MU
Micron Technology, Inc.Close $731.99EOD onlyThis page reflects MU options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
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
Notable Prints
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.
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.
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.
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.
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
Key Conclusions
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