thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $1213.56EOD only
Max Pain
$1040.00
Next expiry Jun 26, 2026
Expected Move
±$27.45
2.3% from close
Price Gap
-173.56
Distance to max pain
IV Rank
63
High premium
P/C OI
1.49
Slightly put-heavy
Consensus
5.0/10
Range bias
Published snapshot: Jun 25, 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 25, 2026 close
MU Earnings Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

MU earnings 89d out; 100% beat rate; high vol with pinning gamma. Flow mixed, large put/call OI ratio.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.4% from MP; +0.5 VIX 18
Most important: 100% beat rate and pinning gamma suggest limited downside, but 89d wait elevates uncertainty.
🔴Put OI ratio 1.57; bearish skew.
🟢100% beat rate supports bullish bias.

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 21,059 (11.7% below spot)

Earnings Overview

Next earnings: 2026-09-23 (89 days)explicit

Expected moves:

  • 2026-07-02 (6d): ±$110.93 (9.8%)
  • 2026-07-10 (14d): ±$163.65 (14.5%)
  • 2026-07-17 (21d): ±$199.08 (17.6%)

IV Setup

Term structure: Expected moves: 9.8% (6d) to 17.6% (21d) imply rising IV with time.

Crush estimate: Crush magnitude unknown; typical MU post-earnings ~30%?

Skew: Put OI concentration 11.7% below spot indicates downside protection.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; beat rate 100% (5/5 quarters).

Directional bias: Recent beats drove positive moves, but bias not explicit.

Key Levels

1$1000.00 gamma flip
2EM guardrails: 1w $1021.40/$1243.25
3Max pain pins: $1085 (2026-06-26); $1090 (2026-07-02); $1020 (2026-07-10)

Flow Highlights

Unusual prints: large $140 put (7/2) and deep OTM calls near expiry.

Hedging or tail risk bets on puts; speculative calls.

Strategies

Bull Call Spread
Buy 2026-09-18 $1100.00/$1150.00 call spread
Debit: $20.54-$25.11
Max loss: $25.11
Max gain: $24.89
BE: $1125.11
Trigger: Exit at 50% profit or at earnings; stop at 1085 invalidation.
100% beat rate supports bullish stance; defined risk and 5d expiry reduce uncertainty.
Outperforms: Bullish play buying 1100/1150 call spread, capped at 1150 call wall.
Underperforms: Loss of support weakens upside continuation thesis.
Iron Condor
Sell 2026-07-10 $1045.00/$985.00 put wing and $1260.00/$1320.00 call wing
Credit: $27.27-$33.33
Max loss: $26.67
Max gain: $33.33
BE: 1011.67 / 1293.33
Trigger: Close if price approaches wings; otherwise hold to expiry.
Nearest expiry captures theta decay; wide wings protect gamma; pinning gamma supports range.
Outperforms: Short volatility play selling OTM put and call wings around expected range.
Underperforms: Move outside short strikes invalidates range thesis.
Long Strangle
Buy 2026-09-18 $1090.00 put + buy $1150.00 call
Debit: $324.29-$396.36
Max loss: $396.36
Max gain: Unlimited
BE: 693.64 / 1546.36
Trigger: Set stop-loss at 50% of premium; take profit on one leg if move occurs.
High IV and call wall at 1150 suggest both sides potential; defined risk from unlimited upside.
Outperforms: Buy OTM put (1090) and call (1150) to capture large move with limited risk.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long straddle
Buy 2026-09-18 $1100.00 put + buy $1100.00 call
Debit: $348.30-$425.70
Max loss: $425.70
Max gain: Unlimited
BE: 674.30 / 1525.70
High IV and pinning gamma near 1100 limit downside.
Outperforms: Buy vol pre-earnings; 100% beat rate suggests large move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!89d to event; time decay risk.
!High implied move but historical beat rate may understate uncertainty.

What to Watch

?Gamma flip near $140.
?Call OI wall at $150.
How to Use These Reports
This earnings reflects the market close on June 26, 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.