Home Options MUReports

MU

Micron Technology, Inc.Close $448.42EOD only

Max Pain

$425.00

Next expiry Apr 24, 2026

Expected Move

±$28.57

6.4% from close

Price Gap

-23.42

Distance to max pain

IV Rank

Low premium

P/C OI

1.19

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 20, 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 20, 2026 close

MU Theta Report

Analysis based on market close April 21, 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); -0.5 spot 4.5% from MP; +0.5 VIX 20

IV Environment

IV Regime

High

IV vs VIX

IVs elevated vs VIX 19.5; ATM 71–75, avg IV ~79

Favorable?

Yes

Term structure: Short-dated skewed: puts materially richer than calls (24–38% put/call IV divergence near-dated), roll favors premium sellers but watch event risk

⚠️Near-dated puts very rich (4/24–5/8 expirations); higher tail risk

📌Max-pain clustering at $400–$430 supporting pin risk into weekly expiries

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+34.8M)

Gamma flip: ~$390.00 — Approx — based on put OI concentration of 17,162 (13.2% below spot)

OI concentrations: Put OI concentrated ~13% below spot; max-pain cluster $430/$400 across next three expiries

Verdict: High pin risk near $430–$400 windows; GEX +$34.8M (positive) — dealer hedging flows may amplify intraday moves but do not guarantee pinning

Premium Opportunities

Put credit spread

Sell 2026-05-29 $420.00/$340.00 put spread

Collect rich premium with limited downside using May 29 420/340 put spread to avoid large earnings gap exposure.

Credit: $17.84-$21.81

Max loss: $58.19

BE: $398.19

Mgmt: Trim or roll if price >430 or IV spikes; cut at sustained break below 390.

Iron condor

Sell 2026-05-29 $410.00/$340.00 put wing and $530.00/$625.00 call wing

Sell May 29 410/340 put wing and 530/625 call wing to harvest premium pre-earnings with defined wings.

Credit: $24.25-$29.64

Max loss: $65.36

BE: 380.36 / 559.64

Mgmt: Narrow wings or close on VIX+6 pts, big directional move, or heavy put accumulation. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Cash-secured put

Sell 2026-07-17 $400.00 cash-secured put

Sell Jul 17 $400 CSP to collect premium after event with long time to adjust.

Credit: $32.94-$40.26

Max loss: $359.74

BE: $359.74

Mgmt: Assign plan, roll down if breach of 390 or manage if IV collapses.

Risk Alerts

!Event shocks / earnings or guidance causing IV jump

!Break and hold below gamma flip ~$390

!Rapid VIX move >+6 pts

How to Use These Reports

This theta reflects the market close on April 21, 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.