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MU

Micron Technology, Inc.Close $455.07EOD only

Max Pain

$420.00

Next expiry Apr 24, 2026

Expected Move

±$33.02

7.3% from close

Price Gap

-35.07

Distance to max pain

IV Rank

High premium

P/C OI

1.16

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 17, 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 17, 2026 close

MU Theta Report

Analysis based on market close April 20, 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; +1 GEX positive (pinning); -1 spot 5.5% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

Elevated IV vs VIX ~19; ATM IV ~68–71 with rich short-dated puts

Favorable?

Term structure: Steep front-month put skew (04/24–05/08) then flattens; longer-dated IV more balanced

⚠️Front-month put skew (puts >> calls) increases tail risk into 04/24–05/08; avoid naked short premium near-dated

📅Event risk: earnings/macro around 04/24 and 05/01 could spike IV—stress-test positions for event-driven repricing

📌Max‑pain clustering at $425/$400 supports pinning near near-term expiries but concentrates risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+38.3M)

Gamma flip: ~$390.00 — Approx — based on put OI concentration of 16,977 (13.0% below spot)

OI concentrations: Put OI clustered at $425 and $400; notable concentration ~13% below spot; gamma flip ~390

Verdict: High near-term pin and tail-risk to 04/24 and 05/01; prefer defined-risk hedged structures around expiries

Premium Opportunities

Put diagonal

Sell 2026-05-29 $395.00 put / buy 2026-07-17 $420.00 put

Collects elevated front-month premium, reduces downside risk via longer-dated long put; benefits if front IV mean-reverts after event.

Debit: $25.76-$31.49

Max loss: $31.49

BE: Path-dependent

Mgmt: Close short leg into IV peak or before pin windows (04/24–05/01); roll or trim if spot breaches 425 or front IV spikes >30%.

Call diagonal

Sell 2026-05-29 $520.00 call / buy 2026-07-17 $530.00 call

Generates premium from elevated short-dated calls; long call cushions assignment risk and retains upside exposure after event.

Debit: $16.88-$20.63

Max loss: $20.63

BE: Path-dependent

Mgmt: Buy back short leg if IV collapses >30% or spot breaks <390; hold/adjust long leg through event if bullish.

Risk Alerts

!Spot breach and sustain below 390 (gamma flip)

!Front‑month IV spike or sudden skew steepening around 04/24–05/01 (earnings/macro)

!Dealer flow/GEX turning large negative; avoid naked short premium into event windows

How to Use These Reports

This theta reflects the market close on April 20, 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.