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MU

Micron Technology, Inc.Close $762.10EOD only

Max Pain

$700.00

Next expiry May 22, 2026

Expected Move

±$27.20

3.6% from close

Price Gap

-62.10

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.30

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

MU Theta Report

Analysis based on market close May 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); -1 spot 8.9% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

IV avg 97.8% vs VIX 16.8, extremely high

Favorable?

Yes

Term structure: Front-end put IV spikes to 185% on 1d exp, backwardation; calls flatter

⚠️Put skew extreme near term, caution with naked puts

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+66.3M)

Gamma flip: ~$620.00 — Approx — based on put OI concentration of 17,472 (18.6% below spot)

OI concentrations: Heavy put OI below spot, net premium +$1B, put/call OI ratio 1.30

Verdict: Elevated pin risk around $700 and $660 max pain, gamma flip at $620

Premium Opportunities

Put credit spread

Sell 2026-06-26 $660.00/$595.00 put spread

Selling OTM put spread to profit from time decay and IV contraction post-earnings.

Credit: $15.68-$19.17

Max loss: $45.83

BE: $640.83

Mgmt: Monitor spot near $700 invalidation; consider early close if IV drops sharply.

Iron condor

Sell 2026-06-26 $690.00/$595.00 put wing and $920.00/$1060.00 call wing

Wide wings to capitalize on time decay and vol crush with defined risk.

Credit: $42.32-$51.73

Max loss: $88.27

BE: 638.27 / 971.73

Mgmt: Set alerts at $690 and $920; adjust if spot approaches wings. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Pin risk due to put concentration and max pain

!High IV but spot near resistance

How to Use These Reports

This theta reflects the market close on May 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.