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MU

Micron Technology, Inc.Close $996.00EOD only
Max Pain
$970.00
Next expiry Jun 5, 2026
Expected Move
±$42.05
4.2% from close
Price Gap
-26.00
Distance to max pain
IV Rank
100
High premium
P/C OI
1.53
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 4, 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 4, 2026 close
MU Earnings Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU 19d from earnings with heavy bearish flow (-$1.25B) and elevated IV. Historical 100% beat rate but poor price action. Tail-risk put buying and 0DTE call lottery mixed.

Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 11.8% from MP; +0.5 VIX 22
Most important: Heavy put bias (P/C OI 1.52) and -$1.25B net premium; EM guardrails $762-$965 key.
💸Heavy put buying: $500 put vol 61.9k (30x OI) tail hedge.
🎰0DTE call lottery: $950 call vol 59.4k — speculative.
📉Net premium -$1.25B; P/C OI 1.52 bearish.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Bearish
Spot vs MP
Below
Gamma flip: ~$610.00 — Approx — based on put OI concentration of 24,317 (29.4% below spot)

Earnings Overview

Next earnings: 2026-06-24 (19 days)explicit

Expected moves:

  • 2026-06-12 (7d): ±$101.43 (11.7%)
  • 2026-06-18 (13d): ±$132.30 (15.3%)
  • 2026-06-26 (21d): ±$178.52 (20.7%)

IV Setup

Term structure: Steep contango: 7d 11.7%, 13d 15.3%, 21d 20.7%.

Crush estimate: Expect 50-60% crush.

Skew: Put skew elevated; deep OTM puts at extreme IV (164%) indicate tail hedging.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: 100% beat rate but stock weak; potential downside.

Directional bias: Bearish per flow and net premium.

Key Levels

1$610.00 gamma flip
2EM guardrails: 1w $762.59/$965.44
3Max pain pins: $980 (2026-06-05); $940 (2026-06-12); $470 (2026-06-18)

Flow Highlights

Heavy 0DTE call lottery on June 5 (e.g., 59.4k at $950) — speculative gamma long.

Reflects short-term positioning, not earnings view.

Tail-risk put buying: June 12 $500 put vol 61.9k (30x OI) — institutional hedging.

Bearish sentiment but not directional conviction on earnings.

Strategies

Bear Put Spread
Buy 2026-06-26 $840.00/$755.00 put spread
Debit: $31.59-$38.61
Max loss: $38.61
Max gain: $46.39
BE: $801.39
Trigger: Exit if MU breaches $965 upside guardrail or if bearish flow reverses.
Best alignment with bearish flow, tail-risk signals, and EM guardrails; defined risk with IV crush mitigation.
Outperforms: Buy $840/$755 put spread to profit from downside with limited capital at risk.
Underperforms: Trade above resistance weakens downside thesis.
Long Put
Buy 2026-06-26 $785.00 put
Debit: $45.36-$55.44
Max loss: $55.44
Max gain: $729.56
BE: $729.56
Trigger: Set stop-loss at 50% of premium or if MU rallies above $965.
Direct bearish play with high payoff potential, though expensive due to high IV.
Outperforms: Buy $785 put to capture large downside move, suited for aggressive risk appetite.
Underperforms: Break above resistance weakens downside thesis.
Put calendar
Sell 2026-06-18 $850.00 put / buy 2026-06-26 $850.00 put
Debit: $19.64-$24.01
Max loss: $24.01
Max gain: Variable
BE: Path-dependent
Steep contango (11.7% to 20.7%) and bearish flow favor premium sale near-term with back-month hedge.
Outperforms: Sell 13d put, buy 21d put same strike; capture contango and bearish bias.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV (20.7% move by 21d) inflates premium.
!Negative net premium (-$1.25B) implies seller dominance.
!Tail-risk puts signal vulnerability to large gaps; bearish macro (QQQ -4.8%).

What to Watch

?Earnings 6/24; pre-earnings IV expansion.
?EM guardrails $762.59/$965.44 break.
?Unusual activity in EM expirations and OI shifts.
How to Use These Reports
This earnings reflects the market close on June 5, 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.