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MU

Micron Technology, Inc.Close $1211.38EOD only
Max Pain
$1000.00
Next expiry Jun 26, 2026
Expected Move
±$159.15
13.1% from close
Price Gap
-211.38
Distance to max pain
IV Rank
60
Middle-high premium
P/C OI
1.48
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 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
Jun 22, 2026 close
MU Directional Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Dealer long gamma ($17.6M) and spot above max pain ($1035) support bullish short-term pinning, but high vol and mixed flow warrant caution.

Confidence:
9 / 10
Base 5 +2 GEX/flow alignment +1 GEX positive +0.5 spot near MP +0.5 VIX 19 = 9.0
Supports: Dealer long gamma, spot above MP, high GEX
Conflicts: High vol, mixed flow, gamma flip risk
🟢Dealer long gamma pins spot near $1035
⚠️High IV reflects event risk, sharp moves possible
📊Spot 1.6% above MP, slight upside lean

Regime Classification

Vol Regime
High
High IV (~40%+) vs VIX 19
Gamma Regime
Pinning
GEX +$17.6M, pinning near $1035
Flow Regime
Mixed
Mixed, put OI concentrated below spot
Spot vs Max Pain
Above
Spot ~$1055, 1.6% above $1035 MP
Thesis duration: Event-specific — Multiple near-term expiries with pinning gamma

Price Range Forecast

Next 2 days
$916.35$1187.20
Spot near low of range, dealer gamma supports upside
Next 1 week
$879.20$1224.35
Support at $1035, resistance $1224
Next 2 weeks
$844.20$1259.35
May face resistance at $1259, support $844

Key Levels

Max pain pins: $1035 (2026-06-26); $1000 (2026-07-02); $990 (2026-07-10)
EM guardrails: 2d $916.35/$1187.20; 1w $879.20/$1224.35
Support: $1035.00 · $1000.00 · $844.20
Resistance: $1259.35
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 12,577 (23.9% below spot)
Structural: Support $1035, $1000, $844; Resistance $1259; Gamma flip ~$800

Dealer Positioning (GEX/DEX)

GEX: $+17.6M

DEX: +86.5M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 12,577 (23.9% below spot))

NTM gamma: GEX +$17.6M, DEX +$86.5M, gamma flip ~$800 (23.9% below spot)

IV Analysis

IV vs VIX: IV elevated vs VIX 19, rich premium

Term structure: Steep near expiry with OPEX kinks

Skew: Put skew high; consider call spreads

Flow Analysis

Net premium: Net premium +$770M bullish inflow, but put/call volume ratio 1.06 and OI ratio 1.49 indicate a bearish tilt.

Directional prints: 153.9 put 1070 ITM 2026-06-26 — Vol/OI 8.3; likely bought; bearish put. 154.3 call 1080 OTM 2026-06-26 — Vol/OI 6.5; likely bought; bullish call but net bearish context. 153.9 put 1065 ITM 2026-06-26 — Vol/OI 9.7; likely bought; bearish put.

Unusual: 180.6 put 550 OTM 2026-07-02 — Vol/OI 16.2; far OTM put; likely bought; bearish tail. 154.7 call 1055 OTM 2026-06-26 — Vol/OI 9.0; OTM call; likely bought; bullish speculation. 155.2 call 1045 ITM 2026-06-26 — Vol/OI 8.7; OTM call; likely bought; bullish speculation.

Risks & Catalysts

!Spot fall below $800 gamma flip
!High vol persists
!Mixed flow

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate
Buy 2026-07-10 $1055.00/$1100.00 call spread
Why now: Spot above max pain, dealer long gamma, and bullish flow support short-term upside; high vol favors defined risk.
Spot falls below 1000; vega/theta decay if vol crushes.
Put credit spreadModerate-Weak
Sell 2026-07-17 $990.00/$910.00 put spread
Why now: Max pain at 1035 and bullish lean support selling put credit spread below spot; defined risk limits downside.
Sharp sell-off below 1025; high vol amplifies loss.

Top Plays

#1
Bull Call Spread on MU
Buy 2026-07-10 $1055.00/$1100.00 call spread
Buy $1055/$1100 call spread expiring 7/10 to capture upside post-earnings with defined risk.
Why this play: Higher reward/risk ratio and direct bullish alignment with short-term bullish bias from dealer long gamma and spot above max pain.
Debit: $16.76-$20.49
Max loss: $20.49
BE: $1075.49
Mgmt: Exit if spot falls below $1035 invalidation level; target max gain near $1100.
Aggressive short-term bulls seeking defined risk upside.
#2
Put Credit Spread on MU
Sell 2026-07-17 $990.00/$910.00 put spread
Sell $990/$910 put spread expiring 7/17 to collect premium with high probability of success.
Why this play: Less direct bullish but defined risk; supports bullish thesis via selling put spreads below market; suitable for neutral-to-bullish outlook.
Credit: $28.78-$35.17
Max loss: $44.83
BE: $954.83
Mgmt: Manage if spot approaches $990; consider closing early if vol spikes.
Moderate bulls preferring premium collection with defined risk.

Watchlist Triggers

Entry Triggers
IFSpot above 1035 support and bullish flow continue → Buy 2026-07-10 $1055/$1100 call spread for 16.76-20.49 debit
IFSpot holds above 1035 and IV stable → Sell 2026-07-17 $990/$910 put spread for 28.78-35.17 credit
Exit Triggers
EXITSpot falls below 1035 invalidation level → Close bull call spread to limit loss to max 20.49
EXITSpot approaches 990 short strike → Close put credit spread early to protect premium

Tactical Summary

Bullish bias pre-earnings: spot above max pain (1035) and dealer long gamma. Use $1055/$1100 bull call or $990/$910 put credit spread. Invalidate below 1035. Resistance at 1259. Manage risk into event.
How to Use These Reports
This directional reflects the market close on June 23, 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.