread: sell 2026-07-02 $1190/$1290 call spread for credit 15.66-19.14

Exit Triggers

EXITSpot closes above $1050 → Exit bear put spread to limit loss

EXITSpot approaches $1190 → Close call credit spread to avoid assignment

Tactical Summary

MU pinned at $935 max pain, bearish bias. Support $825, resistance $1050. Elevated vol. Prefer bear put spread on breakdown or call credit spread at resistance. Risks: gamma flip below $953, vol crush, macro selloff.

How to Use These Reports

This directional reflects the market close on June 16, 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.