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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 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 17, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short-dated put-credit spread (sell 7–21d put spread)
Invalidation: Sustained move below $405, >5% gap from max pain with VIX spike >25, or inability to roll/hedge due to low bid liquidity invalidates premium-selling thesis
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

#1
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.
#2
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
How to Use These Reports
This theta reflects the market close on April 17, 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.