MU Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

6 / 10

base 5; +2 massive net premium (+$227M) & call-dominant P/C (0.79); +1 GEX/flow aligned (pinning, pro-cyclical); -2 spot below max pain & high IV (75%) creating headwind

Watch next session: Reaction to $366 spot vs. $378 max pain; Follow-through in $355-$360 call flow

Flow Summary

Net premium: +$227.4M bullish

P/C volume ratio: 0.79 — call-dominant

P/C OI ratio: 1.19 — moderate put lean

Strong bullish premium flow persists, but the character has shifted from explosive call buying to a more defensive posture with significant put hedging at lower strikes. The market is pinned below max pain, with institutions adding both upside calls and downside protection.

Notable Prints

MU 4/10 $210 Put

Vol: 6,289

OI: 277

Vol/OI: 22.7x

IV: 132.0%

Notional: ~$132M (6,289 * 100 * $210)

Intent: Large-scale downside protection / hedge

Dual read: Bought (bearish hedge) or sold (bullish, selling puts for premium)

Read-through: Massive volume in a deep OTM put (43% below spot) with extreme IV. This is almost certainly a hedge purchase, likely part of a collar or protective strategy for a large long position, not a directional bet on a crash to $210.

MU 4/10 $205 Put

Vol: 5,297

OI: 116

Vol/OI: 45.7x

IV: 135.2%

Notional: ~$109M

Intent: Hedge / Protective put

Dual read: Bought (hedge) or sold (premium sale)

Read-through: Another enormous, fresh hedge at an even lower strike. The clustering of high-volume activity at $205-$215 puts confirms institutional hedging is concentrated in the April 10th expiry, defining a catastrophic risk floor far below spot.

MU 4/10 $360 Call

Vol: 5,930

OI: 1,567

Vol/OI: 3.8x

IV: 67.2%

Notional: ~$217M

Intent: Fresh directional call buying / upside speculation

Dual read: Bought (bullish) or sold (covered call)

Read-through: Significant volume in a call just $6 below spot. Given the overwhelmingly bullish net premium context, this is likely fresh bullish positioning targeting a move above $360, potentially as a hedge against short puts or a standalone bet.

MU 4/10 $342.50 Put

Vol: 1,889

OI: 311

Vol/OI: 6.1x

IV: 68.0%

Notional: ~$65M

Intent: Near-term hedge / speculative put buy

Dual read: Bought (bearish) or sold (bullish put write)

Read-through: Volume in a put only 6.5% OTM is more meaningful for near-term direction. This could be a closer-in hedge or speculative bet on a pullback to the $342.50 level, which aligns with the gamma flip estimate and notable put OI.

MU 4/17 $740 Call

Vol: 682

OI: 149

Vol/OI: 4.6x

IV: 118.4%

Notional: ~$50M

Intent: Low-delta, high-upside lottery ticket

Dual read: Bought (speculative bullish) or sold (premium sale)

Read-through: A call over 100% OTM. In the context of bullish net premium, this is likely a cheap, speculative bet on an extreme move higher, not a core positioning signal.

Institutional Positioning

Call additions: $350-$380 calls per premium flow, with notable volume at $360C 4/10. Longer-dated speculative calls at $540 (5/1) and $740 (4/17) also seeing interest.

Put additions: Massive, concentrated hedging at deep OTM $205-$215 puts (4/10). Smaller but notable put flow at $342.50, closer to spot.

GEX/DEX consistency: Yes — Positive GEX (+$10.5M) in a 'Pinning' regime aligns with the spot trading below max pain and the mixed flow (bullish premium + hedging). Supports a mean-reverting pull toward max pain.

OI clusters: $400 Call (34,481 - major resistance/magnet), $300 Put (17,616 - major support), $200 Put (17,188). The $400C wall is a key upside target, while $300P provides a floor.

Hedging evidence: Overwhelming. The enormous volume in 4/10 $205-$215 puts is clear, large-scale catastrophic risk hedging. This suggests institutions are protecting substantial long exposure acquired during the prior bullish flow.

Max pain context: Spot ($366.24) is 3% below aggregate max pain ($378). This creates a mechanical pull higher, but the pinning GEX regime suggests the path may be choppy and contained.

Signal vs Noise

~The massive 4/10 put flow at $205-$215 is hedging noise, not a fresh directional bearish bet. It's catastrophic risk protection, likely paired with long stock or calls.

~High OI at deep OTM puts ($40, $200) is legacy/noise, not indicative of current flow.

~The $740 and $540 calls are low-probability lottery tickets; their volume, while unusual, should not be overweighted versus the core $350-$380 call flow.

Key Conclusions

🐂Net premium remains strongly bullish at +$227M, confirming institutional upside bias persists.

🛡️Flow has matured: massive deep OTM put hedging indicates institutions are protecting gains from prior bullish bets, not reversing course.

🧲Spot below max pain ($378) with positive GEX creates a mechanical pull higher, but the 'pinning' regime suggests a grind, not a breakout.

🎯Key levels: Upside magnet at $400 (call wall), immediate resistance at $378 (max pain), support at $342.50/$300 (put OI).

Read the Flow analysis for MU. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.