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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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5.0; +2.0 GEX/flow strongly aligned; +1.0 GEX positive (pinning); -1.0 spot 11.7% from MP

Watch next session: Fresh premium or OI at $415-$420 calls (would strengthen bullish pin); Large put flow at $390-$400 (would indicate shift toward protective hedging or distribution)

Flow Summary

Net premium: +$512.7M bullish

P/C volume ratio: 0.67 — call-dominant (calls ~50% more active by volume than puts)

P/C OI ratio: 1.14 — puts slightly heavier in OI overall, but today's activity is call-heavy

Heavy, concentrated call buying in the $400-$450 band is driving a clear bullish premium signal while dealers carry positive GEX ($+90.9M), which supports pinning around the 400–420 area. At the same time, elevated short-dated put prints (4/10 expiries) look like targeted downside protection against near-term risk rather than a wholesale bearish repositioning.

Notable Prints

MU 2026-04-10 $420.00 Put

Vol: 6,316

OI: 515

Vol/OI: 12.3x

IV: 75.7%

Notional: ~$37.6M

Intent: Protective put buying / short-dated directional put speculation into 4/10 expiry

Dual read: Bought puts (bearish/insurance) OR market makers accumulating short-dated exposure via dealer flow (neutral)

Read-through: Large $420 put prints the same day as heavy call premium suggest targeted short-dated hedging against a reversion into the 408–435 1d range; in a net-bullish regime this often reads as protection on concentrated long call positions.

MU 2026-04-10 $415.00 Call

Vol: 14,871

OI: 2,507

Vol/OI: 5.9x

IV: 77.6%

Notional: ~$15.7M

Intent: Fresh directional call buying / bullish accumulation

Dual read: Buy-to-open calls (bullish) OR large sellers opening covered positions (neutral/overwriting)

Read-through: Very large short-dated call flow concentrated at $415 (ITM) aligns with dealer GEX pinning and the premium leaderboard (net premium at $410/$415 high); this is a primary driver of the bullish flow thesis and a candidate for short-term pin.

MU 2026-04-10 $410.00 Put

Vol: 11,381

OI: 1,118

Vol/OI: 10.2x

IV: 77.9%

Notional: ~$28.7M

Intent: Short-dated downside protection (hedge) or directional put buying into 4/10

Dual read: Protective buys vs directional puts looking for quick downside

Read-through: Large activity in $410 puts, together with $420/$415 call prints, suggests institutional players are layering protection around current long call exposures rather than outright rotating long to short.

MU 2026-04-17 $345.00 Put

Vol: 7,212

OI: 709

Vol/OI: 10.2x

IV: 85.3%

Notional: ~$8.4M

Intent: Long-dated speculative put buying / cheap tail protection

Dual read: Portfolio tail-hedge (protective) OR bearish directional speculation

Read-through: Smaller notional vs the 4/10 activity but elevated IV and high vol/OI point to institutional demand for deeper downside protection further out (April 17), consistent with risk-management layering.

Institutional Positioning

Call additions: $400-$450 (notably $400, $410, $415, $420, $450) — heavy premium and OI accumulation concentrated in the 400–450 band

Put additions: Short-dated puts concentrated at $410-$425 (4/10 expiries) and deeper protection at $345 (4/17); activity is significant but lower net premium vs calls

GEX/DEX consistency: Yes — positive GEX ($+90.9M) and DEX +74.4M shares align with bullish premium and pinning behavior around 400–420

OI clusters: Largest OI clusters: $400 call (35,478 / multi-expiry concentration), $300 put (17,389), $390 put (15,861), $415 call (13,904), $450 call (13,207) — creates a pin/anchor in the 400–420 area and a call wall resistance in 450–500

Hedging evidence: Clear — near-term high-volume put prints (4/10 $420/$410/$425) plus longer-dated low-strike puts suggest institutions are hedging concentrated call exposure rather than reversing to net short; limited evidence of structured collars in public prints.

Max pain context: Max pain near-term sits at $377.50 (4/10) and $372.50 (4/17) but current flow and GEX are pinning nearer $400–420; MP trend is rising which supports dealers' resistance to aggressive downside moves.

Signal vs Noise

~Large 4/10 expiries (many prints concentrated on same expiry) — these are often short-dated hedges or expiration-driven flows rather than multi-week directional repositioning.

~Some high vol/OI ratios at strikes with small absolute OI (e.g., deeper OTM strikes) — alert for noisy prints from gamma scalpers or market-maker inventory trades.

~Call-heavy net premium concentrated at 400–450 may include overwriting/covered-call structures (seller leg not visible) — single-leg call prints can be part of spreads.

Key Conclusions

🐂Net premium is strongly bullish: +$512.7M driven by concentrated call buying at $400–$450 (notably $410/$415/$420).

📌Pinning pressure centered in the 400–420 band: GEX concentration (+$7.4M at $400; +$7.2M at $415; +$6.4M at $420) creates a short-term price magnet.

🛡️Large short-dated put prints (4/10 $420/$410/$425) look like protective hedges against the concentrated call exposure — watch for whether these continue or fade.

⚖️Flow/GEX alignment supports bullish hold — but spot is 11.7% above MP base score flags some vulnerability if puts accelerate.

🔭Watch for additional call OI builds at $415–$420 (confirmation) or sudden large put premium at $390–$400 (invalidation/shift).

How to Use These Reports

This flow reflects the market close on April 9, 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.