MU Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 massive net premium (+$488M) & call-dominant P/C (0.61); +1 GEX/flow aligned (trending, pro-cyclical); -1 spot below max pain & high IV (78%)

Watch next session: $360-$370 put OI build for 4/2 expiry; Call flow reaction if spot approaches $350

Flow Summary

Net premium: +$488.3M bullish

P/C volume ratio: 0.61 — extreme call-dominant volume

P/C OI ratio: 1.15 — moderate put lean in positioning

Massive, one-sided bullish premium flow is driving the narrative, with institutions aggressively buying calls. However, open interest remains skewed to puts, and spot is trading well below max pain, creating a tug-of-war between fresh bullish bets and existing defensive positioning.

Notable Prints

MU 4/2 $360 Put

Vol: 17,946

OI: 2,272

Vol/OI: 7.9x

IV: 59.0%

Notional: ~$606M (17,946 * 100 * $337.84)

Intent: Hedge/Protection for near-term long exposure

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

Read-through: Given the massive net bullish premium and high volume vs. OI, this is likely a large-scale purchase of protective puts by an institution with significant long stock/option exposure, hedging against a move below $360 before Friday.

MU 4/2 $370 Put

Vol: 16,913

OI: 2,027

Vol/OI: 8.3x

IV: 54.3%

Notional: ~$571M

Intent: Hedge/Protection

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

Read-through: Similar to the $360P, this is a large, fresh hedge. The clustering of high-volume put activity at $360, $362.50, $367.50, and $370 for the 4/2 expiry defines a clear defensive zone just above spot.

MU 4/2 $367.50 Put

Vol: 5,598

OI: 328

Vol/OI: 17.1x

IV: 55.5%

Notional: ~$189M

Intent: Fresh hedge or speculative put buy

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

Read-through: Extremely high volume-to-OI ratio indicates new positioning. In the context of other large put prints, this reinforces the $367.50 level as a key short-term risk boundary for bullish participants.

MU 4/17 $372.50 Call

Vol: 1,831

OI: 101

Vol/OI: 18.1x

IV: 69.3%

Notional: ~$62M

Intent: Fresh directional call buying

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

Read-through: This is a bullish outlier in a sea of near-term put flow. Buying calls 3 weeks out at a strike ~10% above spot suggests conviction in a move higher, potentially as a hedge against short puts or a standalone directional bet.

MU 4/10 $422.50 Call

Vol: 769

OI: 103

Vol/OI: 7.5x

IV: 66.8%

Notional: ~$26M

Intent: Low-delta, high-upside lottery ticket

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

Read-through: A call 25% OTM bought 10 days out. This is a pure, low-probability bullish speculation, aligning with the aggressive call-buying sentiment but targeting a much more explosive move.

Institutional Positioning

Call additions: Aggressive buying concentrated at $350, $360, and $400 strikes per premium flow. Longer-dated calls at $372.50 (4/17) and $422.50 (4/10) also seeing fresh interest.

Put additions: Massive, concentrated hedging at $360-$377.50 for the 4/2 expiry. This is likely institutional protection for existing long exposure.

GEX/DEX consistency: Yes — Negative GEX (-$7.4M) in a 'Trending' regime aligns with the high-vol, pro-cyclical environment and supports large directional moves, which the bullish flow is betting on.

OI clusters: Major OI clusters: $400 Call (33,960 - a distant magnet/wall), $300 Put (17,355 - major support), $200 Put (17,208). These create a wide potential range with a bullish skew in calls far OTM and a put floor at $300.

Hedging evidence: Overwhelming. The enormous volume in 4/2 puts at $360-$377.50 is clear, large-scale hedging activity, likely paired with long stock or deep ITM calls.

Max pain context: Spot ($337.84) is significantly below the aggregate max pain (~$378). This creates a strong mechanical pull higher towards $350-$380 over time, which aligns with the bullish call flow thesis.

Signal vs Noise

~The massive 4/2 put flow at $360-$377.50 is likely hedging noise, not a fresh directional bearish bet. It's protection for the substantial bullish exposure evidenced by the net premium.

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

~The $400 Call OI (33,960) is a large, sticky position that acts as a price magnet but is not necessarily from today's flow.

Key Conclusions

💰Extreme +$488M net premium is the dominant signal, showing institutional conviction in upside.

🛡️Massive near-term put buying is hedging, not directional—protecting large long positions.

🧲Spot well below max pain (~$378) creates a mechanical tailwind for a move toward $350-$380.

⚡Negative GEX in a high-IV, trending regime supports explosive moves, fitting the bullish flow thesis.

Read the Flow analysis for MU for 2026-03-31. 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.