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MU

Micron Technology, Inc.Close $465.66EOD only

Max Pain

$395.00

Next expiry Apr 17, 2026

Expected Move

±$27.02

5.8% from close

Price Gap

-70.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.14

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 14, 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 14, 2026 close

MU Theta Report

Analysis based on market close April 14, 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/Bullish); +1 GEX positive (+$80.4M); -1 spot 17.9% above MP; +0.5 VIX 18.4

IV Environment

IV Regime

High

IV vs VIX

Avg IV 81.7% vs VIX 18.36 — MU IV is extremely rich relative to index vol

Favorable?

Yes

Term structure: Front-month (3d–31d) ATM IV 69.5%–72.6% and stays elevated through the curve (70%+ out to 339d) — flat-high term structure; good roll/skew opportunities

💰Avg IV 81.7% >> VIX 18.36 — rich vol tailwind for sellers

📈Front-month ATM IV ~69.5%–74.4% — sell premium in 30–45 DTE where decay is strong

Pin Risk Assessment

Spot vs MP: Spot $465.66 is above max pain (nearest MPs $395 on 2026-04-17 and $400 on 2026-04-24) by ~17.9%

GEX regime: Pinning (GEX +$80.4M concentrated at multiple strikes, strongest magnets at $450, $470, $480, $500)

Gamma flip: ~$400.00 — Gamma flip ~$400 — below this level dealers shift to amplifying moves toward puts; maintain defensiveness if price approaches $400

OI concentrations: Call walls: heavy call premium & OI at $450 (18,093 OI), $500 (15,830 OI), $415 (14,669 OI); Put floor: concentrated put OI at $400 (17,619 OI), $300 (18,033 OI), $250 (16,740 OI)

Verdict: Favorable — positive GEX & multiple near-term call pin magnets (450/470/480/500) create a dealer pin around and slightly below spot that supports selling premium, particularly put-side credit structures that sit above the gamma flip

Premium Opportunities

put spread (cash-secured put spread)

Sell 450 / buy 440 put spread 2026-05-15 (~31 DTE)

450 short-put sits near a very large call-flow/GEX magnet at $450 and above the gamma flip ($400). Rich IV (avg 81.7%) makes short puts attractive; spread makes risk defined while collecting elevated theta in 30–45 DTE.

Credit: $4.00-$5.00

Max loss: $5.00

BE: $446.00

Mgmt: Take profit at 50–65% of the collected credit; roll down or buy to close if MU closes below $440 (short strike tested) or intraday print < $430; reduce size if price moves toward $400 (gamma flip)

iron condor

Sell 450/440 put spread + sell 490/500 call spread 2026-05-22 (~38 DTE)

Wide 10-point wings on both sides use elevated IV and strong call-side GEX pinning (450/480/500) to collect larger total premium. With symmetric 10-width wings, max loss = width - total credit; here total credit likely ~5.0–6.5 => max loss ≈ $4.3 per share. Condor benefits from positive GEX pinning near current spot and the heavy call OI walls.

Credit: $5.00-$6.50

Max loss: $4.30

BE: 445.00 / 495.50

Mgmt: Close at 50% of max profit; if either short strike is touched, close or roll that wing out and down/up 1–2 strikes and preserve 25–30% credit; exit all if MU closes below $420 or above $511 (1-week EM guardrails breached) or if underlying gap into gamma flip region

covered call / buy-write

Buy MU shares and sell 500 call 2026-05-15 (31 DTE)

High call IV and concentrated call OI at 500 make covered calls attractive for conservative income. If shares already desired, selling 500 calls in 30–45 DTE collects elevated premium while remaining well OTM (~+7.4% from spot given $500 GEX magnet).

Credit: $3.00-$4.00

Max loss: Equity - premium collected (unlimited downside)

BE: $462.66

Mgmt: Close for 50% profit on option decay; buy back if MU rallies toward $490–495; if MU declines below $445 consider rolling down to a lower call or converting to a put spread

calendar spread (sell near-term front / buy back-month)

Sell May 01 (17 DTE) 470 call, buy Jul 17 (94 DTE) 470 call — calendar

Term structure is elevated but relatively flat — sell front-month call (high theta) against longer-dated call to harvest decay where short-dated IV is rich. Choose 470 short because strong GEX at 470 and 465.66 spot provides favorable roll potential.

Debit: $0.60-$1.40

Max loss: $140.00

BE: Position-dependent (debit paid); target theta harvest

Mgmt: Take profits if front-month decays >60% of initial value or if IV collapses; close/roll if MU moves >4% past the short strike or if front-month IV compresses sharply

put spread (more conservative / tighter)

Sell 440 / buy 435 put spread 2026-05-15 (~31 DTE)

Shorter-distance put spread closer to near-term support in EM bounds (2d/1w guardrails). Lower premium but tighter risk per contract; useful when wanting smaller notional exposure while collecting elevated IV.

Credit: $1.50-$2.20

Max loss: $3.80

BE: $438.50

Mgmt: Take profit at 60% of credit; cut losses if short strike 440 is breached on close or if MU prints below $420; consider rolling down 1–2 strikes for additional credit if position becomes tested

Risk Alerts

!Gamma flip ~$400 — dealer behavior changes below this level; exit or sharply reduce naked-credit exposure if MU approaches $400.

!Max pain trend is falling (near-term MPs $395→$400→$385) — long-term directional pressure toward lower MPs is present; prefer defined-risk structures and tighter management below $450.

!High structural net premium and large one-sided call flow at $450/$500 — sudden directional buying could pin or gap; monitor unusual calls (heavy flow at $450/$500) for rotation risk.

!IV is richly priced (Avg IV 81.7%). While favorable for sellers, a sudden volatility spike (earnings, macro shock) can rapidly repriced wings — use defined risk and size accordingly.

!Earnings not within 2 weeks (next 2026-06-24) — selling through earnings not required but be aware of event-cycle vol into June.

Read the Theta analysis for MU for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.