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MU

Micron Technology, Inc.Close $975.56EOD only
Max Pain
$1070.00
Next expiry Jul 10, 2026
Expected Move
±$123.05
12.6% from close
Price Gap
+94.44
Distance to max pain
IV Rank
44
Middle-high premium
P/C OI
1.42
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jul 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
Jul 2, 2026 close
MU Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short puts OTM
Invalidation: Spot below $1000 gamma flip or above $1300 call wall
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV (avg 95.7%) far above VIX (18.4)
Favorable?
No

Term structure: Extreme put skew; short-dated puts IV > 350%

⚠️Put IV 388% on 0DTE signals acute downside fear
📊Term structure flat with elevated back-month IV ~90%

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+10.8M)

Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 21,059 (11.7% below spot)

OI concentrations: Put floor $600-$1000 (21K OI at $1000); Call wall $1250-$1300

Verdict: Elevated pin risk near $1085 max pain and $1090/$1020 pin strikes

Premium Opportunities

#1
Put credit spread
Sell 2026-07-24 $985.00/$980.00 put spread
Sell $985/$980 put spread to collect premium from high IV, with buffer above gamma flip at $1000.
Credit: $1.37-$1.68
Max loss: $3.32
BE: $983.32
Mgmt: Monitor spot near $1000; close if pin risk escalates or IV contracts sharply.
#2
Iron condor
Sell 2026-07-31 $1020.00/$1015.00 put wing and $1370.00/$1380.00 call wing
Sell 35 DTE put/call wings $1020/$1015 and $1370/$1380 to profit from range-bound movement.
Credit: $3.01-$3.68
Max loss: $6.32
BE: 1016.32 / 1373.68
Mgmt: Adjust wings if IV falls significantly or spot breaks key levels. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
#3
Call diagonal
Sell 2026-07-17 $1300.00 call / buy 2026-08-21 $1470.00 call
Sell near-term $1300 call, buy later $1470 call; benefits from vol term structure.
Debit: $19.96-$24.39
Max loss: $24.39
BE: Path-dependent
Mgmt: Roll short call if spot approaches $1300; monitor earnings catalyst. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Extreme IV regime increases vega risk for premium sellers
!Gamma flip at $1000; spot 4.4% above max pain could trigger mean reversion
!Dealer net long gamma (GEX +$10.8M) suggests pinning, but flow mixed
How to Use These Reports
This theta reflects the market close on June 26, 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.