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MU

Micron Technology, Inc.Close $487.48EOD only

Max Pain

$432.50

Next expiry Apr 24, 2026

Expected Move

±$26.52

5.4% from close

Price Gap

-54.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.23

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 22, 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 22, 2026 close

MU Theta Report

Analysis based on market close April 23, 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 9.5% from MP; +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

ATM IVs elevated vs VIX; short-dated put IVs massively steep (1d put IV 164%)

Favorable?

Term structure: Front-week skew and very high 1-8d put IVs compress by 29-35d; elevated longer-term IV but front-end dominates

⚠️Short-dated put IV dislocation and heavy put OI concentrated ~19% below spot increases pin force

💱Market microstructure risk: very wide bid-ask spreads and low displayed depth on dislocated short-dated puts — execution, roll and slippage costs materially higher

📌Max-pain pins at $440/$430/$410 with dealer GEX +$68.5M—pinning regime likely near those strikes

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+68.5M)

Gamma flip: ~$390.00 — Approx — based on put OI concentration of 16,975 (19.0% below spot)

OI concentrations: Put OI concentrated around $390-$440; max-pain pins at $440/$430/$410

Verdict: High pin risk into near expiries; spot ~9.5% above MP increases chance of sideways/mean reversion. Watch for early-assignment risk on short puts, margin jumps if spot approaches pinned strikes, and forced capital/hedge requirements on dealer unwind. Predefine assignment cutoffs and collateral triggers.

Premium Opportunities

Call diagonal

Sell 2026-06-18 $480.00 call / buy 2026-07-17 $470.00 call

Collect elevated near-term premium and exploit calendar spread decay/low vega of short leg; limited downside to paid debit (~max loss 18.95) with variable upside depending on spread behavior.

Debit: $15.50-$18.95

Max loss: $18.95

BE: Path-dependent

Mgmt: Close or buy back short leg into earnings or on IV spike; hedge or roll if spot rallies toward invalidation (452.07) or dealer gamma flip (~390) dynamics change; set assignment/collateral cutoffs and predefined stop on realized loss.

Risk Alerts

!Gap-down or large intraday sell-off forcing IV spike and wide spreads

!Dealer unwind if spot breaches gamma flip ~$390 causing rapid repricing and margin calls

!Early-assignment risk on short puts; ensure capital and contingency plans

!Unexpected corporate news/earnings widening skew

How to Use These Reports

This theta reflects the market close on April 23, 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.