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 April 2, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
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
Notable Prints
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.
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.
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.
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.
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
Key Conclusions
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