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MU

Micron Technology, Inc.Close $449.38EOD only

Max Pain

$430.00

Next expiry Apr 24, 2026

Expected Move

±$26.85

6.0% from close

Price Gap

-19.38

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.23

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 21, 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 21, 2026 close

MU Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.7% from MP; +0.5 VIX 19; override: Raised short-term caution due to extreme front‑week IV/skew raising execution and assignment risk

IV Environment

IV Regime

High

IV vs VIX

ATM IVs (≈75–83%) well above spot VIX (18.92) with pronounced short-dated put skew

Favorable?

Yes

Term structure: Frontweek/front‑month skewed puts >> calls (2–16d extreme), term structure flattens/mean‑reverts after ~30d

⚠️Short‑dated put IVs very rich (2d put IV 168%): elevated tail risk

📌Dealer GEX +$69M and bullish flow support pinning near listed max‑pains

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+69.0M)

Gamma flip: ~$390.00 — Approx — based on put OI concentration of 17,155 (20.0% below spot)

OI concentrations: Put OI concentrated ~17,155 contracts ~20% below spot; max‑pain pins at $432 (4/24), $410 (5/01), $405 (5/08)

Verdict: High pin risk short‑dated; expirations clustered — elevated settlement/spot‑pin pressure

Premium Opportunities

Put credit spread

Sell 2026-07-17 $420.00/$410.00 put spread

Sell 7/17 420/410 put spread to collect rich premium while capping downside; avoids front‑week pin risk by using post‑earnings expiry.

Credit: $3.38-$4.12

Max loss: $5.88

BE: $415.88

Mgmt: Enter within quoted spread; close or roll if price < gamma flip (~390) or IV spikes >30; keep size small into earnings window and predefine max loss.

Iron condor

Sell 2026-07-17 $420.00/$410.00 put wing and $500.00/$510.00 call wing

Sell 7/17 put and call wings to harvest premium with bought wings limiting worst case.

Credit: $6.53-$7.98

Max loss: $2.02

BE: 412.02 / 507.98

Mgmt: Size conservatively, monitor skew/IV; tighten/roll unbalanced wing if underlying trends toward a wing or on IV >30.

Risk Alerts

!Front‑week expirations 2026-04-24 have extreme put skew and high IV

!Break below gamma flip ~$390 triggers rapid vol repricing and invalidates premium bias

!Margin and assignment risk on short puts/verticals — ensure capital buffers and stop/roll rules

!Overnight gap risk can blow defined exposures; avoid oversized short-dated naked legs into close

!Liquidity/borrow risk for hedges during stress may widen spreads and hamper exits

How to Use These Reports

This theta reflects the market close on April 22, 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.