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MU

Micron Technology, Inc.Close $457.23EOD only

Max Pain

$405.00

Next expiry Apr 17, 2026

Expected Move

±$6.32

1.4% from close

Price Gap

-52.23

Distance to max pain

IV Rank

High premium

P/C OI

1.16

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 16, 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 16, 2026 close

MU Theta Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.3% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Based on option-chain snapshot 2026-04-18 12:00 UTC: front-week ATM/25Δ implied vol > VIX (VIX ~17) driven by elevated skew and put wings; use live chain for confirmation

Favorable?

Yes

Term structure: Very elevated short-dated put IV (0–21d) compresses by 42d in the snapshot; front-week shows dislocation vs later tenors—verify mid/high delta vols before trade

⚠️Front-week put IV extreme vs later tenors — higher tail and assignment risk; source: option-chain snapshot

📌Gamma/pin concentration near $412–$420 per OI snapshot supports short-dated pinning but raises roll/liquidity risk

🧾Confirm margin and assignment rules with broker; concentrated short-dated short puts increase margin and early-assignment probability

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+95.0M)

Gamma flip: ~$450.00 — Approx — based on put OI concentration of 19,461 (1.1% below spot)

OI concentrations: Put OI clustered $395–$420 with max-pain at $412/$420 (option-chain snapshot); notable dealer GEX skew

Verdict: High pin risk near listed max-pain strikes. Expect dealer hedging to amplify pinning and steepen moves if spot breaches clusters. Key mechanics: early assignment on short-dated ITM puts, increased margin requirements, and potential inability to roll if bids collapse — plan width/size accordingly.

Premium Opportunities

Put credit spread

Sell 2026-05-08 $415.00/$370.00 put spread

Sell 2026-05-08 415/370 put spread to collect front-week skewed premium while capping downside.

Credit: $7.94-$9.71

Max loss: $35.29

BE: $405.29

Mgmt: If spot <450 or IV spikes, roll wider/deeper or close; size to allow contingency hedges; monitor live chain/VIX pre-entry.

Cash-secured put

Sell 2026-05-08 $415.00 cash-secured put

Sell 2026-05-08 415 cash-secured put to collect elevated short-dated put IV with assignment plan.

Credit: $11.93-$14.58

Max loss: $400.42

BE: $400.42

Mgmt: Predefine roll/assign rules, keep small size, exit or roll if spot breaches invalidation or liquidity deteriorates; confirm live option bids.

Risk Alerts

!Verify live option chain and VIX before execution; snapshot metrics can change intraday

!Concentrated short-dated puts carry early-assignment and margin escalation risk — predefine roll/exit rules

!Low bid liquidity can prevent orderly rolling; keep position size and strikes to allow contingency hedges

Read the Theta analysis for MU for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.