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MU

Micron Technology, Inc.Close $426.56EOD only

Max Pain

$390.00

Next expiry Apr 17, 2026

Expected Move

±$26.45

6.2% from close

Price Gap

-36.56

Distance to max pain

IV Rank

Low premium

P/C OI

1.14

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 13, 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 13, 2026 close

MU Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (Pinning, GEX +$49.7M); +1 GEX positive (pinning); -1 spot 9.4% above MP; +0.5 VIX 19.12

IV Environment

IV Regime

High

IV vs VIX

Avg IV 77.6% vs VIX 19.12 — vol is extremely rich vs market vols

Favorable?

Yes

Term structure: Term structure elevated across expirations (ATM 66.3% @4d → ~71% around 18d, then gently slopes ~68-69% out); opportunity window in 30-45 DTE (ATM ~69%)

💰Avg IV 77.6% is very rich vs VIX 19.12 — strong tailwind for premium sellers

📆Sweet spot: 30-45 DTE (ATM ~69%) — balance of time decay and defined-risk sizing

Pin Risk Assessment

Spot vs MP: Spot $426.56 is Above Max Pain (~$390) — distance ~+9.4% from nearest MP

GEX regime: Pinning (GEX +$49.7M) — dealer hedging is net short gamma and will buy/sell to pin

Gamma flip: ~$300.00 — Gamma flip ~300 — below that price dealers move from pinning to amplifying moves; keeps short-gamma positions safer above that level

OI concentrations: Heavy call OI wall $450-$500 (call OI peaks at $450: 15,192 OI; $500: 14,306 OI); concentrated puts at $300 (17,536 OI), $250 (16,768 OI) and put cluster around $400 (15,924 OI). Near-term GEX pin magnets: +$5.9M @450, +$4.9M @415, +$2.5M @430, +$1.6M @425.

Verdict: Favorable — strong pinning (positive GEX) and bullish flow create a supportive environment for selling premium, especially credit spreads and covered calls; watch downside if price moves toward MP (~$390) or below $415 GEX cluster

Premium Opportunities

put spread

Sell 415/405 put spread exp 2026-05-15 (32 DTE)

Defined-risk bearish-to-neutral income trade. 415 short put sits at a near-term GEX/flow pivot (large call flow at 415/420 and GEX +4.9M at 415). High IV (ATM ~69%) lifts premium; pinning regime reduces likelihood of a quick drop to the 405 wing if dealers remain net-buying into weakness.

Credit: $3.00-$4.25

Max loss: $6.00

BE: $411.50

Mgmt: Take profits at 50-65% of max credit; roll down 1 strike / out 1 expiry if MU closes <415 on daily close; cut loss (buy back) if MU trades below 405 (short wing) or if position hits 80% of max loss.

covered call

Buy 100 shares, sell 450 call exp 2026-05-15 (32 DTE)

Bullish flow + pinning supports owning MU while collecting rich call premium (450 calls show significant OI and GEX pin at 450). This creates upside cover while generating yield; ideal if you already want long stock exposure or want assignment at ~450.

Credit: $11.00-$13.00

Max loss: stock minus premium (variable)

BE: stock basis - credit (e.g., $426.56 - credit)

Mgmt: Close covered-call leg at 65% of max premium captured if call drops in value; if MU rallies toward 450, consider rolling call up+out to collect more premium. If MU breaks below $415 on close, tighten stop on stock or buy back call to avoid holding into a rapid downside move.

iron condor

Sell 420/430 call spread and 385/375 put spread exp 2026-05-15 (32 DTE)

Neutral-range defined-risk trade that sells rich premium on both sides while respecting major OI/pin levels. Short call spread sits under big call walls (430/450) and short put spread sits above concentrated put clusters; high IV and pinning skew reduces realized movement through the wings short-term.

Credit: $5.25-$7.00

Max loss: $4.75

BE: upper ~435.25 / lower ~379.75 (approx; depends on net credit)

Mgmt: Take profits at 50% of max credit; if MU tests either short strike (420 or 385) consider rolling that side 2-3 strikes and/or out 1 expiry. Close if either short strike is decisively breached on daily close and show of momentum.

cash-secured put

Sell 425 put exp 2026-05-15 (32 DTE)

High IV and bullish flow; 425 put has strong premium (near-spot) and sits at a GEX small magnet (-0.4% from spot GEX listed at $425). Use only if willing to own MU at net basis ~breakeven. Preference is defined-risk put spreads over naked puts, but this is acceptable if fully cash-secured and you want stock entry.

Credit: $18.00-$21.00

Max loss: Unlimited down to zero (cash secured by holding capital) — effective max loss = strike - premium received

BE: $407.50

Mgmt: Close at 50-65% of premium captured; if MU drops to 415 close or roll down to 405/395 (defined-risk) rather than hold naked put; avoid assignment if unwilling to own at that basis.

Risk Alerts

!Max Pain range centered ~ $390-$400 — sustained weakness toward these levels would threaten short credit positions (MP: $390 on 4/17, $400 on 4/24).

!Gamma flip at ~$300 — if price declines toward this level dealers shift to amplifying moves; large downside path risk below that point.

!Concentrated call flow and GEX at $415 and $450 — while supportive for pinning, it also creates pin-risk/assignment risk for covered calls if price pins at those strikes into expiry.

!Large institutional net call flow at $420/$450 (Top Premium Flow) — directional call buying could fuel rallies and compress IV, changing wing risk profiles; watch for fast rallies that hurt put spreads.

!Unusual activity: heavy outflow/flow at 412.50/417.50 strikes for 4/17 suggests concentrated positioning near spot into near-term expiry — avoid selling naked through that near-term expiry if you cannot manage pin/assignment risk.

Read the Theta analysis for MU for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.