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MU

Micron Technology, Inc.Close $698.74EOD only
Max Pain
$700.00
Next expiry May 22, 2026
Expected Move
±$58.15
8.3% from close
Price Gap
+1.26
Distance to max pain
IV Rank
50
Middle-high premium
P/C OI
1.31
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 19, 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
May 19, 2026 close
MU Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Long put spreads above put floor
Invalidation: Spot breaks below $620 put floor
Confidence:
3.5 / 10
base 5; -1 GEX/flow contradict; -1 spot 15.9% from MP; +0.5 VIX 18; override: High vol and negative GEX support long premium; aligned with environment

IV Environment

IV Regime
High
IV vs VIX
IV (112.6%) extremely high vs VIX 18.4; elevated short-dated skew
Favorable?
No

Term structure: Front-end IV up to 331% put; backwardated but decays after week 1

⚠️High IV but negative GEX and trending regime cap favorable selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-17.8M)

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,343 (14.4% below spot)

OI concentrations: Put floor $400-$620 (17.3k OI near strike); Call wall $800-$900

Verdict: Significant pin risk from concentrated OI; spot at $725 is above max pain $625, vulnerable to gamma moves

Premium Opportunities

#1
Call calendar
Sell 2026-07-17 $730.00 call / buy 2026-08-21 $730.00 call
Sells expensive front-week premium, buys back-week protection; profits if IV declines after earnings.
Debit: $22.21-$27.14
Max loss: $27.14
BE: Path-dependent
Mgmt: Place at entry range; exit if spot breaks below $620 support or if IV collapses early.

Risk Alerts

!Negative gamma ($-17.8M) amplifies spot moves; trending regime increases tail risk
!Elevated front-end IV and put skew suggest hedging demand; short premium carries vega risk
How to Use These Reports
This theta reflects the market close on May 15, 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.