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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 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings setup: 100% historical beat rate, steep IV term structure, heavy put activity near $130-$135, gamma pinning at $130.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.7% from MP; +1 VIX 18
Most important: Gamma pinning at $130 (12Jun) and $125 (26Jun) collars, massive put OI below $120 creates floor; earnings on 24Jun with 12d out.
⚠️Heavy put buying at $130-135 suggests hedging or bearish sentiment; watch for reversal.
📈100% beat rate historically supports bullish bias, but high IV already prices it.
🔒Gamma pinning at $130 (12Jun) and $125 (26Jun) creates tight range; earnings could break it.

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 16,791 (25.6% below spot)

Earnings Overview

Next earnings: 2026-06-24 (12 days)explicit

Expected moves:

  • 2026-06-18 (6d): ±$100.93 (10.3%)
  • 2026-06-26 (14d): ±$179.12 (18.2%)
  • 2026-07-02 (20d): ±$205.12 (20.9%)

IV Setup

Term structure: Steep contango: 6d IV ~38% (implied ±8.2% move), 14d IV ~30%, 20d IV ~25%.

Crush estimate: Expected 20-30% post-earnings IV crush based on historical moves.

Skew: Put skew elevated; 130P IV 40% vs 135C IV 35%; put OI concentrated $120-$130.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Avg actual move ~6-8% vs implied ~7% over last 4 quarters; moves in line.

Directional bias: 100% beat rate suggests upside bias but IV reflects uncertainty.

Key Levels

1$730.00 gamma flip
2EM guardrails: 1w $880.68/$1082.53
3Max pain pins: $920 (2026-06-12); $500 (2026-06-18); $900 (2026-06-26)

Flow Highlights

Unusual put volume: MU 06/12 130P 11625 vs OI 378 (30.8x), 135P 13566 vs 835 (16.2x).

Aggressive put buying near ATM ahead of earnings; hedging or bearish bets.

Call sweep: MU 06/18 150C 3922 vol vs OI 220 (17.8x) with IV 160%.

Long-shot upside bet on earnings; likely speculative given far OTM.

Strategies

Bull call spread
Buy 2026-06-26 $1010.00/$1140.00 call spread
Debit: $34.61-$42.30
Max loss: $42.30
Max gain: $87.70
BE: $1052.30
Trigger: Exit at 50% max gain or if stock breaks below $920.
100% historical beat rate supports upside bias; defined risk with reduced IV crush impact.
Outperforms: Buy $1010/$1140 call spread to profit from moderate upside move.
Underperforms: Loss of support weakens upside continuation thesis.
Call calendar
Sell 2026-06-26 $1000.00 call / buy 2026-07-17 $1000.00 call
Debit: $34.43-$42.08
Max loss: $42.08
Max gain: Variable
BE: Path-dependent
Trigger: Close before earnings if IV expands; watch invalidation at $920.
Exploits steep contango: front IV high, back IV lower; post-earnings IV crush benefits short leg.
Outperforms: Sell front call, buy back call to profit from term structure normalization.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long strangle
Buy 2026-06-26 $865.00 put + buy $1180.00 call
Debit: $64.71-$79.09
Max loss: $79.09
Max gain: Unlimited
BE: 785.91 / 1259.09
Trigger: Take profits on IV expansion pre-earnings; reassess after report.
Captures potential IV expansion and large directional move near earnings.
Outperforms: Buy OTM put and call to profit from volatility spike and price swing.
Underperforms: Insufficient realized move reduces long-strangle edge.
Put calendar
Sell 2026-06-26 $1000.00 put / buy 2026-07-17 $1000.00 put
Debit: $32.81-$40.10
Max loss: $40.10
Max gain: Variable
BE: Path-dependent
Same term structure advantage for puts; put vol decline post-earnings.
Outperforms: Sell rich near-term put vol, own back-month put to profit from IV crush and term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Earnings miss could break $130 support and target $120 put wall.
!IV crush post-earnings could hit long premium positions hard.
!Gamma pinning at $130 may keep spot contained near term.
!Low VIX (18) but elevated IV in MU suggests event risk priced.

What to Watch

?Earnings report on 24Jun; guidance key.
?Spot behavior around $130 and $125 gamma levels.
?Put OI open interest changes near $130-$135.
?Pre-earnings IV expansion or collapse.
How to Use These Reports
This earnings reflects the market close on June 12, 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.