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MU

Micron Technology, Inc.Close $928.41EOD only

Max Pain

$800.00

Next expiry May 29, 2026

Expected Move

±$63.05

6.8% from close

Price Gap

-128.41

Distance to max pain

IV Rank

High premium

P/C OI

1.43

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 27, 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 27, 2026 close

MU Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7 / 10

base 7.0; +GEX $47.5M pinning; +Net premium $350.0M (call skew); -Spot 11.4% above near MP

Watch next session: Activity at $415/$425 (GEX concentration +$6.2M / +$1.2M) — fresh put buying or call sales would change the thesis; Large call flow or OI build at $450–$500 (structural call wall) — continuation would reinforce bullish pinning

Flow Summary

Net premium: +$350.0M bullish

P/C volume ratio: 0.83 — call-dominant on volume (moderate)

P/C OI ratio: 1.14 — greater put open interest (structural protection) despite call-heavy flow

Today shows large directional call premium inflows (net +$350M) while OI remains put-heavy, indicating institutions are buying upside exposure while legacy put hedges remain in place. Dealers are net long gamma (GEX +$47.5M) producing a pinning environment with near-term GEX concentration around $415–$450, so price is likely to be supported near those levels unless put demand intensifies.

Notable Prints

MU260424C00300000 CALL $300.00 (exp 2026-04-24) ITM

Vol: 5,000

OI: 223

Vol/OI: 22.4x

IV: 95.6%

Notional: ~$61.5M

Intent: Aggressive directional call accumulation (large long-delta exposure) or a structured conversion (stock-synthetic) unwind

Dual read: Bought call (bullish, delta exposure) OR sell of stock + buy calls (synthetic hedging) creating similar footprint

Read-through: Very large notional vs OI (22.4x) — institutional-sized directional bullish exposure or a rebalancing of large positions; increases dealer short delta and supports near-term pinning behavior as dealers hedge.

MU260417P00415000 PUT $415.00 (exp 2026-04-17) OTM

Vol: 6,947

OI: 327

Vol/OI: 21.2x

IV: 66.5%

Notional: ~$8.9M

Intent: Short-dated protective put buying or a collar leg — institutions buying immediate downside protection

Dual read: Protective put (bearish insurance) OR dealer-initiated leg of a spread/collar

Read-through: High short-dated put activity right near spot indicates active hedging demand into the next weekly expiry; this creates dealer short-gamma and buys stock/deltas on weakness, supporting the case for near-term downside support but also signals caution among holders.

MU260417C00422500 CALL $422.50 (exp 2026-04-17) OTM

Vol: 2,641

OI: 500

Vol/OI: 5.3x

IV: 66.3%

Notional: ~$3.8M

Intent: Near-term directional call buying or roll/position trim into the 415–425 area

Dual read: Buy calls (bullish) OR close of a short call exposure (neutral)

Read-through: Paired with heavy put activity around the same strikes, this suggests either two-sided position rebalancing or spread activity centered at ~422.5; still net supportive for short-term call skew.

MU260417P00422500 PUT $422.50 (exp 2026-04-17) ITM

Vol: 929

OI: 186

Vol/OI: 5.0x

IV: 65.7%

Notional: ~$1.5M

Intent: Short-dated protective put buying or position roll/close (ITM protection given spot)

Dual read: Bought puts (defensive) OR part of a conversion/box (synthetic adjustments)

Read-through: Concurrent activity in both call and put at 422.5 suggests hedging, synthetic stock trades or volatility repositioning rather than a pure directional bet; it's a near-term risk-management signal from institutions.

MU260417C00475000 CALL $475.00 (exp 2026-04-17) OTM

Vol: 3,699

OI: 779

Vol/OI: 4.7x

IV: 68.2%

Notional: ~$0.73M

Intent: Speculative call buying (levered upside) or part of a wide-call spread

Dual read: Directional bullish speculation OR leg of a structured trade (e.g., call spread)

Read-through: Reasonable-sized speculative interest out at $475; supports skewed call demand and potential gamma exposure for dealers further out the curve, but not as weighty as the deep ITM $300 call.

Institutional Positioning

Call additions: $300 (large ITM accumulation), $415-$430 (near-term call flow), and $450-$500 (structural call wall / premium inflows)

Put additions: Significant short-dated protective demand at $415 and $422.50 (exp 4/17) plus legacy put OI clusters at $300/$250/$350/$380 indicating structural downside insurance held by institutions

GEX/DEX consistency: Yes — positive GEX (+$47.5M) and DEX (+66.8M shares) align with the call-biased premium flow and create a pinning influence around near-term GEX concentrations (notably $415–$450).

OI clusters: $415 call cluster (14,049 OI) and $450–$500 call walls (12,647 / 15,041 OI) create upside resistance/wall behavior; put floor clusters at $250–$300 (13,272 / 16,919 OI) create structural downside cushions.

Hedging evidence: Clear: large near-term put purchases at $415 and $422.5 (high vol/oi) point to active protective hedging; coexistence of big long-call premium suggests institutions are extending upside while keeping downside protection (collars/partial hedges).

Max pain context: Max pain short-term sits at $377.50 (4/10) → $380 (4/17); MP is below spot but MP trend is rising ($378 → $390 over expirations), so dealers face pinning forces but spot currently sits ~11.4% above near MP.

Signal vs Noise

~MU260424C00300000 $300.00 deep-ITM call: possible structured conversion or roll — large notional could be part of stock-synthetic activity rather than pure directional speculation.

~Paired $422.50 call and put prints (4/17): likely two-sided hedging or synthetic adjustments (not a clean directional signal on their own).

~Large open interest at $450–$500 calls is structural (walls) and often reflects selling/overwriting rather than fresh directional bull risk — treat OI walls as structural liquidity, not immediate buy signals.

~Some far-OTM and long-dated prints (e.g., $800 call Dec 2026) are speculative/lottery trades; small notional relative to on-chain flows means limited short-term directional read.

Key Conclusions

🐂Net premium is strongly call-biased (+$350.0M) while GEX is positive (+$47.5M) — dealers are long gamma and inclined to pin price into near-term GEX anchors (~$415).

🛡️Large short-dated put prints at $415 and $422.5 indicate active institutional hedging — watch for buy-the-dip dealer hedging flows if price weakens toward those strikes.

📌Near-term pin zone is concentrated around $415–$450 (GEX concentration +$6.2M at $415 and +$3.3M at $450) — expect friction and mean reversion in that band.

⚖️Flow is mixed: heavy fresh call premium vs legacy put OI; positioning suggests institutions want upside exposure but retain protection, producing asymmetric bets rather than full conviction.

🔍Watch next-session signs of sustained put buying or large call selling at $415–$425; either would rapidly lower confidence in the bullish thesis.

How to Use These Reports

This flow reflects the market close on April 10, 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.