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MU

Micron Technology, Inc.Close $448.42EOD only
Max Pain
$425.00
Next expiry Apr 24, 2026
Expected Move
±$28.57
6.4% from close
Price Gap
-23.42
Distance to max pain
IV Rank
23
Low premium
P/C OI
1.19
Slightly put-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 20, 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 20, 2026 close
MU Earnings Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence event: elevated IV, strong pinning gamma and bullish flow; expected post-earnings IV crush but directional pin risk near max pain (~$430-$450).

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.5% from MP; +0.5 VIX 20
Most important: Pinning gamma + concentrated put OI near $430-$450 drives high probability of price gravitating toward max pain pre- and near-term.
📌Gamma pin concentration near $430–$450 — increases pin probability.
⚠️IV ~70–76 near-term; expect material crush after earnings.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$390.00 — Approx — based on put OI concentration of 17,162 (13.2% below spot)

Earnings Overview

Next earnings: 2026-06-24 (64 days)explicit

Expected moves:

  • 2026-04-24 (3d): ±$26.85 (6.0%)
  • 2026-05-01 (10d): ±$46.50 (10.3%)
  • 2026-05-08 (17d): ±$57.20 (12.7%)

IV Setup

Term structure: Near-term IV elevated (~70-76) across 4/24–5/01 expiries; long-dated IV higher but isolated.

Crush estimate: Large IV crush likely post-earnings (~30–50%+ from elevated levels).

Skew: Put-heavy OI and symptomatic skew toward downside with concentrated strikes $430–$460; calls active around $445–$452.5.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical moves align with elevated expected moves; 100% beat rate (4/4) but subject to depressed realized IV moves after beats.

Directional bias: Neutral-to-bullish pre-earnings due to bullish flow and pinning gamma despite spot above mid-price.

Key Levels

1$390.00 gamma flip
2EM guardrails: 2d $422.53/$476.23; 1w $402.88/$495.88
3Max pain pins: $430 (2026-04-24); $400 (2026-05-01); $400 (2026-05-08)

Flow Highlights

Large unusual put prints 4/24–5/01 clustered $437.5–$460 and heavy call flow at $445–452.5.

Dealer hedging likely supports pin toward $430–$450 and creates pinning gamma dynamics.

Net premium strongly positive and put_call_oi_ratio >1.2.

Ongoing put demand increases downside skew and tail-risk sensitivity to bad print.

Strategies

Defined‑risk iron condor
Sell 2026-05-01 $430.00/$425.00 put wing and $470.00/$490.00 call wing
Credit: $6.70-$8.19
Max loss: $11.81
Max gain: $8.19
BE: 421.81 / 478.19
Trigger: Enter mid of range; tighten or close if spot trends toward wings or IV/flow shifts vs max‑pain; close before earnings if skew/prints accelerate.
Keeps position if pinning holds; limits asymmetric tail risk from concentrated put OI near $430‑450.
Outperforms: Sell 5/01 430/425 put wing and 470/490 call wing to collect elevated IV premium while capping loss.
Underperforms: Move outside short strikes invalidates range thesis.
Premiumed short strangle
Sell 2026-05-01 $430.00 put + sell $470.00 call
Credit: $26.35-$32.20
Max loss: Unlimited
Max gain: $32.20
BE: 397.80 / 502.20
Trigger: Keep tight stops, size small, hedge directional moves, and close before earnings to avoid crush.
Higher credit from 70s IV and heavy put OI but unlimited upside tail risk and large post‑earnings IV crush.
Outperforms: Sell 5/01 430 put + 470 call to harvest rich near‑term premium with short horizon.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High IV and sizable post-event crush risk.
!Pinning gamma can compress moves but magnify small deviations.
!Significant downside skew and concentrated OI create asymmetric tail risk.

What to Watch

?4/24 and 5/01 expiries IV/flow shifts around $430–$455 strikes.
?Unusual prints filling vs. fading (prints at $445–452.5).
?Spot path relative to max pain $430–$450 pre-event.
How to Use These Reports
This earnings reflects the market close on April 21, 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.