thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $864.01EOD only
Max Pain
$940.00
Next expiry Jun 12, 2026
Expected Move
±$101.42
11.7% from close
Price Gap
+75.99
Distance to max pain
IV Rank
100
High premium
P/C OI
1.52
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 5, 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 5, 2026 close
MU Earnings Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU reports Jun24 with 100% beat rate. IV extremely high (~9-20% moves). Gamma pinning near $925. Flow bullish via call sweeps but OI ratio put-heavy (1.51).

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19
Most important: Massive call volume in near-dated strikes (e.g., $1000C 25k vol vs 3.8k OI) suggests aggressive bullish positioning, but volatility is lofty and crush likely significant.
📈Call volume surge: $1000C alone 25k vol vs 3.8k OI – heavy bullish positioning.
⚠️IV at 101%+; earnings crush could exceed 50%.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,727 (23.1% below spot)

Earnings Overview

Next earnings: 2026-06-24 (16 days)explicit

Expected moves:

  • 2026-06-12 (4d): ±$89.35 (9.4%)
  • 2026-06-18 (10d): ±$129.23 (13.6%)
  • 2026-06-26 (18d): ±$184.95 (19.5%)

IV Setup

Term structure: Steeply upward sloping: 4d IV ~101%, 10d ~102%, 18d ~122%.

Crush estimate: ~50-60% IV crush post-earnings based on historical moves of ~9%.

Skew: Call skew elevated on near-dated, especially at $1000 strike (vol/oi ratio 6.6).

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Average 1d move 8.8% vs expected 9.4% (4d), consistent.

Directional bias: 100% beat rate but mixed direction: +13%, -7.5%, +7.8%, +4.6%.

Key Levels

1$730.00 gamma flip
2EM guardrails: 1w $820.06/$1078.51
3Max pain pins: $925 (2026-06-12); $470 (2026-06-18); $900 (2026-06-26)

Flow Highlights

Heavy call buying in June 12 expiry: $955C (6606 vol), $935C (3800), $1000C (25251).

Aggressive bullish positioning ahead of earnings, anticipating upside.

Strategies

Defined-Risk Iron Condor
Sell 2026-07-02 $920.00/$915.00 put wing and $970.00/$995.00 call wing
Credit: $11.14-$13.61
Max loss: $11.39
Max gain: $13.61
BE: 906.39 / 983.61
Trigger: Close at 50% max gain or before expiration.
Caps risk while profiting from expected IV crush post-earnings.
Outperforms: Sells put spread and call spread to collect credit with limited loss.
Underperforms: Move outside short strikes invalidates range thesis.
High-Credit Short Strangle
Sell 2026-06-26 $915.00 put + sell $995.00 call
Credit: $133.38-$163.02
Max loss: Unlimited
Max gain: $163.02
BE: 751.98 / 1158.02
Trigger: Monitor delta; roll or close if breaches trigger.
Higher premium but unlimited risk; suitable if confident in pin action.
Outperforms: Sells naked put and call to collect premium, benefits from crush.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Extreme IV levels (~100%+) inflate premiums; crush could be severe regardless of direction.
!Gamma flip at $730 suggests downside risk if pinning fails.
!Put OI ratio 1.51 indicates hedging or bearish skew.

What to Watch

?Spot reaction to 1W EM guardrails ($820-$1078).
?Max pain pinning at $925 for near-term expiration.
?Call wall at $1050 resistance.
How to Use These Reports
This earnings reflects the market close on June 8, 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.