thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $751.00EOD only
Max Pain
$690.00
Next expiry May 29, 2026
Expected Move
±$65.55
8.7% from close
Price Gap
-61.00
Distance to max pain
IV Rank
74
High premium
P/C OI
1.31
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 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
May 22, 2026 close
MU Earnings Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings ~29 days out; high IV, gamma pinning, strong flow. Unusual put activity at 840/800 suggests hedging, call OI at 880/920 shows bullish positioning.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 27.1% from MP; +1 VIX 17
Most important: Unusual put buying at 840 and 800 strikes indicates downside hedging despite bullish call volume.
🐻Heavy put buying at $800/$840 suggests hedging or bearish bias
🐂Call OI at $880/$920 shows bullish positioning above spot
⚠️Max pain at $705 vs spot $894; wide pinning range adds uncertainty

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$640.00 — Approx — based on put OI concentration of 8,406 (28.6% below spot)

Earnings Overview

Next earnings: 2026-06-24 (29 days)explicit

Expected moves:

  • 2026-05-29 (3d): ±$75.05 (8.4%)
  • 2026-06-05 (10d): ±$125.55 (14.0%)
  • 2026-06-12 (17d): ±$156.28 (17.4%)

IV Setup

Term structure: Elevated across tenors; 3d ±8.4%, 10d ±14%, 17d ±17.4%

Crush estimate: Post-earnings IV crush ~50-60%

Skew: Puts skewed higher, vol_oi ratio >20 on multiple puts

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: 4/4 beats; implied moves historically reliable

Directional bias: Mixed; no clear directional bias from patterns

Key Levels

1$640.00 gamma flip
2EM guardrails: 2d $820.83/$970.93; 1w $770.33/$1021.43
3Max pain pins: $705 (2026-05-29); $675 (2026-06-05); $705 (2026-06-12)

Flow Highlights

Unusual put volume: MU 2026-05-29 $800 Put (19,238 vol, OI 572), $840 Put (5,371 vol, OI 101)

Large put buying suggests hedging or bearish bets near key support levels

Notable call volume: MU 2026-05-29 $880 Call (12,202 vol, OI 607), $920 Call (5,785 vol, OI 264)

Bullish positioning at strikes above current spot; indicates upside expectations

Strategies

Short Strangle
Sell 2026-06-26 $740.00 put + sell $1240.00 call
Credit: $57.06-$69.74
Max loss: Unlimited
Max gain: $69.74
BE: 670.26 / 1309.74
Trigger: Monitor spot near strikes; roll or adjust if delta exceeds safe zone.
Highest IV crush capture; liquidity pass; wide strikes manageable.
Outperforms: Profits from post-earnings IV collapse; short premium decay.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Iron Condor
Sell 2026-06-26 $775.00/$645.00 put wing and $1160.00/$1250.00 call wing
Credit: $37.76-$46.15
Max loss: $83.85
Max gain: $46.15
BE: 728.85 / 1206.15
Trigger: Exit if spot approaches wings; adjust strikes if needed. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; short_call: Open interest below 25.
Defined risk; second-best IV crush play despite liquidity concern.
Outperforms: Captures high IV with limited downside; defined max loss.
Underperforms: Move outside short strikes invalidates range thesis.
Call Calendar
Sell 2026-06-26 $900.00 call / buy 2026-07-17 $900.00 call
Debit: $21.78-$26.62
Max loss: $26.62
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot moves past long strike; roll forward.
Benefits from term structure decay; retains long time value.
Outperforms: Sells near-term high IV, buys later-dated lower IV; neutral bias.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put calendar
Sell 2026-06-26 $740.00 put / buy 2026-07-17 $740.00 put
Debit: $15.30-$18.70
Max loss: $18.70
Max gain: Variable
BE: Path-dependent
Elevated near-term put IV; calendar benefits from volatility decay on short leg.
Outperforms: Sell post-earnings put premium, own back-month put to capture IV crush and term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV may lead to larger-than-expected crush post-earnings
!Max pain at $705 far below current spot ($894); wide gap increases risk of large directional move if spot drops
!VIX at 17 signals elevated market volatility risk

What to Watch

?Earnings date (June 24) confirmation and any guidance updates
?Spot relative to gamma flip level at $640; if broken, delta hedging intensifies
?Persistence of unusual put activity at $800 and $840 strikes
How to Use These Reports
This earnings reflects the market close on May 26, 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.