MU Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP

Watch next session: $400C OI buildup (35,037 OI); Gamma pinning near $380-$390; Put flow at $375-$380

Flow Summary

Net premium: +$225.5M bullish

P/C volume ratio: 0.51 — extreme call dominance

P/C OI ratio: 1.20 — put OI lean (contradicts volume flow)

Massive call buying with $225.5M net premium bullish, but open interest shows puts dominate overall positioning. This suggests institutions are actively buying calls while maintaining longer-term put hedges.

Notable Prints

MU 2026-04-10 $380 Call

Vol: 21,050

OI: 2,565

Vol/OI: 8.2x

IV: 81.3%

Notional: ~$246.7M (21,050 contracts × $11.72 avg price × 100)

Intent: Fresh directional call buying near spot

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

Read-through: Most significant near-term flow, aligns with bullish regime

MU 2026-05-01 $400 Call

Vol: 22,756

OI: 3,605

Vol/OI: 6.3x

IV: 72.5%

Notional: ~$44.4M (22,756 contracts × $19.50 avg price × 100)

Intent: Directional call buying for May expiration

Dual read: Bought (bullish extension) or spread leg

Read-through: Targeting $400 breakout beyond near-term max pain

MU 2026-04-10 $425 Call

Vol: 12,892

OI: 2,121

Vol/OI: 6.1x

IV: 82.7%

Notional: ~$17.9M (12,892 contracts × $1.39 avg price × 100)

Intent: Lottery ticket call buying

Dual read: Bought (high-risk bullish) or sold (premium collection)

Read-through: Low-cost speculation on move to $425 (+12.5% from spot)

MU 2026-04-10 $380 Put

Vol: 7,355

OI: 951

Vol/OI: 7.7x

IV: 79.3%

Notional: ~$101.1M (7,355 contracts × $13.75 avg price × 100)

Intent: Hedge or protective put buying

Dual read: Bought (bearish protection) or sold (covered put writing)

Read-through: Likely hedging against $380 breakdown, complements call flow

MU 2026-04-10 $570 Call

Vol: 2,313

OI: 164

Vol/OI: 14.1x

IV: 115.6%

Notional: ~$2,313 (2,313 contracts × $0.01 avg price × 100)

Intent: Noise or nominal position

Dual read: Bought (extreme lottery) or closing trade

Read-through: Minimal notional value, likely irrelevant for directional signals

Institutional Positioning

Call additions: $380-$400 calls across April/May expirations, with $400C seeing $79.1M net premium

Put additions: Protective puts at $300-$350 (large OI clusters), with $380P active hedging

GEX/DEX consistency: Yes — positive GEX of $+24.0M aligns with bullish flow and pinning regime

OI clusters: $400 call wall (35,037 OI), $300 put floor (17,349 OI), $200 put floor (17,192 OI)

Hedging evidence: Clear put OI concentration below spot ($200-$350) suggests institutional downside protection

Max pain context: Near-term max pain at $360, but spot at $377.76 above with call flow targeting $400+

Signal vs Noise

~$570C 2026-04-10: Minimal notional value (~$2,313), likely noise or closing trade

~Deep OTM puts at $40-$120: Far from spot (-70% to -89%), likely legacy positions or hedging unrelated to current flow

~$800C/P flow: Net negative premium but small size, likely spread legs or adjustments

Key Conclusions

🐂Massive $225.5M net premium bullish with extreme call volume dominance (P/C 0.51)

📌Gamma pinning regime with positive GEX ($+24.0M) creating magnet near $380-$415

🛡️Institutional put OI at $200-$350 provides downside buffer despite bullish flow

Read the Flow analysis for MU for 2026-04-06. 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.