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MU

Micron Technology, Inc.Close $449.38EOD only

Max Pain

$430.00

Next expiry Apr 24, 2026

Expected Move

±$26.85

6.0% from close

Price Gap

-19.38

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.23

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 21, 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

Apr 21, 2026 close

MU Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.7% from MP; +0.5 VIX 19

Watch next session: Monitor spot move vs MP and whether GEX decreases or flips; Watch VIX and IV on near‑dated puts/calls for stress; Track changes in DEX share flow and near‑term put OI

Flow Summary

Net premium: +$993.3M bullish

P/C volume ratio: 0.58

P/C OI ratio: 1.23

Bullish pinning: concentrated near‑dated put demand plus large positive GEX/DEX supports spot; risk if spot falls toward MP or vol surges causing gamma flip.

Notable Prints

MU 2026-04-24 $475.00 Put

Vol: 5,661

OI: 158

Vol/OI: 35.8x

IV: 76.1%

Notional: ~$4.5M

Intent: hedge

Dual read: hedge|spec

Read-through: short-term downside/pin

MU 2026-04-24 $462.50 Put

Vol: 2,413

OI: 126

Vol/OI: 19.1x

IV: 79.2%

Notional: ~$1.1M

Intent: hedge

Dual read: hedge|spec

Read-through: short-term downside/pin

MU 2026-05-01 $470.00 Put

Vol: 3,171

OI: 174

Vol/OI: 18.2x

IV: 79.7%

Notional: ~$5.5M

Intent: hedge

Dual read: hedge|spec

Read-through: near-term downside

MU 2026-12-18 $360.00 Put

Vol: 10,154

OI: 668

Vol/OI: 15.2x

IV: 70.1%

Notional: ~$45.0M

Intent: long-term protection

Dual read: tail hedge|spec

Read-through: balance long-term downside risk

MU 2026-04-24 $517.50 Call

Vol: 1,801

OI: 124

Vol/OI: 14.5x

IV: 74.9%

Notional: ~$666K

Intent: bullish call buy

Dual read: directional|cover

Read-through: upside interest/pinning

Institutional Positioning

Call additions: Concentrated short‑dated put buys at 470–480 (4/24–5/1) and call buys 472.5–487.5 (4/24).

Put additions: Heavy short‑dated protection 470–475; notable long‑dated 360 put interest (Dec) that may represent tail hedging or directional concentrated positions.

GEX/DEX consistency: GEX +$69M and DEX +72.2M suggest pinning/pulse support but are model‑dependent; intraday rolls, expiry timing and dealer behavior can flip the signal—verify near‑term roll/expiry status before treating as definitive.

OI clusters: Largest OI around 470–488 weeklies and a secondary, material cluster at 360 (Dec) — assess holder size, vega and likelihood of rolling/rolling into nearer strikes as a potential tail‑hedge source.

Hedging evidence: High IV, volume and put concentrations imply dealer hedging/collar activity.

Max pain context: Spot sits ~12.7% above MP; pinning risk into weeklies centered mid‑470s.

Signal vs Noise

~Signal: large short‑dated put flow 470–480 = institutional protection and dealer hedging.

~Signal: positive GEX/DEX aligns with pinning but treat as tentative; check intraday roll/expiry timing.

~Signal: the 360 long‑dated puts are not mere noise—size/vega and roll behavior could matter for tail protection or directional bias.

~Noise: isolated low‑premium 265 put and some distant/low‑impact prints; lower near‑term relevance.

Key Conclusions

📌Short‑dated flow and positive GEX/DEX point to mid‑470s pinning into expiries (verify rolls).

🛡️High IV and heavy put buys read as protective institutional hedges, supporting limited downside near term.

⚠️Spot >12% above MP—watch concentrated strike pin risk and dealer gamma rebalancing at close.

How to Use These Reports

This flow reflects the market close on April 22, 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.