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MU

Micron Technology, Inc.Close $895.88EOD only
Max Pain
$705.00
Next expiry May 29, 2026
Expected Move
±$75.05
8.4% from close
Price Gap
-190.88
Distance to max pain
IV Rank
84
High premium
P/C OI
1.39
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 26, 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 26, 2026 close
MU Earnings Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 17, 2026. A newer earnings report is available for May 26, 2026.

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Earnings Verdict

Bullish-skewed: option flow and pinning support upside but elevated IV means post-earnings crush can erase gains.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.3% from MP; +1 VIX 17; override: flow and GEX alignment raised base
Most important: Put cluster + dealer pinning near 420–455 supports floor; IV front-week ~48% implies large crush risk.
📌Pinning cluster: 420–455 put concentration (~$1.1M premium) supporting near-term floor
⚠️Front-week IV ~48%—expect 20–30ppt crush post-earnings
🧾Guidance/forward commentary is a key fundamental risk that can override pinning and spike IV
🔁Historical 4/4 beat rate biases upside but does not eliminate binary volatility

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$450.00 — Approx — based on put OI concentration of 19,461 (1.1% below spot)

Earnings Overview

Next earnings: 2026-06-24 (68 days)explicit

Expected moves:

  • 2026-04-24 (7d): ±$33.03 (7.3%)
  • 2026-05-01 (14d): ±$49.55 (10.9%)
  • 2026-05-08 (21d): ±$59.95 (13.2%)

IV Setup

Term structure: Front-week IV ~48% vs 30% 1-month — steep front-to-long curve

Crush estimate: Material — expect 20–30 percentage-point front-week IV drop post-release

Skew: Put-heavy skew 420–465; call skews cheaper around 467.5 (short-dated call vols 40–50%).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Past moves met or exceeded expectations; realized move often ≥ expected move

Directional bias: Slightly bullish given 4/4 recent beats, but historical moves still large and binary.

Key Levels

1$450.00 gamma flip
2EM guardrails: 1w $422.05/$488.10
3Max pain pins: $412 (2026-04-17); $420 (2026-04-24); $395 (2026-05-01)

Flow Highlights

Large put prints at 420 (multi-expiry ~ $1.1M premium) and concentrated short-dated call buys at 467.5 (~$350k)

420 put premium and OI add pinning/support; call buys cap upside near 467–470

P/C OI ratio ~1.4 with dealers net long gamma near cluster strikes

Dealer positioning reinforces pinning and increases gamma sensitivity to spot moves

Strategies

Defined-risk iron condor
Sell 2026-04-24 $440.00/$432.50 put wing and $460.00/$480.00 call wing
Credit: $8.44-$10.31
Max loss: $9.69
Max gain: $10.31
BE: 429.69 / 470.31
Trigger: Close or roll if spot nears wings; tighten if IV collapses early; cut at max loss.
Keeps premium with capped loss vs pre-earnings expiry while avoiding naked tail risk.
Outperforms: Sell Apr-24 iron condor (440/432.5 put, 460/480 call) to collect front-week premium without unlimited exposure.
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle (income)
Sell 2026-04-24 $435.00 put + sell $460.00 call
Credit: $20.38-$24.91
Max loss: Unlimited
Max gain: $24.91
BE: 410.09 / 484.91
Trigger: Manage aggressively near strikes; hedge with buying wings or close into large IV move.
Higher premium than condor but unlimited upside/downside risk if gap occurs.
Outperforms: Sell Apr-24 435 put + 460 call to harvest front-week premium before earnings IV collapse.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Post-earnings long strangle
Buy 2026-07-17 $390.00 put + buy $630.00 call
Debit: $47.90-$58.55
Max loss: $58.55
Max gain: Unlimited
BE: 331.45 / 688.55
Trigger: Scale exits after directional move or if time decay accelerates; consider selling short-dated calls to fund.
Targets traders who want to re-enter after the earnings-driven gap: long-dated strikes capture post-event volatility and directional swings while avoiding front-week IV crush.
Outperforms: Buy Jul-17 390 put + 630 call as a directional/volatility hedge across earnings.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Significant IV crush risk (front-week IV ~48%)
!Earnings-driven guidance or forward commentary could trigger large directional gap
!Spot ~10% above market price—reversion risk if numbers miss
!Gamma flip increases intraday sensitivity near strike clusters

What to Watch

?Front-week IV and bid/ask widening into earnings
?Shifts in put OI around 420–455 and new call activity >467
?Earnings guidance, sales/forward outlook, and regulatory/US market commentary on report date
How to Use These Reports
This earnings reflects the market close on April 17, 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.