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MU

Micron Technology, Inc.Close $1064.10EOD only

Max Pain

$920.00

Next expiry Jun 5, 2026

Expected Move

±$79.88

7.5% from close

Price Gap

-144.10

Distance to max pain

IV Rank

100

High premium

P/C OI

1.51

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

MU Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.1% from MP; +0.5 VIX 18

Watch next session: Follow-through in call premium at the front expiry and near-term strikes ($460–$500) with persistent volumes on calls.; Whether front-week 04/17 put prints see follow-on buying, or instead calls (e.g., 04/17 call prints) continue to dominate and push implieds tighter.

Flow Summary

Net premium: +$626.4M bullish

P/C volume ratio: 0.65

P/C OI ratio: 1.15

Call demand is material and balanced with short-dated protective put activity: deterministic flow shows heavy call premium concentrated at $450–$500 while front-week puts (04/17 $445–$475 area) printed aggressively. The inclusion of large 04/17 call prints (e.g., $447.50 ITM and $497.50 OTM) shifts the read from 'puts are the dominant short-term story' to 'simultaneous short-dated hedging and aggressive call accumulation' — net effect supports bullish bias provided call follow-through and persistent net premium remain.

Notable Prints

MU260417P00447500

Vol: 3,656

OI: 267

Vol/OI: 13.7x

IV: 65.5%

Notional: ~$2.5M

Intent: Protective/expiration hedging (front-week)

Dual read: Opening protective puts vs short-dated speculative buys; vol/OI and strike proximity to spot favor short-dated hedge buys.

Read-through: Indicates concentrated short-term risk management; if held, dealers buy spot into weakness (support near gamma flip).

MU260417C00447500

Vol: 3,463

OI: 792

Vol/OI: 4.4x

IV: 66.0%

Notional: ~$5.3M

Intent: Directional call accumulation or covered-call adjustments (ITM call at $447.50)

Dual read: Could be institutional long-call buying to express upside or calls sold against stock (overwrites). Given large volume and similar-sized put prints, this print materially offsets bearish read of front-week put flow.

Read-through: Counters pure-hedge interpretation of front-week puts; suggests institutions are pairing protective puts with active upside exposure — supports bullish continuation if calls persist.

MU260417C00497500

Vol: 3,151

OI: 623

Vol/OI: 5.1x

IV: 69.0%

Notional: ~$3.5M

Intent: Speculative/structured upside exposure into front-week expiry

Dual read: Could be directional call buys or part of a defined spread; high vol and OI lift the significance beyond noise.

Read-through: Reinforces call-side pressure at the short end and suggests participants are also positioned for upside into the day-of expiry.

MU260417P00445000

Vol: 5,091

OI: 590

Vol/OI: 8.6x

IV: 65.3%

Notional: ~$3.1M

Intent: Front-week protective buying (short-term hedge)

Dual read: Likely protective rather than long-term bearish positioning given expiry, but still increases near-term tail-risk sensitivity.

Read-through: Compound front-week put buying may mechanically induce dealer stock purchases on dips, supporting pinning near $450 if puts are maintained.

MU260417P00455000

Vol: 2,623

OI: 414

Vol/OI: 6.3x

IV: 65.1%

Notional: ~$2.6M

Intent: ATM/near-ATM protective activity or part of collar structures

Dual read: Could be fresh directional bearish bets but proximity to expiry and concentration across strikes favor hedging.

Read-through: If maintained into close, will keep dealers short delta into expiry; if closed/rolled into calls, it confirms bullish intent.

Institutional Positioning

Call additions: Material call accumulation across $450, $460, $470, $480 and $500 strikes (front and near-term expiries); notable large front-week call prints at $447.50 (ITM) and $497.50 (OTM) indicate active short-dated upside exposure.

Put additions: Significant front-week protective put buying at $445$450 (04/17) and structural longer-dated puts clustered at $300/$250/$200 consistent with tail hedging.

GEX/DEX consistency: Flow remains consistent with positive GEX (+$68.1M) and DEX (+77.9M). The mix of short-dated calls and protective puts produces net positive GEX and dealer pinning around the gamma flip (~$450).

OI clusters: Largest OI clusters: puts at $450 (19,297 OI) and calls at $400 (35,347/21,237 OI) and $500 (15,196 OI). These clusters create a near-term magnet around $450 with an upside call wall near $500, channeling price between support and resistance zones.

Hedging evidence: Clear dual evidence: concentrated 04/17 put prints are near-term protective hedges while the concurrent heavy call prints (04/17 $447.50 and $497.50) imply institutions are keeping upside exposure — consistent with collars/structured positioning rather than outright bearish positioning.

Max pain context: Despite MP for front expiries being lower ($400 → $390 trend), current flow and call-premium concentration are anchoring dealer hedges higher — so positioning references the gamma flip (~$450) more than the falling max pain path in the immediate term.

Signal vs Noise

~Multiple high-vol/OI front-week put prints (04/17) are likely expiration-related hedges or rolls rather than new long-term bearish conviction.

~Far OTM longer-dated calls (e.g., MU260424C00540000) with modest OI are likely speculative or volatility-driven buys — treat as noise relative to heavy near-term call premium.

~Large listed call OI at $400 and $500 reflect structural positioning and liquidity provision; isolated prints near those strikes without follow-through are often dealer inventory adjustments rather than directional bets.

Key Conclusions

🐂Net premium is strongly bullish (+$626.4M) with concentrated call buying at $450–$500; dealers are net short gamma above the flip (~$450), which tends to compress downside and favor pinning/rips higher.

🛡️Front-week put activity (04/17 strikes $445–$475) reads as near-term protection — if maintained it mechanically induces dealer buying into dips, creating shallow support around $450.

⚠️Watch the 04/17 close: if front-week puts are rolled into further-dated puts or heavy put selling appears, that will quickly change dealer hedging and could invalidate the bullish lean.

How to Use These Reports

This flow reflects the market close on April 15, 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.