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MU

Micron Technology, Inc.Close $762.10EOD only
Max Pain
$700.00
Next expiry May 22, 2026
Expected Move
±$27.20
3.6% from close
Price Gap
-62.10
Distance to max pain
IV Rank
58
Middle-high premium
P/C OI
1.30
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 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
May 21, 2026 close
MU Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 21, 2026.

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Earnings Verdict

Earnings expected around 6/24 (TBD). IV elevated (80.6% for 4/10), crush play viable given term structure kink. Strong bullish flow and pinning GEX (+$24.0M) support selling premium or directional upside bets.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP
Most important: IV term structure kink at 4/10 (80.6% vs 73.9% for 4/17) confirms earnings timing; historical beat rate 100% with average move exceeding EM.
📅Earnings date TBD (est. 6/24), but IV kink at 4/10 suggests near-term event.
📈Historical EPS beat rate 100% with surprises up to +33%, bullish bias.

Regime Classification

Vol Regime
High (IV 78.5%)
Gamma Regime
Pinning (GEX +$24.0M)
Flow Regime
Bullish (net prem +$225.5M, P/C vol 0.51)
Spot vs MP
Above (spot $377.76 vs max pain $360)
Gamma flip: ~$300.00 — Below $300, dealers amplify moves due to put OI concentration.

Earnings Overview

Next earnings: 2026-06-24explicit

Expected moves:

  • 4/10 (4d): ±$25.42 (6.7%)
  • 4/17 (11d): ±$38.65 (10.2%)
  • 4/24 (18d): ±$47.73 (12.6%)

IV Setup

Term structure: Sharp kink at 4/10 (80.6% vs 73.9% for 4/17), elevated into near-term expiration.

Crush estimate: ~7 vol pts post-earnings, back to ~73%

Skew: Puts slightly richer than calls (P/C OI 1.20), but flow heavily bullish.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Actual move data not provided, but surprise range +6% to +33% suggests potential for outsized moves.

Directional bias: All recent quarters beat EPS estimates, indicating bullish momentum.

Key Levels

1$360.00 (max pain, GEX pin)
2$400.00 (call OI wall, GEX +$3.4M)
3$415.00 (call OI cluster, GEX +$3.6M)
4$450.00 (call OI wall, GEX +$1.4M)
5$350.00 (put OI cluster)
6$340.00 (put OI cluster)

Flow Highlights

Heavy $400C buying across expirations (net prem +$79.1M, OI 35,037)

Large institutional upside bets, likely earnings positioning.

Unusual $380C 4/10 activity (Vol 21,050 vs OI 2,565, 8.2x)

Short-term bullish flow targeting immediate move.

Strategies

Iron condor
Sell $350P/$340P x $415C/$425C 4/24
Credit: $5.00-$7.00
Max loss: $15.00
Max gain: $6.00
BE: 343.0/422.0
Trigger: Enter 1 week before earnings if IV >75%
Elevated IV (71.1% for 4/24) and pinning GEX support premium decay; strikes calibrated to EM guardrails and key OI levels.
Outperforms: Stock stays within $340-$415 range (within EM bounds)
Underperforms: Gap exceeds EM by >50% or breaches strikes
Bull call spread
Buy $380C / Sell $400C 4/24
Max loss: $20.00
Max gain: $20.00
BE: 390.0
Trigger: Enter on any dip below $375
Bullish flow (net prem +$225.5M), historical beat rate, and call OI wall at $400 provide upside target; cost defined.
Outperforms: Stock rises to $400+ post-earnings
Underperforms: Stock stays flat or drops below $380
Long straddle
Buy $380 straddle 4/10
Max loss: $25.42
Max gain: Unlimited
BE: 354.58/405.42
Trigger: Enter day before earnings if IV hasn't spiked >85%
High IV (80.6%) and historical surprise potential justify directional agnostic bet; breakevens aligned with EM.
Outperforms: Actual move exceeds EM (6.7%) by >30%
Underperforms: Stock pins near $380, IV crushes post-earnings

Risk Assessment

!Gap risk: 6.7% EM for 4/10, but historical beats suggest potential for larger move.
!IV crush of ~7 vol points could erode long premium positions if move is muted.
!Liquidity is sufficient (2.2M OI, 455K volume), but watch for wide spreads on OTM strikes.
!Sizing: Keep positions small (<5% of portfolio) due to elevated volatility and binary event risk.

What to Watch

?IV trajectory into earnings (watch 4/10 vs 4/17 spread)
?Unusual OTM put activity near $300
?Flow into $400C and $415C for directional cues
How to Use These Reports
This earnings reflects the market close on April 6, 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.