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MU

Micron Technology, Inc.Close $1048.51EOD only

Max Pain

$1050.00

Next expiry Jun 26, 2026

Expected Move

±$116.83

11.1% from close

Price Gap

+1.49

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.47

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 24, 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 24, 2026 close

MU Earnings Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Earnings Verdict

MU earnings: strong recent beat rate but current put flow signals hedging. Key levels: resistance 1250, support 1120. IV elevated; downside risk from memory pricing cycles.

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 16.7% from MP; +0.5 VIX 19

Most important: IV elevated; deep OTM put activity; memory pricing headwinds pose fundamental risk.

🚨Unusual put activity at deep OTM strikes suggests tail risk hedging

📊High put/call OI ratio 1.49 indicates bearish sentiment

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 16,893 (17.6% below spot)

Earnings Overview

Expected moves:

2026-06-26 (1d): ±$27.45 (2.3%)
2026-07-02 (7d): ±$66.85 (5.5%)
2026-07-10 (15d): ±$92.75 (7.6%)

IV Setup

Term structure: Front-end elevated, backwardation pre-earnings

Crush estimate: 50-70% drop post-event

Skew: Put skew elevated; heavy downside hedging via deep OTM puts

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Beat rate 3 of last 4, avg move near implied

Directional bias: Mixed; past beats bullish but current put flow cautious

Key Levels

1$1000.00 gamma flip

2EM guardrails: 2d $1186.11/$1241.01; 1w $1146.71/$1280.41

3Max pain pins: $1040 (2026-06-26); $1000 (2026-07-02); $1000 (2026-07-10)

Flow Highlights

Large put sweeps at $675 and $605 strikes

Aggressive downside hedging, tail risk protection

Call volume at $1400 strike 7/2 expiry

Bullish speculation, smaller relative size

Strategies

Iron Condor

Sell 2026-07-02 $1150.00/$1070.00 put wing and $1310.00/$1390.00 call wing

Credit: $32.96-$40.29

Max loss: $39.71

Max gain: $40.29

BE: 1109.71 / 1350.29

Trigger: Exit at 50% max gain or before earnings to avoid gap.

Captures high IV with defined risk, ideal for backwardation and crush.

Outperforms: Sells put and call wings at key support/resistance, profiting from range-bound movement and IV decline.

Underperforms: Move outside short strikes invalidates range thesis.

Short Strangle

Sell 2026-07-02 $1150.00 put + sell $1310.00 call

Credit: $60.41-$73.84

Max loss: Unlimited

Max gain: $73.84

BE: 1076.16 / 1383.84

Trigger: Set stop-loss at break-even; adjust strikes if levels approach.

Higher premium than iron condor; supported by recent support/resistance levels.

Outperforms: Sells OTM put and call, betting stock stays within range amid elevated IV.

Underperforms: Break outside short strikes invalidates short-vol thesis.

Call Diagonal

Sell 2026-07-02 $1310.00 call / buy 2026-07-31 $1270.00 call

Debit: $77.81-$95.10

Max loss: $95.10

Max gain: Variable

BE: Path-dependent

Trigger: Roll if underlying breaches short strike; take profit on decay.

Exploits front-end volatility decay while maintaining bullish bias.

Outperforms: Sells front-month call, buys later expiration call; benefits from time decay and term structure.

Underperforms: Loss of support or adverse vol term shift weakens thesis.

Long strangle

Buy 2026-07-10 $1170.00 put + buy $1250.00 call

Debit: $129.22-$157.93

Max loss: $157.93

Max gain: Unlimited

BE: 1012.07 / 1407.93

Elevated IV and deep OTM put hedging suggest uncertainty; strangle benefits from post-earnings price expansion.

Outperforms: Buy cheap volatility hedge ahead of earnings to capture large move in either direction.

Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Gap risk above $1250 resistance

!Gamma pin near $1040 max pain

!Post-earnings IV crush

!Memory pricing headwinds and cyclical demand

!AI demand versus traditional compute shift

What to Watch

?Price reaction at $1250 resistance

?IV crush magnitude (expected 50-70%)

?Unwind of deep OTM put hedges

?Memory pricing commentary on call

How to Use These Reports

This earnings reflects the market close on June 25, 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.