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MU

Micron Technology, Inc.Close $1064.10EOD only

Max Pain

$920.00

Next expiry Jun 5, 2026

Expected Move

±$79.88

7.5% from close

Price Gap

-144.10

Distance to max pain

IV Rank

100

High premium

P/C OI

1.51

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 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

Jun 2, 2026 close

MU Theta Report

Analysis based on market close April 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 April 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 14.1% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

Spot ATM IVs are elevated vs VIX — short-term ATM IV 64.6% (2d), 69.7% (9d), 73.5% (16d) vs VIX 18.17. Market vol is very rich for equity options.

Favorable?

Yes

Term structure: Term structure shows elevated near-term vol that stays high through 2+ months (ATM ~64.6% → ~76.3% at 64d then flattens ~71-76%).

💰Avg IV 81.5% (chain) is extremely rich vs VIX 18.17 — tail premium to harvest

⚖️High IV + positive dealer gamma (+$68.1M) favors defined-risk premium sales over naked short strikes

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+68.1M)

Gamma flip: ~$450.00 — Approx — based on put OI concentration of 19,297 (1.4% below spot)

OI concentrations: Large put OI at $450 (19,297 OI) and call walls at $400 (35,347 OI) and $500 (15,196 OI). Nearby GEX concentrations at $460/$470/$480 are pin magnets. Max pain near-dated is $400 (04-17).

Verdict: Favorable — positive GEX (+$68.1M) and strong OI clusters create a pinning regime that helps defined-risk credit sellers; however spot is 14.1% above max pain so directional gap risk exists if trend accelerates.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $420.00/$410.00 put spread

Sell a put credit spread sized to account for gamma flip risk; express bullish/neutral view while using a long put to cap downside. Target ~30 delta short put in a 25–55 DTE window.

Credit: $3.17-$3.88

Max loss: $6.12

BE: $416.12

Mgmt: Trim or roll if spot closes below ~$450 (gamma flip); take 50–75% credit when spread reaches 50–65% of max profit; widen or close below invalidation.

Iron condor

Sell 2026-04-24 $410.00/$385.00 put wing and $512.50/$535.00 call wing

Sell front-week to 16d iron condor with defined wings outside the 1-week expected move, sizing to handle undefined market gaps.

Credit: $4.78-$5.84

Max loss: $19.16

BE: 404.16 / 518.34

Mgmt: Reduce size or buy wings if price approaches short strikes; close at 50–65% P/L or if price breaches the 1-week EM bounds.

Risk Alerts

!Gamma flip ~$450 — sustained close below accelerates downside; treat as immediate invalidation for short put-heavy positions.

!Near-term expected move is wide: 2d range $434.91–$477.56 and 1w $414.31–$498.16 — avoid large naked shorts inside these windows or size accordingly.

!Unusual activity in 04-17 puts around $445–$455 (high vols & OI) — front-week put flow is concentrated; selling short-dated naked puts into this order flow is risky.

!High overall IV (Avg IV 81.5%) means rich premium but also large tail risk — prefer defined-risk structures or small size on naked wings.

!Max pain is trending down (near-dated MP $400 → $390) while spot remains above — structural skew could pressure upside sellers if flow flips suddenly.

How to Use These Reports

This theta reflects the market close on April 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.