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MU

Micron Technology, Inc.Close $981.61EOD only
Max Pain
$500.00
Next expiry Jun 18, 2026
Expected Move
±$100.92
10.3% from close
Price Gap
-481.61
Distance to max pain
IV Rank
100
High premium
P/C OI
1.46
Slightly put-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 12, 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 12, 2026 close
MU Earnings Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer earnings report is available for June 12, 2026.

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Earnings Verdict

MU earnings 6/24, IV prices 5.2% 1d move. 100% beat rate. High vol regime, gamma pin near $130.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 8.5% from MP; +0.5 VIX 19
Most important: Gamma pin $130 on 6/12; spot ~$130. Deep puts suggest hedging. Earnings 6/24 with 18.7% implied move to 6/26.
🐂Call buying at 125-135: bullish but near gamma pin.
🐻Deep OTM puts at 80,70: tail hedging, bearish signal.
⚠️Gamma pin $130 on 6/12 expiry is key.

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 16,831 (26.7% below spot)

Earnings Overview

Next earnings: 2026-06-24 (13 days)explicit

Expected moves:

  • 2026-06-12 (1d): ±$51.47 (5.2%)
  • 2026-06-18 (7d): ±$116.65 (11.7%)
  • 2026-06-26 (15d): ±$185.92 (18.7%)

IV Setup

Term structure: Downward sloping: 1d IV ~100%, 7d ~85%, 15d ~75%.

Crush estimate: Expected 50-60% crush post-earnings.

Skew: Put skew elevated; deep OTM puts IV ~200%.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Moves within 10% of implied for past 4 beats.

Directional bias: Slightly bullish due to 100% beat rate.

Key Levels

1$730.00 gamma flip
2EM guardrails: 2d $944.39/$1047.34; 1w $879.22/$1112.52
3Max pain pins: $918 (2026-06-12); $500 (2026-06-18); $900 (2026-06-26)

Flow Highlights

Heavy call buying at $125-135 strikes, vol/oi up to 12.5x.

Bullish bets but near gamma pin, possible hedging.

Large put volume at deep OTM $80 and $70 strikes, IV >200%.

Tail hedging or speculation, bearish lean.

Strategies

Short strangle
Sell 2026-06-26 $980.00 put + sell $1020.00 call
Credit: $150.25-$183.65
Max loss: Unlimited
Max gain: $183.65
BE: 796.35 / 1203.65
Trigger: Set stop-loss on IV spike; close before earnings to avoid gap risk.
Captures high IV premium with expected 50-60% crush; downward term structure favors short volatility.
Outperforms: Sell OTM put and call to profit from IV crush and range-bound price after earnings.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Iron condor
Sell 2026-06-26 $980.00/$970.00 put wing and $1020.00/$1030.00 call wing
Credit: $8.14-$9.95
Max loss: $0.05
Max gain: $9.95
BE: 970.05 / 1029.95
Trigger: Adjust wings if spot moves near strikes; exit if IV expands sharply.
Defined risk alternative to short strangle; benefits from same IV crush environment but with capped loss.
Outperforms: Sell put and call wings to profit from range-bound move and volatility contraction.
Underperforms: Move outside short strikes invalidates range thesis.
Long straddle
Buy 2026-06-26 $1000.00 put + buy $1000.00 call
Debit: $167.42-$204.63
Max loss: $204.63
Max gain: Unlimited
BE: 795.37 / 1204.63
High IV, 100% beat rate, implied move 18.7%.
Outperforms: Buy vol into earnings, expect large move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!High vol (VIX 19.4), gamma pin $130, spot near level, risk of mean reversion.
!Deep put activity signals downside hedging; earnings event adds uncertainty.

What to Watch

?Spot reaction at $130 resistance.
?Gamma flip near $90.
?Earnings date 6/24 and post-earnings IV crush.
How to Use These Reports
This earnings reflects the market close on June 11, 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.

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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.