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MU

Micron Technology, Inc.Close $1213.56EOD only

Max Pain

$1040.00

Next expiry Jun 26, 2026

Expected Move

±$27.45

2.3% from close

Price Gap

-173.56

Distance to max pain

IV Rank

High premium

P/C OI

1.49

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 25, 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 25, 2026 close

MU Directional Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with mean reversion to max pain $1085. Dealer long gamma supports, but high vol and mixed flow cap upside. Prefer bullish plays above $1085.

Confidence:

8 / 10

Positive gamma pinning (+1), spot above MP (-0.5), VIX 18 (+0.5).

Supports: Dealer long gamma, $1085 support, GEX positive.
Conflicts: Spot above MP, mixed flow, high vol.

📌Pinning to $1085 MP, gamma support.

🛡️EM guardrail $1021-$1243 range.

⚠️Gamma flip $1000 downside risk.

Regime Classification

Vol Regime

High

High vol IV elevated vs typical range, reflects uncertainty.

Gamma Regime

Pinning

Positive gamma $+10.8M, dealers long, pinning near $1085-$1090.

Flow Regime

Mixed

Mixed net premium, no clear directional signal.

Spot vs Max Pain

Above

Spot $1124 above MP $1085, expect mean reversion pull.

Thesis duration: Multi-week — Structural pinning from dealer gamma suggests multi-week range-bound behavior.

Price Range Forecast

Next 1 week

$1021.40$1243.25

Support at $1085 MP, resistance $1243.25.

Next 2 weeks

$968.68$1295.98

Gamma flip at $1000, support at $968.

Key Levels

Max pain pins: $1085 (2026-06-26); $1090 (2026-07-02); $1020 (2026-07-10)

EM guardrails: 1w $1021.40/$1243.25

Support: $1085.00 · $968.68

Resistance: $1295.98

Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 21,059 (11.7% below spot)

Structural: Structural support $1085 MP, $1020; resistance $1295; EM 1w $1021/$1243; gamma flip $1000.

Dealer Positioning (GEX/DEX)

GEX: $+10.8M

DEX: +92.2M shares

Gamma flip: ~$1000 (Approx — based on put OI concentration of 21,059 (11.7% below spot))

NTM gamma: Dealers long gamma $+10.8M, flip at $1000 (put OI cluster).

IV Analysis

IV vs VIX: IV rich vs VIX 18.4—options expensive; favor selling premium.

Term structure: Term structure likely contango post-earnings; front elevated.

Skew: Put skew elevated; consider call spreads or put sells.

Flow Analysis

Net premium: Net premium positive ~$665M with balanced put/call volume (ratio 1.0) but elevated put OI ratio (1.57), indicating net buying but bearish open interest skew.

Directional prints: 400 put 140 OTM 2026-07-02 — Vol 10006 vs OI 204, vol/OI 49x, likely bought. Bearish put buying on deep OTM put with extreme IV, possibly hedging or speculation. 25 call 1165 OTM 2026-06-26 — Vol 14467 vs OI 418, vol/OI 34.6x, likely bought. Bullish call buying on far OTM call, but low IV suggests lottery-like trade.

Unusual: 400 put 140 OTM 2026-07-02 — Extreme vol/OI ratio 49x, 400% IV, massive new put interest at deep OTM strike. 25 call 1165 OTM 2026-06-26 — Vol/OI 34.6x, high volume in far OTM call, likely speculative buying. 22.3 call 1170 OTM 2026-06-26 — Vol/OI 24.5x, elevated volume in OTM call, similar to 1165 call.

Risks & Catalysts

!Break below $1085 could accelerate to $1000 gamma flip.

!High vol may trigger sharp reversals.

!Mixed flow reduces bullish conviction.

!Event risk from earnings or macro.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-31 $1060.00/$1320.00 call spread Why now: Defined-risk bull play exploiting high IV while capping upside; aligns with bullish bias and mixed flow.	Max loss if stock drops below long strike; high vol may cause early assignment on short call.
Call diagonal	Moderate-Weak	Sell 2026-07-10 $1260.00 call / buy 2026-09-18 $1060.00 call Why now: High near-term IV (88-92%) offers time decay advantage; bullish delta maintained for multi-week outlook.	Sharp rally caps upside; downturn hurts long call value.
PMCC / LEAPS diagonal	Moderate	Buy 2026-09-18 $870.00 call + sell 2026-07-10 $1290.00 call Why now: Leverages long gamma for bullish multi-week view while generating premium from near-term time decay.	Short call limits upside on sharp rally; long call loses value on drop; assignment risk on short.

Top Plays

Bull Call Spread

Buy 2026-07-31 $1060.00/$1320.00 call spread

Buy $1060/$1320 call spread for capped upside, limited loss, and vega neutral.

Why this play: Defined-risk, direct bullish bet with high IV; best aligns with thesis and mixed flow.

Debit: $89.84-$109.81

Max loss: $109.81

BE: $1169.81

Mgmt: Exit if MU breaks below $1085; take profit near $1320.

Traders seeking defined risk bullish exposure with manageable cost.

Call Diagonal

Sell 2026-07-10 $1260.00 call / buy 2026-09-18 $1060.00 call

Sell short-term call, buy longer-dated call to benefit from time decay and bullish bias.

Why this play: Exploits high near-term IV decay while maintaining bullish delta for multi-week outlook.

Debit: $176.49-$215.71

Max loss: $215.71

BE: Path-dependent

Mgmt: Roll short call if challenged; close diagonal if $1085 breaks.

Traders expecting slow grind higher with lower volatility drag.

PMCC / LEAPS Diagonal

Buy 2026-09-18 $870.00 call + sell 2026-07-10 $1290.00 call

Buy LEAPS call, sell short-term OTM call to finance and hold long delta.

Why this play: Leverages long gamma for directional move, but higher cost and max loss reduces appeal.

Debit: $277.18-$338.77

Max loss: $338.77

BE: Path-dependent

Mgmt: Monitor gamma risk; adjust short call to stay delta positive.

Experienced traders with higher capital and long-term bullish conviction.

Watchlist Triggers

Entry Triggers

IFIf MU holds above $1085 support and within entry range $89.84–$109.81 → Enter Bull Call Spread: buy 2026-07-31 $1060/$1320 call spread

Adjustment Triggers

ADJIf MU rises to $1295 resistance → Roll short $1260 call on Call Diagonal to higher strike or take partial profit

Exit Triggers

EXITIf MU breaks below $1085 invalidation level → Exit all positions: close Bull Call Spread, Call Diagonal, and PMCC

Tactical Summary

Bullish bias multi-week above $1085 support (max pain, gamma support). Use defined-risk Bull Call Spread (rank 1) or directional Call Diagonal. Key invalidation at $1085; breach risks gamma slide to $1000. Resistance at $1295. High vol and mixed flow limit upside; prefer entry on push above $1085. Manage with strict stop at $1085.

How to Use These Reports

This directional reflects the market close on June 26, 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.