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MU

Micron Technology, Inc.Close $455.07EOD only
Max Pain
$420.00
Next expiry Apr 24, 2026
Expected Move
±$33.02
7.3% from close
Price Gap
-35.07
Distance to max pain
IV Rank
82
High premium
P/C OI
1.16
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 17, 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
Apr 17, 2026 close
MU Earnings Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High implied vol into earnings with concentrated call activity centered ~442.5–447.5 creating pinning pressure near 425–450; large IV crush expected but directional risk biased toward upside pin friction.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.5% from MP; +0.5 VIX 19; override: GEX and flow alignment + concentrated call prints near spot strikes
Most important: Concentrated call prints and OI clustered around 442.5–447.5 (not distant 500s) combined with elevated put tail IV at 300–385.
📈Calls concentrated 442.5–447.5 — near-term pinning risk present
⚖️Front-month IV high vs. long-dated IV; expect sizable crush post-earnings

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$390.00 — Approx — based on put OI concentration of 16,977 (13.0% below spot)

Earnings Overview

Next earnings: 2026-06-24 (65 days)explicit

Expected moves:

  • 2026-04-24 (4d): ±$28.57 (6.4%)
  • 2026-05-01 (11d): ±$45.85 (10.2%)
  • 2026-05-08 (18d): ±$56.50 (12.6%)

IV Setup

Term structure: Front-month IV elevated (~68–76%) with longer-dated IV elevated (66–82%) — steep front-end

Crush estimate: Large front-month crush expected (material percentage points)

Skew: Call skew steep into 440–470 strikes; tail puts show elevated IV (300–385 strikes)

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical beat rate 100% (4/4); realized moves often meet-or-exceed expected

Directional bias: Past outcomes favored upside continuation into/after events

Key Levels

1$390.00 gamma flip
2Max pain pins: $425 (2026-04-24); $400 (2026-05-01); $400 (2026-05-08)

Flow Highlights

Heavy call prints at 442.5–447.5 with concentrated OI in same range

Directly supports pinning pressure near 425–450 pre-event

Elevated unusual put volume and higher IV in 300–385 strikes (long-dated tails)

Tail hedging demand keeps downside priced and steepens longer-dated vols

Strategies

Call diagonal
Sell 2026-04-24 $472.50 call / buy 2026-07-17 $510.00 call
Debit: $32.45-$39.66
Max loss: $39.66
Max gain: Variable
BE: Path-dependent
Trigger: Close short leg into print or on sharp IV drop; roll long if trend continues.
Captures front-month crush while keeping upside exposure vs concentrated calls.
Outperforms: Sell short-term calls into elevated IV and buy back-month calls to retain upside and benefit from post-earnings vol collapse.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron condor
Sell 2026-05-01 $425.00/$382.50 put wing and $502.50/$542.50 call wing
Credit: $11.92-$14.57
Max loss: $27.93
Max gain: $14.57
BE: 410.43 / 517.07
Trigger: Trim/hedge if price approaches wings; buy-to-close into early large IV move. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; long_call: Open interest below 25.
Keeps strikes outside 425–450 pin zone and limits tail risk amid large crush.
Outperforms: Sell wings outside pin band and buy protection to cap losses while harvesting high premium.
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle
Sell 2026-05-01 $415.00 put + sell $492.50 call
Credit: $16.24-$19.85
Max loss: Unlimited
Max gain: $19.85
BE: 395.15 / 512.35
Trigger: Avoid if price nears call strikes; close before print or hedge with calls. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
Highest premium but unlimited upside risk and poor fit with concentrated call pinning.
Outperforms: Sell put and call to harvest front-month premium; relies on big crush and mean reversion.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High IV and large expected crush
!Spot ~5.5% above MP increases downside gamma risk if selling pressure
!Pinning can amplify short-term mean reversion around max-pain strikes

What to Watch

?Front-month IV moves and post-print IV crush magnitude
?Price action around 425–450 (pin zone) and OI/prints at 442.5–447.5
?Unusual prints fill-through and intraday sweep activity
How to Use These Reports
This earnings reflects the market close on April 20, 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.