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MU

Micron Technology, Inc.Close $971.00EOD only

Max Pain

$820.00

Next expiry Jun 5, 2026

Expected Move

±$107.40

11.1% from close

Price Gap

-151.00

Distance to max pain

IV Rank

100

High premium

P/C OI

1.47

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 29, 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 29, 2026 close

MU Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 9.9% from MP

Watch next session: Activity at $400-$405 strikes (do large put positions roll/close or persist); Premium and OI movement at $420-$430 calls (additional flow would strengthen bullish thesis)

Flow Summary

Net premium: +$414.2M bullish

P/C volume ratio: 0.69 — call-dominant on volume

P/C OI ratio: 1.14 — modest put-heavy positioning in OI relative to calls (puts concentrated longer-dated/hedge positions)

Large, concentrated premium into calls (notably $400, $450, $430, $410 strikes) alongside heavy short-dated put buying around $395-$415. Dealers are long gamma (GEX +$82.1M) and positioned to pin near $400; flow looks like institutional directional call accumulation with short-term protective put hedges.

Notable Prints

MU260410P00405000 PUT $405.00 exp 2026-04-10

Vol: 13,659

OI: 355

Vol/OI: 38.5x

IV: 77.1%

Notional: ~$11.39M

Intent: Short-dated protective put buying / tail hedge (expiry Apr 10) against near-term downside

Dual read: Bought puts (defensive/hedge) OR large seller opening (less likely given high vol/OI and nearby expir)

Read-through: High-probability institutional protection concentrated at-the-money for Apr10 — dealers absorb short-dated put deltas, increasing pin pressure at $400-$405 and reinforcing short-term support via positive GEX.

MU260410P00410000 PUT $410.00 exp 2026-04-10

Vol: 6,054

OI: 254

Vol/OI: 23.8x

IV: 76.7%

Notional: ~$7.02M

Intent: Near-term protective put purchases (ITM relative to spot) — tactical downside insurance

Dual read: Bought puts (protective) OR aggressive positioning to force pinning near $410; but timing and concentration suggest hedging ahead of expiry

Read-through: Reinforces the view that short-dated buyers are buying strikes right around spot, which increases dealer short-dated short-delta and therefore gamma pinning pressure near $400-$415.

MU260410P00400000 PUT $400.00 exp 2026-04-10

Vol: 12,775

OI: 1,209

Vol/OI: 10.6x

IV: 78.6%

Notional: ~$8.12M

Intent: Large short-dated put accumulation at a key strike — protective or speculative downside exposure

Dual read: Protective buys vs. sellers opening synthetic/complex structures; context (other put buys) points to protection

Read-through: Given $400 is a major GEX concentration (+$18.9M) and top premium flow strike, this print amplifies expiry pin risk toward $400 and keeps dealers short delta into Apr10.

MU260501C00430000 CALL $430.00 exp 2026-05-01

Vol: 10,220

OI: 1,306

Vol/OI: 7.8x

IV: 70.0%

Notional: ~$19.58M

Intent: Medium-dated directional call accumulation (bullish exposure) or call spread leg into May

Dual read: Opened bullish calls (directional) OR part of paid-call spread; volume/OI and top-premium flow at $430 suggest fresh bullish risk-taking

Read-through: Substantial call premium into May at $430 supports institutional bullish bias beyond the Apr expiries and signals conviction in upside continuation toward the $420-$430 region.

MU260410P00395000 PUT $395.00 exp 2026-04-10

Vol: 3,179

OI: 282

Vol/OI: 11.3x

IV: 79.9%

Notional: ~$1.53M

Intent: Short-dated downside protection slightly below current spot

Dual read: Protective buys or leg of a multi-strike hedge; in context likely protection

Read-through: Adds to the cluster of short-dated protection framing Apr10 as a focal expiry — increases dealer gamma exposure around $390-$405 band.

Institutional Positioning

Call additions: $400, $410, $420, $430, $450 calls (concentrated premium at $400 and $450; heavy flow into $430 May calls indicates multi-expiry bullish accumulation)

Put additions: Short-dated puts clustered at $395-$415 (notably $405, $410, $400 for Apr10) — appears defensive and expiry-driven

GEX/DEX consistency: Yes — positive Total GEX $82.1M and DEX +69,972K shares align with bullish flow and pinning toward $400; dealer positioning supports short-dated pin behavior

OI clusters: $400 call cluster (largest call OI: 20,774/35,355 entries across data), $300 put cluster (17,532 OI) as long tail protection; $415 and $450 call OI also meaningful

Hedging evidence: Strong evidence of large-scale short-dated protective put buying ahead of Apr10 (multiple high vol/OI prints) — collars not explicitly visible but the mix of call accumulation + short-dated puts is consistent with bought-call + protective-put activity by institutions.

Max pain context: MPs: Apr10 & Apr17 at $370 (below spot) but Apr24 MP at $400; current flow and GEX concentrate near $400 which makes $400 the active near-term pin despite MP being slightly lower for the closest expiries.

Signal vs Noise

~Many prints are Apr10 expiries — expect expiration-driven hedge buys/rolls (not all prints indicate new directional conviction).

~High vol/OI on at-the-money short-dated puts likely represents protective hedging rather than outright bearish directional bets.

~Large call premium at $450 is part of multi-expiry positioning and could be bought as a spread leg; isolated call prints at long strikes may be part of structures rather than pure bullish one‑way bets.

~Dealer inventory/gamma management around Apr10 is likely producing some of the observed volume (market maker re-hedging), so separate fresh bullish flow from dealer-driven delta trades.

Key Conclusions

🐂Net premium heavy into calls (+$414.2M) and large May call flow (e.g., $430) signals institutional bullish exposure beyond Apr expiries.

🛡️Concentrated short-dated put buying at $395-$415 (notably $405 and $410 for Apr10) reads as institutional protection — keeps dealers short-delta and pins price near $400.

📍GEX concentration shows a near-term pin at $400 (+$18.9M) with secondary magnet at $415 (+$6.1M); expect price to gravitate toward $400-$415 into expiry unless large opposing flow arrives.

⚖️Volume profile: call-dominant on flow (P/C vol 0.69) but OI still shows put skew (P/C OI 1.14) — active buying of short-dated puts atop call accumulation suggests hedged bullish positioning.

👀Watch for whether short-dated put positions are rolled to Apr17 or closed — rolls would indicate persistent hedging; closures would remove some pinning.

How to Use These Reports

This flow reflects the market close on April 8, 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.