thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $1133.99EOD only
Max Pain
$970.00
Next expiry Jun 26, 2026
Expected Move
±$162.10
14.3% from close
Price Gap
-163.99
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
1.39
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
MU Earnings Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings setup with high IV, heavy put activity, and perfect historical beat rate; market expects large move.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 21.1% from MP; +1 VIX 17
Most important: Heavy put OI at $1000 suggests downside floor; but spot well above MP creating pinning risk.
📊100% beat rate historically (4/4 quarters).
⚠️IV at extreme levels; crush likely significant.
🔻Heavy put activity at $1000 and $1180.
🚀Strong net premium flow suggests institutional interest.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 13,886 (17.4% below spot)

Earnings Overview

Next earnings: 2026-06-24 (2 days)explicit

Expected moves:

  • 2026-06-26 (4d): ±$159.15 (13.1%)
  • 2026-07-02 (10d): ±$103.50 (8.5%)
  • 2026-07-10 (18d): ±$122.70 (10.1%)

IV Setup

Term structure: Backwardated; front-week IV elevated for earnings, longer-dated lower.

Crush estimate: Significant crush expected; ~30-50% IV drop post-event.

Skew: Put skew elevated; heavy activity at $1000 and $1180 strikes.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Limited data; 4/4 beats but move magnitude variable.

Directional bias: Bullish bias from perfect beat rate; but not predictive of magnitude.

Key Levels

1$1000.00 gamma flip
2EM guardrails: 1w $1107.88/$1314.88
3Max pain pins: $1000 (2026-06-26); $1000 (2026-07-02); $950 (2026-07-10)

Flow Highlights

Unusual put volume at $1180 (25.8x OI) and call at $1195 (24.3x OI).

Conflicting directional signals; positioning for sharp move.

Put OI concentration at $1000 (17.4% below spot).

Indicates strong put floor; potential support.

Strategies

Short Strangle
Sell 2026-06-26 $1170.00 put + sell $1250.00 call
Credit: $109.51-$133.84
Max loss: Unlimited
Max gain: $133.84
BE: 1036.16 / 1383.84
Trigger: Close before earnings if IV already compressed; set stop-loss on breach of strikes.
Highest rank due to liquidity and high IV crush; backwardation supports short premium.
Outperforms: Sells OTM put and call to capture premium decay as IV contracts post-earnings.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long Strangle
Buy 2026-07-02 $1115.00 put + buy $1380.00 call
Debit: $91.37-$111.68
Max loss: $111.68
Max gain: Unlimited
BE: 1003.32 / 1491.68
Trigger: Sell one side early if directional bias emerges; let other side run.
Cheaper than straddle yet profits from large moves; good alternative if direction uncertain.
Outperforms: Buys OTM put and call to benefit from outsized move beyond cost.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long Straddle
Buy 2026-07-02 $1240.00 put + buy $1240.00 call
Debit: $185.58-$226.82
Max loss: $226.82
Max gain: Unlimited
BE: 1013.18 / 1466.82
Trigger: Monitor IV crush; consider closing before expiration if move fails to materialize. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
Captures any large move but expensive; lower priority due to high cost and lower liquidity.
Outperforms: Buys ATM put and call to profit from a large price swing regardless of direction.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Earnings miss despite beat rate could cause sharp decline.
!High IV leads to crush if move smaller than expected.
!Heavy put activity may reflect hedging, not directional bet.
!Mixed flow with large net premium but high put/call OI ratio.

What to Watch

?Earnings release June 24 after close.
?Guidance on DRAM/NAND demand.
?Post-earnings IV crush magnitude.
?Key levels: $1088 support, $1334 resistance.
How to Use These Reports
This earnings reflects the market close on June 22, 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.