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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 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings 9d out; 100% beat rate; high IV with heavy put hedging at 1070-1080; call wall at 1200 caps upside; max pain at 560 shows deep OTM put OI.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 94.3% from MP; +1 VIX 16
Most important: Watch put skew and 1200 call wall; break above could trigger squeeze, but large nearby put OI suggests bearish positioning.
🔴Heavy put buying at 1070-1080: hedging or bearish?
🟢100% beat rate last 4 quarters, but past not indicative.
⚠️Max pain at $560 far from spot ~1085; extreme move needed.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$900.00 — Approx — based on put OI concentration of 8,489 (17.3% below spot)

Earnings Overview

Next earnings: 2026-06-24 (9 days)explicit

Expected moves:

  • 2026-06-18 (3d): ±$90.20 (8.3%)
  • 2026-06-26 (11d): ±$190.05 (17.5%)
  • 2026-07-02 (17d): ±$217.52 (20.0%)

IV Setup

Term structure: Front-week ~8.3% move, back-week ~17.5%; event premium concentrated in front, expected crush post-earnings.

Crush estimate: Estimated 50-60% IV crush post-event given high put demand and typical semiconductor patterns.

Skew: Put skew elevated at 1070-1080 with vol/oi >10, indicating hedging pressure; call skew flatter.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: 100% beat rate (4/4 quarters), but average move magnitude not specified; implied moves are elevated.

Directional bias: Neutral to slightly bearish given heavy put flow, but historical beats may counter.

Key Levels

1$900.00 gamma flip
2EM guardrails: 2d $997.79/$1178.19
3Max pain pins: $560 (2026-06-18); $925 (2026-06-26); $905 (2026-07-02)

Flow Highlights

Unusual put volume: MU 6/18 $1070 Put vol/oi 43.3, $1040 Put vol/oi 25.9.

Aggressive put buying at 1070/1040 suggests hedging or bearish bet ahead of earnings.

Unusual call volume: MU 6/18 $1250 Call vol/oi 11.7 (11,818 contracts).

Large lottery-like call buying at $1250, possibly speculative upside with low premium ($5.95).

Strategies

Defensive Iron Condor
Sell 2026-06-26 $1000.00/$845.00 put wing and $1250.00/$1480.00 call wing
Credit: $61.49-$75.16
Max loss: $154.84
Max gain: $75.16
BE: 924.84 / 1325.16
Trigger: Close at 50% gain or exit before earnings if IV expands.
Best risk/reward; defined risk limits tail loss unlike short strangle, and aligns with neutral bias better than call diagonal.
Outperforms: Sells 1000/845 put wing and 1250/1480 call wing; captures high premium with 75 max gain.
Underperforms: Move outside short strikes invalidates range thesis.
Aggressive Short Strangle
Sell 2026-06-26 $1000.00 put + sell $1250.00 call
Credit: $86.04-$105.16
Max loss: Unlimited
Max gain: $105.16
BE: 894.84 / 1355.16
Trigger: Set stop loss at 2x credit; adjust if volatility spikes.
Higher premium than iron condor but unlimited risk; suits aggressive traders but lower rank due to asymmetric risk.
Outperforms: Sells 1000 put and 1250 call for ~105 credit; benefits from IV crush and historical beats.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Diagonal Debit
Sell 2026-06-26 $1250.00 call / buy 2026-07-24 $1160.00 call
Debit: $71.89-$87.86
Max loss: $87.86
Max gain: Variable
BE: Path-dependent
Trigger: Exit if stock drops below invalidation level 870 or diagonal turns negative.
Profits from front-week vol crush but requires bullish bias; heavy put hedging suggests downside risk, making it least aligned.
Outperforms: Sells front-week 1250 call, buys back-week 1160 call; gains from vol decline and time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High implied move (8.3% front-week) but 100% beat rate may set high expectations.
!Deep OTM put OI at $560 (max pain) suggests strong hedging; spot at ~$1085 far from that level.
!Gamma flip at $900: if spot drops below, dealers may amplify downside.

What to Watch

?Volume at $1200 call wall and put skew at 1070/1080.
?Max pain pinning behavior towards earnings.
?Gamma flip level at $900 and any large order flow shifts.
How to Use These Reports
This earnings reflects the market close on June 15, 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.