Home Options MUReports

MU

Micron Technology, Inc.Close $762.10EOD only

Max Pain

$700.00

Next expiry May 22, 2026

Expected Move

±$27.20

3.6% from close

Price Gap

-62.10

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.30

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

MU Theta Report

Analysis based on market close April 6, 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 6, 2026. A newer theta report is available for May 21, 2026.

View latest report

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP

IV Environment

IV Regime

High

IV vs VIX

IV 78.5% — extremely elevated

Favorable?

Yes

Term structure: Steeply downward sloping from 80.6% (4d) to 68.0% (347d)

💰Extreme IV (78.5%) provides rich premium for sellers

Pin Risk Assessment

Spot vs MP: Above by 4.9% ($377.76 vs $360)

GEX regime: Strong Pinning (GEX +$24.0M)

Gamma flip: ~$300.00 — Below $300, dealers amplify downward moves

OI concentrations: Call wall $400 (35K OI), Put floor $200-$350 (heavy OI clusters)

Verdict: Favorable — strong positive GEX and OI clusters create magnetic pinning near current price

Premium Opportunities

put spread

Sell $350/$340 put spread 2026-04-24 (18 DTE)

High IV (71.1%) provides premium; $350 is major put OI support (14,761 OI) with positive GEX pinning; well above gamma flip $300

Credit: $1.00-$1.20

Max loss: $9.00

BE: $349.00

Mgmt: Close at 65% profit; exit if price closes below $340

iron condor

Sell $350/$340P x $415/$425C 2026-04-24 (18 DTE)

Captures high IV across both sides; put side anchored at OI support $350; call side below call wall $400-$450; within expected move range ($330.04-$425.49)

Credit: $1.50-$1.90

Max loss: $8.50

BE: 348.50/426.50

Mgmt: Close at 50% profit; manage wings independently if tested

cash-secured put

Sell $360 put 2026-04-17 (11 DTE)

Max pain $360 for next two expirations creates strong pin magnet; high IV (73.9%) yields $11+ premium; comfortable assignment level

Credit: $11.15-$11.50

Max loss: $348.50

BE: $348.85

Mgmt: Roll down/out if price approaches $355; close at 80% profit

covered call

Buy stock at $377.76, sell $400 call 2026-04-17 (11 DTE)

Call premium rich due to $400 call wall (35K OI); provides 2.7% downside protection; captures theta decay in high IV environment

Credit: $10.35-$10.60

Max loss: $367.16

BE: $367.16

Mgmt: Roll up/out if call tested; close call at 80% profit

calendar spread

Sell $380 call 2026-04-10 (4 DTE), buy $380 call 2026-04-17 (11 DTE)

Exploits steep IV term structure (80.6% vs 73.9%); short call at pin magnet $380 with positive GEX; time decay accelerates in final week

Credit: $1.50-$2.00

Max loss: $6.50

BE: $381.50

Mgmt: Close short leg at 90% profit; exit if price moves beyond $385

Risk Alerts

!Gamma flip at $300 — below this level, selling pressure accelerates dramatically

!Earnings on 2026-06-24 — close all positions at least 2 weeks before

!Extreme IV (78.5%) — monitor for IV crush if volatility normalizes

!Massive call OI at $400 (35K contracts) creates strong resistance

!Unusual activity in $570 calls (115.6% IV) suggests speculative long-dated bets

How to Use These Reports

This theta reflects the market close on April 6, 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.