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MU

Micron Technology, Inc.Close $487.48EOD only
Max Pain
$432.50
Next expiry Apr 24, 2026
Expected Move
±$26.52
5.4% from close
Price Gap
-54.98
Distance to max pain
IV Rank
60
Middle-high premium
P/C OI
1.23
Slightly put-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 22, 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 22, 2026 close
MU Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-probability pinning environment into MU earnings window; elevated IV but strong put concentration below spot suggests downside protection and pin risk near $440–$480.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.5% from MP; +0.5 VIX 19; override: Base + flow/GEX alignment from input
Most important: Pinning/gamma and concentrated put OI ~19% below spot likely to compress realized move and bias toward downside support levels.
📌Put OI concentrated ~19% below spot; pin risk centered ~$440–$480
📈Front-dated IV in 50s–90s; expect sizable post-earnings crush
🧭Flow/GEX alignment is bullish for pinning despite spot > MP

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 16,975 (19.0% below spot)

Earnings Overview

Next earnings: 2026-06-24 (62 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$15.95 (3.3%)
  • 2026-05-01 (8d): ±$23.00 (4.8%)
  • 2026-05-08 (15d): ±$29.65 (6.2%)

IV Setup

Term structure: Near-dated expirations show elevated IV (50s–90s) with front-week spikes; term skews steepen into event.

Crush estimate: Post-earnings IV crush likely large for front-dated strikes (~30–50% absolute IV drop expected on prints).

Skew: Put skew pronounced around $410–$495; sizable call OI wall higher ($550) creates asymmetric tail risk.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical moves modest relative to current expected moves; MU beat rate 100% (4/4) suggesting realized moves often less volatile than priced.

Directional bias: Slight downside/pinning bias given concentrated puts and flow alignment.

Key Levels

1$390.00 gamma flip
2EM guardrails: 2d $465.77/$497.67; 1w $458.72/$504.72
3Max pain pins: $440 (2026-04-24); $430 (2026-05-01); $410 (2026-05-08)

Flow Highlights

Heavy unusual put prints at 472.5–495 and large front-week call volume at 490.

Flow and GEX align to pin between ~440–490; short-dated liquidity concentrated around those strikes.

Put OI concentration ~19% below spot with gamma flip ~390.

Gamma flip and put floor increase pinning risk and compress spot movement.

Strategies

Defined-risk iron condor
Sell 2026-05-01 $452.50/$440.00 put wing and $492.50/$505.00 call wing
Credit: $7.02-$8.58
Max loss: $3.92
Max gain: $8.58
BE: 443.92 / 501.08
Trigger: Close or roll if spot breaches 440–490 corridor or front-week IV spikes; tighten size vs IV
Balances income with defined tails amid pinning and big IV crush
Outperforms: Sell 5/1 iron condor around 452.5/440 and 492.5/505 to collect front-week premium while capping worst-case loss
Underperforms: Move outside short strikes invalidates range thesis.
Short strangle (higher yield, higher tail risk)
Sell 2026-05-01 $452.50 put + sell $490.00 call
Credit: $27.61-$33.74
Max loss: Unlimited
Max gain: $33.74
BE: 418.76 / 523.74
Trigger: Use small size, monitor put OI corridor, close into pinning or pre-print IV surges
Higher premium but naked wings face unlimited/large assignment risk into earnings and sharp IV crush
Outperforms: Sell 5/1 452.5 put + 490 call to harvest front-week elevated IV
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Large IV crush can vaporize front-week premia
!Pinning can produce asymmetric downside tail if spot breaches put clusters
!High IV and elevated VIX increase premium paid to hedge

What to Watch

?Front-week IV moves and bid in 4/24 expirations
?Spot approach to $440–$490 pin corridor and volume at put strikes
?Shifts in GEX or rapid unwinds of large put blocks
How to Use These Reports
This earnings reflects the market close on April 23, 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.