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MU

Micron Technology, Inc.Close $1079.57EOD only
Max Pain
$950.00
Next expiry Jun 5, 2026
Expected Move
±$67.48
6.3% from close
Price Gap
-129.57
Distance to max pain
IV Rank
100
High premium
P/C OI
1.54
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 3, 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
Jun 3, 2026 close
MU Earnings Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings setup with high confidence: historical 100% beat rate, strong bullish flow, elevated IV. Gamma pinning at $97 near-term. Major event risk in 20 days.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 15
Most important: IV elevated across expirations; watch gamma flip at $76.5. Flow shows large call buying at $100+ and put buying at deep OTM strikes.
⚡100% beat rate over 4 quarters – strong execution history.
📈Massive call buying at $100+ strikes shows confidence in upside.
🛡️Deep OTM puts active; some hedging/black swan protection in place.
⚠️Gamma flip at $76.5 is critical downside pivot.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$765.00 — Approx — based on put OI concentration of 25,226 (23.2% below spot)

Earnings Overview

Next earnings: 2026-06-24 (20 days)explicit

Expected moves:

  • 2026-06-05 (1d): ±$42.05 (4.2%)
  • 2026-06-12 (8d): ±$111.90 (11.2%)
  • 2026-06-18 (14d): ±$145.80 (14.6%)

IV Setup

Term structure: Steep term structure: 1d ±4.2%, 8d ±11.2%, 14d ±14.6%, reflecting event uncertainty.

Crush estimate: Crush estimated 50-65% post-event based on historical patterns and IV levels above 70%.

Skew: Put-skew elevated: put/call OI ratio 1.53, with deep OTM puts active. Calls show strong demand at $100-$102.5 strikes.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Available: 100% beat rate (4/4). Expected moves currently ±4.2% (1d), ±11.2% (8d), ±14.6% (14d).

Directional bias: Bullish bias based on perfect beat rate and strong call flow, but large put positions suggest hedging.

Key Levels

1$765.00 gamma flip
2EM guardrails: 2d $953.95/$1038.05; 1w $884.10/$1107.90
3Max pain pins: $970 (2026-06-05); $920 (2026-06-12); $460 (2026-06-18)

Flow Highlights

Unusual call buying at $100.5-$102.5 strikes for 2026-06-05 expiration with vol/OI >13.

Speculative bullish bets ahead of earnings; may indicate upside confidence.

Large put buying at $79 and $81 strikes for 2026-06-12 expiration.

Hedging or bearish positioning for medium term; possibly downside protection.

Strategies

Iron Condor Pre-Earnings
Sell 2026-06-12 $940.00/$870.00 put wing and $1080.00/$1165.00 call wing
Credit: $28.42-$34.73
Max loss: $50.27
Max gain: $34.73
BE: 905.27 / 1114.73
Trigger: Monitor gamma risk; close at 50% max gain.
Highest probability with perfect beat history and elevated IV; avoids event risk.
Outperforms: Sells premium in high IV environment with defined risk and liquidity.
Underperforms: Move outside short strikes invalidates range thesis.
Call Diagonal Pre/Post
Sell 2026-06-18 $1010.00 call / buy 2026-06-26 $1030.00 call
Debit: $17.86-$21.83
Max loss: $21.83
Max gain: Variable
BE: Path-dependent
Trigger: Manage short leg pre-earnings; close post-earnings.
Captures steep term structure with limited risk.
Outperforms: Exploits IV term structure: sell pre-earnings high IV, buy post-earnings low IV.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put Diagonal Hedge
Sell 2026-06-18 $945.00 put / buy 2026-06-26 $935.00 put
Debit: $17.98-$21.97
Max loss: $21.97
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot approaches strike; patience due to low liquidity. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Tail hedge against downside but lower liquidity.
Outperforms: Hedges downside while benefiting from elevated put premium.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Historical beat rate perfect, but semiconductor cyclicality adds uncertainty.
!Gamma flip at $76.5: if spot drops below, delta hedging could accelerate selloff.
!IV crush may exceed 65% if earnings result is in line, but large optional positioning could cause volatility.

What to Watch

?Earnings result and guidance on June 24.
?Spot price relative to $97 max pain for June 5 expiry.
?Flow around $76.5 gamma flip level.
?Post-crush IV reaction and new positioning.
How to Use These Reports
This earnings reflects the market close on June 4, 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.