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MU

Micron Technology, Inc.Close $762.10EOD only
Max Pain
$700.00
Next expiry May 22, 2026
Expected Move
±$27.20
3.6% from close
Price Gap
-62.10
Distance to max pain
IV Rank
58
Middle-high premium
P/C OI
1.30
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
MU Earnings Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings 33 days out; IV elevated with steep contango. Heavy put skew signals hedging. 100% beat rate supports bullish bias but spot above max pain may pin.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.8% from MP; +1 VIX 17
Most important: Massive put buying on 5/29 $615 put (34k vol) suggests downside hedging. Call OI wall $800-$1000 caps upside.
⚠️34k vol on MU 5/29 $615 put – far OTM bearish bet.
📊100% beat rate but options imply ±16% move by earnings.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,533 (17.4% below spot)

Earnings Overview

Next earnings: 2026-06-24 (33 days)explicit

Expected moves:

  • 2026-05-29 (7d): ±$65.55 (8.7%)
  • 2026-06-05 (14d): ±$97.42 (13.0%)
  • 2026-06-12 (21d): ±$120.08 (16.0%)

IV Setup

Term structure: Steep contango: 7d 8.7%, 14d 13.0%, 21d 16.0%

Crush estimate: Significant crush post-earnings, likely 40-60%

Skew: Put skew elevated, especially on 5/29 far OTM puts ($460, $615).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Historical moves slightly below implied; 100% beat rate but no large surprises.

Directional bias: Slightly bullish given consistent beats.

Key Levels

1$620.00 gamma flip
2EM guardrails: 1w $685.45/$816.55
3Max pain pins: $710 (2026-05-22); $690 (2026-05-29); $670 (2026-06-05)

Flow Highlights

34k vol on MU 5/29 $615 put (vol/OI 66.1) - far OTM bearish bet.

Hedging or speculative downside positioning.

Call OI wall at $800-$1000; put floor $400-$650.

Resistance zone likely caps near-term upside.

Strategies

Call Diagonal
Sell 2026-05-29 $785.00 call / buy 2026-06-26 $780.00 call
Debit: $45.67-$55.82
Max loss: $55.82
Max gain: Variable
BE: Path-dependent
Trigger: Exit near expiry or if spot breaches invalidation at 710.
Best balance of contango premium and bullish bias; liquid strikes and crush benefit short leg.
Outperforms: Sell near-term call, buy later dated call to profit from time decay and upside.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Call Diagonal (Wider)
Sell 2026-05-29 $795.00 call / buy 2026-06-26 $730.00 call
Debit: $68.96-$84.29
Max loss: $84.29
Max gain: Variable
BE: Path-dependent
Trigger: Monitor spot; close if below invalidation or near expiry.
More bullish setup with cheap financing via contango; invalidation at 710 provides downside buffer.
Outperforms: Sell OTM call, buy deeper ITM call to finance bullish exposure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron Condor
Sell 2026-06-12 $695.00/$620.00 put wing and $855.00/$960.00 call wing
Credit: $31.25-$38.20
Max loss: $66.80
Max gain: $38.20
BE: 656.80 / 893.20
Trigger: Close early to lock gains if IV compresses; adjust if spot nears wings. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
Captures high IV premium with defined risk; wings protect against large moves.
Outperforms: Sell OTM put and call wings to collect premium; profit if spot stays within range.
Underperforms: Move outside short strikes invalidates range thesis.
Long straddle
Buy 2026-05-29 $730.00 put + buy $730.00 call
Debit: $60.91-$74.44
Max loss: $74.44
Max gain: Unlimited
BE: 655.56 / 804.44
MU has 100% beat rate and high IV; expected move may exceed crush.
Outperforms: Buy straddle to profit from large earnings move despite IV crush.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!IV crush post-earnings is significant (estimated 40-60% drop).
!Heavy put skew indicates downside hedging pressure.
!Spot above max pain ($710) may drag to pin before expiry.

What to Watch

?Earnings on 6/24, 33 days away.
?Max pain levels: $710 (5/22), $690 (5/29), $670 (6/05).
?Gamma flip at $620 from put OI concentration.
How to Use These Reports
This earnings reflects the market close on May 22, 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.