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MU

Micron Technology, Inc.Close $1051.77EOD only
Max Pain
$1035.00
Next expiry Jun 26, 2026
Expected Move
±$135.43
12.9% from close
Price Gap
-16.77
Distance to max pain
IV Rank
56
Middle-high premium
P/C OI
1.49
Slightly put-heavy
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 23, 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 23, 2026 close
MU Earnings Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings 6/26, 100% beat rate, high IV, mixed flow but gamma pinning near MP.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.1% from MP; +0.5 VIX 19
Most important: Watch $1050 max pain for pinning; unusual deep OTM put activity.
⚠️Unusual $60 Put volume hints at tail risk positioning.
📈100% beat rate over 5 quarters supports bullish bias.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
At
Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 12,999 (4.6% below spot)

Earnings Overview

Expected moves:

  • 2026-06-26 (2d): ±$116.82 (11.1%)
  • 2026-07-02 (8d): ±$158.18 (15.1%)
  • 2026-07-10 (16d): ±$194.30 (18.5%)

IV Setup

Term structure: Front-end IV extremely elevated (~11% 2d move), downward sloping through 16d.

Crush estimate: Expected crush ~60-70% post-earnings.

Skew: Put skewed with high P/C OI ratio 1.47.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: 100% beat rate; avg move vs expected N/A.

Directional bias: Historically bullish post-earnings (5/5 beats).

Key Levels

1$1000.00 gamma flip
2EM guardrails: 2d $931.69/$1165.34; 1w $890.34/$1206.69
3Max pain pins: $1050 (2026-06-26); $1000 (2026-07-02); $1000 (2026-07-10)

Flow Highlights

Unusual $60 Put: 9502 vol vs 122 OI, IV 601%

Likely tail hedging or lottery plays, not directional.

High vol/oi calls at $1020-$1055 near expiry

Bullish positioning pinned to max pain.

Strategies

Short Strangle - IV Crush Play
Sell 2026-07-02 $1000.00 put + sell $1095.00 call
Credit: $102.85-$125.70
Max loss: Unlimited
Max gain: $125.70
BE: 874.30 / 1220.70
Trigger: Close if price approaches $1000 or $1095 sharply; monitor gamma risk.
Capitalizes on expected 60-70% IV crush and gamma pinning near $1050 max pain.
Outperforms: Sell put at $1000 and call at $1095, profiting from volatility drop and pinning.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Calendar - Volatility Skew Play
Sell 2026-07-02 $1050.00 call / buy 2026-07-10 $1050.00 call
Debit: $17.08-$20.87
Max loss: $20.87
Max gain: Variable
BE: Path-dependent
Trigger: Roll or close if spot breaches $1000 invalidation level.
Front-end IV extremely elevated; historical bullish post-earnings bias supports upside.
Outperforms: Buy back-month call and sell front-month call at $1050 to exploit IV term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put Calendar - Hedging Demand Play
Sell 2026-07-02 $1050.00 put / buy 2026-07-10 $1050.00 put
Debit: $15.44-$18.87
Max loss: $18.87
Max gain: Variable
BE: Path-dependent
Trigger: Watch $1000 invalidation; adjust if spot drops sharply.
Deep OTM put activity suggests hedging; IV crush benefits short front put.
Outperforms: Sell front-month put and buy back-month put at $1050, profiting from time decay and IV crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV crush risk post-event.
!Deep OTM put activity may indicate downside hedging.
!Gamma flip at $1000 could accelerate moves.

What to Watch

?Price action relative to $1050 max pain.
?Gamma flip level at $1000 (4.6% below spot).
?Call wall at $1200 resistance.
How to Use These Reports
This earnings reflects the market close on June 24, 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.