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MU

Micron Technology, Inc.Close $1133.99EOD only

Max Pain

$970.00

Next expiry Jun 26, 2026

Expected Move

±$162.10

14.3% from close

Price Gap

-163.99

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.39

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

MU Directional Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

MU bullish lean from strong dealer gamma pinning and net long delta, but spot 21% above max pain. High vol and mixed flow cause choppy path; expect pullbacks to $1088.68 before continuation.

Confidence:

8 / 10

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

Supports: Dealer gamma +34.6M, DEX +88.9M, EM guardrails $1107.88, VIX 17.
Conflicts: Spot far from gamma flip $1000, mixed flow, high vol uncertainty.

🛡️Dealer gamma long $34.6M, DEX +88.9M – supportive

⚠️Spot 21% above max pain $1000 – mean reversion risk

📊High vol with EM 1w at $1107.88/$1314.88

Regime Classification

Vol Regime

High

IV elevated vs VIX 17.28; high vol regime.

Gamma Regime

Pinning

Positive GEX $34.6M, pinning near $1000 but spot far above.

Flow Regime

Mixed

Mixed net premium; put OI concentrated at $1000.

Spot vs Max Pain

Above

Spot ~21% above max pain $1000, bullish bias but stretched.

Thesis duration: Multi-week — Dealer gamma/delta support multi-week drift as spot works lower gamma flip risk.

Price Range Forecast

Next 1 week

$1107.88$1314.88

EM support holds

Next 2 weeks

$1088.68$1334.08

Breakout targets higher

Key Levels

Max pain pins: $1000 (2026-06-26); $1000 (2026-07-02); $950 (2026-07-10)

EM guardrails: 1w $1107.88/$1314.88

Support: $1088.68

Resistance: $1334.08

Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 13,886 (17.4% below spot)

Structural: Support: $1088.68 (2w EM), $1000 (gamma flip). Resistance: $1334.08 (2w EM). Max pain clusters at $1000.

Dealer Positioning (GEX/DEX)

GEX: $+34.6M

DEX: +88.9M shares

Gamma flip: ~$1000 (Approx — based on put OI concentration of 13,886 (17.4% below spot))

NTM gamma: Dealer net positive gamma $34.6M, net delta +88.9M shares. Gamma flip ~$1000 from put OI.

IV Analysis

IV vs VIX: IV elevated relative to VIX 17.28 reflecting high vol regime.

Term structure: Likely backwardated if near earnings; no concrete data.

Skew: Put skew elevated from OI concentration; consider downside hedges.

Flow Analysis

Net premium: Net bought premium $2.73B, P/C vol ratio near 1, OI skewed puts, mixed flow.

Directional prints: 138.9 put 1180 OTM 2026-06-26 — Vol 2810 vs OI 109 (25.8x), likely bought, bearish bet on downside. 142.1 call 1195 ITM 2026-06-26 — Vol 4636 vs OI 191 (24.3x), likely bought, bullish call buying.

Unusual: 138.9 put 1180 OTM 2026-06-26 — Vol 2810 vs OI 109 (25.8x), likely bought, bearish bet on downside. 142.1 call 1195 ITM 2026-06-26 — Vol 4636 vs OI 191 (24.3x), likely bought, bullish call buying. 105.2 put 1000 OTM 2026-07-31 — Vol 3044 vs OI 146 (20.9x), deep OTM put buying, bearish.

Risks & Catalysts

!Breach of $1088.68 EM support could trigger selloff.

!Gamma flip at $1000 accelerates decline if spot drops.

!Flow turns negative if put building continues.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $1200.00/$1260.00 call spread Why now: Dealer gamma and long delta support upside; high vol merits risk-defined structure.	Loss if spot pulls below 1088; time decay and vol contraction hurt.
Long call	Moderate-Weak	Buy 2026-07-17 $1260.00 call Why now: Bullish bias after support test; high vol offers leverage but risks premium decay.	High premium cost; time decay if rally stalls.
Call diagonal	Moderate	Sell 2026-07-10 $1250.00 call / buy 2026-08-21 $1260.00 call Why now: Earnings IV spike likely to compress; calendar benefits from term structure normalization.	Sharp move against short call leads to loss; assignment risk if ITM.

Top Plays

Bull call spread

Buy 2026-07-17 $1200.00/$1260.00 call spread

Buy $1200 call, sell $1260 call July 17; max gain $32.53, max loss $27.47.

Why this play: Risk-defined upside capture with high vol; aligns with bullish thesis and pullback risk.

Debit: $22.48-$27.47

Max loss: $27.47

BE: $1227.47

Mgmt: Exit if stock breaks below $1088.68; take profit near $1260.

Traders seeking defined risk with bullish bias and pullback scenarios.

Long call

Buy 2026-07-17 $1260.00 call

Buy $1260 July 17 call; premium $106-130; high theta decay risk.

Why this play: Leveraged unlimited upside; suitable if confident in breakout above $1260.

Debit: $106.72-$130.43

Max loss: $130.43

BE: $1390.43

Mgmt: Set stop at $1088.68; consider rolling if IV collapses.

Aggressive momentum traders confident in strong upside move.

Call diagonal

Sell 2026-07-10 $1250.00 call / buy 2026-08-21 $1260.00 call

Sell July 10 $1250 call, buy August 21 $1260 call; net debit ~$70-86.

Why this play: Earnings IV crush play with limited risk; benefits from term structure normalization.

Debit: $70.40-$86.05

Max loss: $86.05

BE: Path-dependent

Mgmt: Monitor earnings move; adjust short strike if stock challenges $1250; exit on IV collapse.

Volatility sellers expecting IV compression post-earnings with bullish tilt.

Watchlist Triggers

Entry Triggers

IFMU pulls back to $1088.68 support and holds → Buy 2026-07-17 $1200/$1260 call spread (bull call spread) near $22.48-$27.47

IFMU breaks above $1260 resistance with volume → Buy 2026-07-17 $1260 call (long call) near $106.72-$130.43

IFMU stays below $1250 post-earnings (IV crush play) → Sell July 10 $1250 call, buy Aug 21 $1260 call (call diagonal) near $70.40-$86.05

Adjustment Triggers

ADJMU challenges $1250 before July 10 → Roll short call of diagonal up or close position

Exit Triggers

EXITMU closes below $1088.68 (invalidation level) → Exit all bullish positions

Tactical Summary

Bullish bias with pullback risk; favor defined-risk spreads. Key support $1088.68; breach invalidates thesis. Monitor gamma flip at $1000 for downside acceleration.

How to Use These Reports

This directional reflects the market close on June 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.

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.