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MU

Micron Technology, Inc.Close $698.74EOD only

Max Pain

$700.00

Next expiry May 22, 2026

Expected Move

±$58.15

8.3% from close

Price Gap

+1.26

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.31

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 19, 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 19, 2026 close

MU Flow Report

Analysis based on market close May 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 May 15, 2026. A newer flow report is available for May 19, 2026.

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Flow Verdict

Confidence:

3.5 / 10

base 5; -1 GEX/flow contradict; -1 spot 15.9% from MP; +0.5 VIX 18

Watch next session: 620 gamma flip; 740 call OI cluster

Flow Summary

Net premium: +$290.8M bullish

P/C volume ratio: 1.15

P/C OI ratio: 1.26

Bearish skew from put volume and negative GEX countered by massive call buying near high strikes and positive DEX. Net premium positive suggests call premium dominates, but heavy put activity warns of hedging. Mixed regime with high vol and trending gamma.

Notable Prints

MU 2026-05-22 $615.00 Put

Vol: 10,799

OI: 145

Vol/OI: 74.5x

IV: 98.7%

Notional: ~$6.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MU 2026-05-29 $50.00 Put

Vol: 3,912

OI: 101

Vol/OI: 38.7x

IV: 510.2%

Notional: ~$4K

Intent: Lottery speculation

Dual read: Opening

Read-through: Implies crash sentiment

MU 2026-05-15 $742.50 Call

Vol: 5,014

OI: 245

Vol/OI: 20.5x

IV: 37.4%

Notional: ~$336K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MU 2026-05-15 $735.00 Call

Vol: 16,543

OI: 920

Vol/OI: 18.0x

IV: 32.1%

Notional: ~$1.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

MU 2026-05-15 $745.00 Call

Vol: 10,231

OI: 648

Vol/OI: 15.8x

IV: 37.7%

Notional: ~$460K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy call buying at 735-755 strikes for 5/15 exp, notably 740C (26.9k vol) and 755C (11.8k vol).

Put additions: Unusual put vol at 615P (10.8k, 74.5x OI) and 50P (3.9k, 38.7x OI), plus put OI concentration at 620.

GEX/DEX consistency: Mixed: GEX -$17.8M (negative gamma) vs DEX +99.4M shares (long delta). Negative gamma amplifies moves, while long delta cushions.

OI clusters: Call OI clusters at 740 (1,984), 755 (1,080), 735 (920); Put OI cluster at 620 (17.3k, 14.4% below spot).

Hedging evidence: Put OI at 620 acts as gamma flip; heavy put vol at 615P suggests hedging downside. High put/call OI ratio (1.26) confirms defensive stance.

Max pain context: Spot ($724) above max pain; pin action likely toward lower strikes. High VIX (18.4) supports mean reversion to MP.

Signal vs Noise

~Signal: Concentrated call buying at 735-755 for 5/15 exp, indicating bullish short-term bets.

~Signal: Unusual put vol at 615P and 50P; 615P is a large bearish bet, 50P is likely a lottery.

~Signal: Negative GEX with positive DEX creates mixed dealer positioning, increasing volatility risk.

~Noise: 50P at extreme OTM with IV 510% may be a low-probability tail hedge or retail lottery.

~Noise: High put/call ratios partly due to hedging, not purely bearish sentiment.

Key Conclusions

📈Bullish call stacking at 735-755 suggests short-term upside bets despite broader market weakness.

🐻Deep OTM put activity (615P, 50P) and put OI cluster at 620 indicate hedging or speculative downside protection.

⚡Negative gamma (GEX -$17.8M) with positive delta (DEX +99.4M) creates potential for sharp moves; high VIX adds to uncertainty.

📉Spot above max pain with high put flow suggests downward pressure toward MP, possibly near 680-700 area.

How to Use These Reports

This flow reflects the market close on May 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.