thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $1043.19EOD only
Max Pain
$660.00
Next expiry Jun 18, 2026
Expected Move
±$49.53
4.8% from close
Price Gap
-383.19
Distance to max pain
IV Rank
100
High premium
P/C OI
1.44
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 17, 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 17, 2026 close
MU Earnings Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings June 24, high IV, strong put skew, 100% beat rate. Spot above max pain $970. Massive put hedging suggests downside risk.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 71.8% from MP; +1 VIX 17
Most important: High expected move (14.3%) and extreme put skew indicate potential large move, likely downside.
⚠️$540 put IV >220% implies high probability of large drop.
📈100% beat rate historically; earnings consistently beat.
🛡️Heavy put hedging suggests institutions protecting downside despite beat rate.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 11,734 (29.5% below spot)

Earnings Overview

Next earnings: 2026-06-24 (6 days)explicit

Expected moves:

  • 2026-06-26 (8d): ±$162.10 (14.3%)
  • 2026-07-02 (14d): ±$100.35 (8.8%)
  • 2026-07-10 (22d): ±$232.40 (20.5%)

IV Setup

Term structure: Front-end elevated (8d ~14.3% implied), downward sloping; longer-dated still high.

Crush estimate: Significant IV crush post-earnings, 30-50% drop in front-month IV.

Skew: Put skew extremely steep; deep OTM puts with IV >200% signal heavy downside hedging.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Not available; 100% beat rate but actual moves often exceed implied.

Directional bias: Bullish from beats, but put activity cautious.

Key Levels

1$800.00 gamma flip
2EM guardrails: 1w $971.89/$1296.09
3Max pain pins: $660 (2026-06-18); $970 (2026-06-26); $920 (2026-07-02)

Flow Highlights

Massive put buying at $1100 and $1000 strikes for event week.

Institutional downside hedging.

Unusual deep OTM puts ($65, $115) far out (July/Aug).

Tail risk hedging for potential large drop.

Strategies

Iron Condor Premium Harvest
Sell 2026-06-26 $1035.00/$1030.00 put wing and $1235.00/$1240.00 call wing
Credit: $2.07-$2.53
Max loss: $2.47
Max gain: $2.53
BE: 1032.47 / 1237.53
Trigger: Close at 50% max profit or adjust if spot nears wings
Best risk/reward given high IV and expected move; limited tail risk
Outperforms: Sells OTM wings to collect elevated premium, benefiting from IV crush
Underperforms: Move outside short strikes invalidates range thesis.
Put Diagonal Skew Play
Sell 2026-06-26 $1035.00 put / buy 2026-07-17 $1030.00 put
Debit: $37.03-$45.26
Max loss: $45.26
Max gain: Variable
BE: Path-dependent
Trigger: Manage if spot drops below short strike; roll if necessary
Exploits front-end IV premium and put skew; downside hedged
Outperforms: Sells short-dated put, buys later-dated put to profit from skew and time decay
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Call diagonal
Sell 2026-06-26 $1235.00 call / buy 2026-07-17 $1230.00 call
Debit: $46.28-$56.57
Max loss: $56.57
Max gain: Variable
BE: Path-dependent
Beat history bullish but cautious; diagonal cheapens cost; term structure favorable for long vol.
Outperforms: Bullish diagonal; sell front-month OTM call, buy back-month ATM call; benefit from IV crush and term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!Price gap: expected move 14.3% but could exceed.
!IV crush: post-event IV drop erodes premium.
!Gamma flip at 800; spot above MP could pin or squeeze.

What to Watch

?Max pain $970; spot above may seek that level.
?Unusual put volume at $1100 and $1000.
?VIX and market context; low VIX may amplify move.
How to Use These Reports
This earnings reflects the market close on June 18, 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.