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MU

Micron Technology, Inc.Close $766.58EOD only
Max Pain
$565.00
Next expiry May 15, 2026
Expected Move
±$65.50
8.5% from close
Price Gap
-201.58
Distance to max pain
IV Rank
90
High premium
P/C OI
1.29
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: May 12, 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 12, 2026 close
MU Earnings Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings 42 days out, high IV, bullish flow but large put hedging near $800. Stock at $804, max pain ~$800. Historical 100% beat rate, expected move ±8%.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 33.9% from MP; +1 VIX 18
Most important: Call OI wall $900-$1000 and heavy put buying near $800 create uncertainty; spot near $804 with max pain at $800.
🔔Bear put spreads dominate near $800 – defensive
📈Calls active but lower relative volume – cautious bullish
📉VIX 18 supports elevated vol environment

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$620.00 — Approx — based on put OI concentration of 15,576 (22.9% below spot)

Earnings Overview

Next earnings: 2026-06-24 (42 days)explicit

Expected moves:

  • 2026-05-15 (2d): ±$54.83 (6.8%)
  • 2026-05-22 (9d): ±$108.25 (13.5%)
  • 2026-05-29 (16d): ±$133.10 (16.6%)

IV Setup

Term structure: Downward sloping, 2d IV ~92%, 1w ~86%

Crush estimate: Post-earnings crush ~50% IV drop, but 42d out

Skew: Put skew elevated; large put buys near $800

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Expected move ±8% based on current IV; 100% beat rate historically

Directional bias: Neutral; heavy put hedging suggests cautious

Key Levels

1$620.00 gamma flip
2EM guardrails: 2d $748.81/$858.46; 1w $695.38/$911.88
3Max pain pins: $600 (2026-05-15); $650 (2026-05-22); $600 (2026-05-29)

Flow Highlights

Heavy put buying at $805 and $795 for 5/15, vol/OI >20

New directional hedging or earnings protection

Also call buying at $795 and $805, but lower vol/OI

Bullish activity but less aggressive than puts

Strategies

Short Strangle
Sell 2026-06-18 $660.00 put + sell $1120.00 call
Credit: $54.13-$66.17
Max loss: Unlimited
Max gain: $66.17
BE: 593.83 / 1186.17
Trigger: Monitor IV; adjust if spot nears strikes.
High IV and downward term structure favor premium selling with neutral delta.
Outperforms: Sell OTM put and call to collect premium, benefiting from IV contraction.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Diagonal
Sell 2026-05-22 $890.00 call / buy 2026-06-18 $1000.00 call
Debit: $13.95-$17.05
Max loss: $17.05
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot approaches sold strike.
Short-dated IV higher than long-dated, net credit from vol skew.
Outperforms: Sell near-term call, buy later-dated call to capture vol premium.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull Call Spread
Buy 2026-07-17 $800.00/$850.00 call spread
Debit: $16.58-$20.27
Max loss: $20.27
Max gain: $29.73
BE: $820.27
Trigger: Exit if spot breaks below $785.
Max pain support at $800 and put hedging suggest limited downside.
Outperforms: Buy call spread near support, defined risk for bullish bias.
Underperforms: Loss of support weakens upside continuation thesis.
Iron condor
Sell 2026-06-12 $695.00/$665.00 put wing and $1030.00/$1090.00 call wing
Credit: $14.65-$17.90
Max loss: $42.10
Max gain: $17.90
BE: 677.10 / 1047.90
High IV, max pain near $800, defined risk, expires pre-event.
Outperforms: Neutral premium harvest before MU earnings around $800.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Max pain near $800 may act as magnet
!Heavy put OI below $800 provides support
!Call wall $900-$1000 caps upside
!High IV amplifies moves

What to Watch

?Call vs put OI ratio at $800 strikes before event
?Gamma exposure shifts at $800 and $900
?Max pain pinning to $800 weekly expiry
How to Use These Reports
This earnings reflects the market close on May 13, 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.