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MU

Micron Technology, Inc.Close $1211.38EOD only
Max Pain
$1000.00
Next expiry Jun 26, 2026
Expected Move
±$159.15
13.1% from close
Price Gap
-211.38
Distance to max pain
IV Rank
60
Middle-high premium
P/C OI
1.48
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 22, 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 22, 2026 close
MU Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU reports tomorrow with elevated IV and strong historical beat rate. Market context sharply lower but gamma pinning near $1035. Confidence high in setup.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 19
Most important: High confidence with vol regime and flow alignment; watch pin action near $1035.
📊100% historical beat rate vs 12.9% expected move – implied volatility rich?
⚠️QQQ down 3.3% on day prior – risk of macro drag

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 12,577 (23.9% below spot)

Earnings Overview

Next earnings: 2026-06-24 (1 days)explicit

Expected moves:

  • 2026-06-26 (3d): ±$135.43 (12.9%)
  • 2026-07-02 (9d): ±$172.57 (16.4%)
  • 2026-07-10 (17d): ±$207.57 (19.7%)

IV Setup

Term structure: Front-end IV elevated; 3d implied move ~12.9%, 9d ~16.4%, 17d ~19.7%.

Crush estimate: Significant crush expected post-earnings; near-term IV likely halves.

Skew: Skew steepened by deep OTM put buying at $550; put OI 1.5x calls.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: 100% beat rate last 4 quarters; typical move not quantified.

Directional bias: Bullish bias from consistent beats.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $916.35/$1187.20; 1w $879.20/$1224.35
3Max pain pins: $1035 (2026-06-26); $1000 (2026-07-02); $990 (2026-07-10)

Flow Highlights

Deep OTM put sweep at $550 (vol/OI 16.2)

Tail hedge or speculative positioning; unlikely directional.

Large volume in $1055-$1080 strikes

Closing/migration ahead of earnings; pinning near max pain $1035.

Strategies

Iron Condor
Sell 2026-07-02 $1010.00/$1005.00 put wing and $1080.00/$1090.00 call wing
Credit: $6.14-$7.51
Max loss: $2.49
Max gain: $7.51
BE: 1002.49 / 1087.51
Trigger: Exit at 50% gain or before earnings if pinned.
Best fit for pinning near $1035 with elevated IV and defined risk.
Outperforms: Sell credit spread around expected move to capture crush/pin.
Underperforms: Move outside short strikes invalidates range thesis.
Put Calendar
Sell 2026-07-02 $1010.00 put / buy 2026-07-10 $1010.00 put
Debit: $15.41-$18.84
Max loss: $18.84
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot breaks below $1035.
Exploits front-end IV premium over back-month with downside protection from beats.
Outperforms: Sell near-term put, buy later-dated put to benefit from volatility skew.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull Call Spread
Buy 2026-07-02 $995.00/$1130.00 call spread
Debit: $53.28-$65.12
Max loss: $65.12
Max gain: $69.88
BE: $1060.12
Trigger: Exit on break below $1035 or target profit.
Leverages bullish bias with defined risk, but lower probability given pin.
Outperforms: Buy call spread to profit from directional move.
Underperforms: Loss of support weakens upside continuation thesis.
Long straddle
Buy 2026-07-02 $1075.00 put + buy $1075.00 call
Debit: $158.53-$193.77
Max loss: $193.77
Max gain: Unlimited
BE: 881.23 / 1268.77
Elevated IV, strong beat history, expected crush post-event.
Outperforms: Buy volatility into earnings; capture large implied move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!Large expected move ±12.9% over 3 days
!QQQ weakness may amplify downside
!Gamma flip at 800; aggressive hedging if spot breaks

What to Watch

?Spot reaction to $1035 max pain and $1000 support
?Whether deep OTM put activity expands
?Guidance tone given AI/high-bandwidth demand
How to Use These Reports
This earnings reflects the market close on June 23, 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.