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MU

Micron Technology, Inc.Close $861.00EOD only
Max Pain
$860.00
Next expiry Aug 12, 2026
Expected Move
±$38.03
4.4% from close
Price Gap
-1.00
Distance to max pain
IV Rank
18
Low premium
P/C OI
1.23
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Aug 10, 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
Aug 10, 2026 close
MU Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 14, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Put Credit Spreads
Invalidation: Break below $620 gamma flip
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 29.3% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 109.7% vs VIX 17.3 – extremely high relative vol
Favorable?
Yes

Term structure: Near-term contango: 1 DTE 78% < 8 DTE 97%; then declining to 84% at 12mo

📊Put OI ratio 1.29 strong put wall $400–$650
⚠️Spot 29% above MP, risk of pinning lower

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+29.0M)

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,513 (20.1% below spot)

OI concentrations: Put floor $400–$650; call wall $900; gamma flip at $620 (put OI)

Verdict: Moderate pin risk – spot above MP but put floor may hold

Premium Opportunities

#1
Put credit spread
Sell 2026-06-26 $665.00/$540.00 put spread
Sell $665/$540 put spread 41 days out.
Credit: $28.04-$34.27
Max loss: $90.73
BE: $630.73
Mgmt: Exit below $620.
#2
Covered call
Buy shares + sell 2026-07-17 $1050.00 call
Buy shares, sell $1050 call 41dte.
Credit: $44.17-$53.98
Max loss: Stock downside to $0 less call premium
BE: $722.03
Mgmt: Roll if near $1050.
#3
Iron condor
Sell 2026-06-26 $695.00/$590.00 put wing and $990.00/$1080.00 call wing
Sell $695/$590 put & $990/$1080 call wings.
Credit: $40.43-$49.42
Max loss: $55.58
BE: 645.58 / 1039.42
Mgmt: Monitor extremes; exit if breached. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Gamma flip at $620 if broken could trigger selloff
!High put/call OI ratio (1.29) raises expiration risk
How to Use These Reports
This theta reflects the market close on May 14, 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.