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MU

Micron Technology, Inc.Close $751.00EOD only

Max Pain

$690.00

Next expiry May 29, 2026

Expected Move

±$65.55

8.7% from close

Price Gap

-61.00

Distance to max pain

IV Rank

High premium

P/C OI

1.31

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 22, 2026 close

End-of-day snapshot

This page reflects MU options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 22, 2026 close

MU Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 7, 2026. A newer flow report is available for May 22, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Watch next session: $400 strikes — further call premium / OI accumulation; Heavy put activity or bid at $365-$372.50 that drives P/C volume ratio >0.9

Flow Summary

Net premium: +$210.5M bullish

P/C volume ratio: 0.57 — call-dominant on flow

P/C OI ratio: 1.16 — put OI heavier (longer-dated / structural hedges) vs today's call-heavy volume

Today's flow is decisively bullish: large gross call premium concentrated at $400, $350, $370 and heavy near-term call volumes around spot. Dealers are net long gamma (GEX +$30.3M) and the flow aligns with pinning toward the $370–$400 range while structural put OI remains as a downside floor.

Notable Prints

MU 2026-04-10 $375 Call

Vol: 15,382

OI: 2,179

Vol/OI: 7.1x

IV: 86.5%

Notional: ~$19.99M

Intent: Fresh directional call buying / bullish exposure into 4/10

Dual read: Could be buy-to-open directional calls or sell/overwrite leg of a larger structured trade, but size and concentrated premium point to directional

Read-through: Material bullish exposure near spot that increases dealer short-delta and supports pinning between $370–$380 if not offset

MU 2026-04-10 $370 Call

Vol: 11,456

OI: 2,209

Vol/OI: 5.2x

IV: 87.1%

Notional: ~$18.33M

Intent: Tactical bullish call accumulation (ITM) into the front-week expiry

Dual read: Bought calls (bullish) or part of roll/vertical structures; ITM nature favors directional delta exposure

Read-through: Adds immediate upside gamma pressure for dealers; increases probability dealers hedge by buying spot into rises

MU 2026-04-10 $372.50 Put

Vol: 7,972

OI: 833

Vol/OI: 9.6x

IV: 84.9%

Notional: ~$7.30M

Intent: Either protective short-dated hedges or part of a short-dated put leg of a two-way structure (straddle/strangle)

Dual read: Bought puts (bearish/hedge) or sold as part of a conversion/complex spread (neutral); high vol/oi ratio suggests a fresh trade rather than roll

Read-through: Significant front-week put demand right at ~1% OTM — could be short-dated downside protection against gap risk, which temp mutes bullishness near close

MU 2026-04-10 $365 Put

Vol: 12,328

OI: 1,684

Vol/OI: 7.3x

IV: 87.6%

Notional: ~$8.01M

Intent: Protective hedging or speculative short-term downside put buying

Dual read: Bought puts (hedge/spec) or sold into a larger spread; size implies institutional hedging interest

Read-through: Institutions are establishing short-dated downside protection around $365, indicating caution despite overall call-heavy premium flow

MU 2026-04-10 $372.50 Call

Vol: 6,252

OI: 737

Vol/OI: 8.5x

IV: 87.1%

Notional: ~$9.03M

Intent: Front-week call buying (ITM) — directional upside exposure

Dual read: Bought calls (bullish) or sold calls tied to larger trades, but paired with $372.50 put activity it looks like heavy front-week two-way positioning (straddle/strangle) as well

Read-through: Paired heavy call and put flow at the same strike suggests either aggressive directional buying or active front-week volatility plays; net premium data favors bullish reading

Institutional Positioning

Call additions: $400, $350, $370, $380 strikes — heavy premium flow at $400 ($47.4M call premium net) and large front-week call volumes at $370-$380

Put additions: Front-week protective puts concentrated at $365-$372.50 and larger structural put OI clusters at $300 and $200 indicating longer-term downside floors

GEX/DEX consistency: Yes — positive GEX (+$30.3M) and DEX (+65.2M shares) are consistent with the bullish/ pinning flow and call-heavy premium

OI clusters: Call wall concentrated $400-$415 (multi-exp OI: $400 call OIs 35,339 / 13,541 / 11,363 across series; $415 OI 13,729) — creates upside resistance/pin magnet; put floor concentrated around $200-$300 (put OI 17,545 at $300; 17,366/14,604 at $200)

Hedging evidence: Clear short-dated protective puts ($365, $372.50, $350) — evidence of institutional hedging into large call accumulation. Long-dated structural puts at $300 and $200 indicate macro downside protection rather than immediate bearish conviction

Max pain context: Front-week MP is $370 (2026-04-10) with heavy call flow pushing premium above — dealers are likely trying to pin/hold price in the $370–$400 corridor before expiration

Signal vs Noise

~Paired heavy volume at $372.50 (both call and put) likely includes straddle/strangle or volatility plays — not purely directional without further size context

~Large call premium at $400 across expirations can be structured (call spreads, buy-writes) and may reflect longer-dated positioning rather than immediate directional conviction

~High front-week activity is consistent with expiration-related rebalancing (4/10 expiry) — expect rolls and position compressions that can look like directional activity but are often neutralizing

~Elevated IV (ATM 84.6% for 4/10) increases premiums and dealer gamma hedging — some volume may be market-maker inventory adjustments rather than pure buy-to-open directional bets

Key Conclusions

🐂Net premium is strongly bullish ($210.5M) with call-dominant flow centered at $350–$415, pushing dealers into positive GEX and supporting upside pinning.

📌Front-week pin risk: Max Pain $370 (4/10) and concentrated GEX at $400/$380/$415 create a pinning corridor — price likely to be magnetized in $370–$400 absent large external shocks.

🛡️Simultaneous heavy short-dated puts at $365–$372.50 indicate institutional hedging; expect put protection to cap aggressive upside intraday and to be re-priced into close.

⚖️Put OI still heavier (P/C OI 1.16) — structural downside floors at $300/$200 remain in place even as near-term flow is bullish; this is asymmetric risk management, not full bearish conviction.

👀Watch $400 strikes for further call accumulation or roll activity — a follow-through there would confirm a sustained bullish leg and put more pin pressure through 4/10–4/17.

How to Use These Reports

This flow reflects the market close on April 7, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.