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MU

Micron Technology, Inc.Close $935.89EOD only
Max Pain
$925.00
Next expiry Jun 12, 2026
Expected Move
±$83.90
9.0% from close
Price Gap
-10.89
Distance to max pain
IV Rank
89
High premium
P/C OI
1.47
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 9, 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 9, 2026 close
MU Earnings Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings: high IV, gamma pinning ~$925, heavy call buying. 100% beat rate bullish, but vol demands caution.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 20; override: Base 5; +2 GEX/flow aligned; +1 GEX pinning; +0.5 spot near MP; +0.5 VIX 20
Most important: Gamma pin $925 and call wall $1000-$1050 key. Spot above MP, upside bias but mixed flow.
📈Heavy call buying 895-920 strikes: bullish near-term bet.
⚠️100% beat rate but only 4 quarters; warning.
🔒Gamma pin $925; put floor $500; sticky spot.

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 16,759 (22.0% below spot)

Earnings Overview

Next earnings: 2026-06-24 (15 days)explicit

Expected moves:

  • 2026-06-12 (3d): ±$83.90 (9.0%)
  • 2026-06-18 (9d): ±$126.57 (13.5%)
  • 2026-06-26 (17d): ±$182.80 (19.5%)

IV Setup

Term structure: Steep contango; near-term IV 105-110%, longer-term lower.

Crush estimate: Est 30-50% crush; current IV ~105% to ~50-70% post.

Skew: Call skew elevated; puts flat.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Not available; 100% beat rate.

Directional bias: Bullish bias from beats; caution.

Key Levels

1$730.00 gamma flip
2EM guardrails: 2d $851.99/$1019.79; 1w $809.32/$1062.47
3Max pain pins: $925 (2026-06-12); $470 (2026-06-18); $900 (2026-06-26)

Flow Highlights

Unusual call buying 6/12 895-915 strikes, vol/OI 7-18x.

Indicates aggressive bullish positioning ahead of earnings.

Net premium $1.07B; P/C OI 1.47 bear, vol 0.94 bull.

Mixed flow: OI suggests put protection but recent volume favors calls.

Strategies

Iron Condor
Sell 2026-06-18 $920.00/$910.00 put wing and $940.00/$950.00 call wing
Credit: $8.55-$10.45
Max loss: $0.00
Max gain: $10.45
BE: 909.55 / 950.45
Trigger: Close at 50% max gain or adjust if spot nears wings.
Lowest risk, defined loss, captures rich premium from high IV with wings outside expected range.
Outperforms: Sell OTM put and call wings to profit from IV crush and range-bound move.
Underperforms: Move outside short strikes invalidates range thesis.
Call Calendar
Sell 2026-06-18 $930.00 call / buy 2026-06-26 $930.00 call
Debit: $25.49-$31.16
Max loss: $31.16
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot drops below 925; roll if needed.
Exploits steep contango with bullish bias; gamma pin supports limited downside.
Outperforms: Sell near-term call, buy back-month call to profit from premium decay and volatility term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put Calendar
Sell 2026-06-18 $925.00 put / buy 2026-06-26 $925.00 put
Debit: $24.35-$29.76
Max loss: $29.76
Max gain: Variable
BE: Path-dependent
Trigger: Watch spot; close if breaks above 930.
Leverages contango and gamma pin at 925, profits from put premium decay.
Outperforms: Sell near-term put, buy back-month put, limited risk.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-06-18 $910.00 put + sell $950.00 call
Credit: $97.38-$119.02
Max loss: Unlimited
Max gain: $119.02
BE: 790.98 / 1069.02
High IV 105% offers juicy premium, gamma pin and call wall limit moves.
Outperforms: Pre-earnings premium sale with undefined tails, betting on range bound to mid-IV collapse.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High IV amplifies binary risk; IV crush severe.
!Gamma pin $925 may trap spot; breakouts sharp.
!Call wall $1000-$1050 caps; put floor $500-$790 wide.
!Small 4/4 beat sample; mean reversion possible.

What to Watch

?Spot vs gamma pin $925 for next move.
?Continuation of call activity; unwinding signals shift.
?Pre-earnings IV expansion/contraction.
How to Use These Reports
This earnings reflects the market close on June 9, 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.