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MU

Micron Technology, Inc.Close $966.78EOD only
Max Pain
$950.00
Next expiry Aug 24, 2026
Expected Move
±$26.73
2.8% from close
Price Gap
-16.78
Distance to max pain
IV Rank
46
Middle-high premium
P/C OI
1.19
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Aug 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
Aug 21, 2026 close
MU Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

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

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell call credit spreads at resistance
Invalidation: Spot closes above $900 or below $739.61
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 27.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV extremely elevated vs VIX (111.8% vs VIX 17)
Favorable?
Yes

Term structure: Term structure inverted with near-term IV spikes (100%+ 3-day) indicating event risk

⚠️Near-term put IV >200% signals extreme downside fear; tail risk hedging is expensive
📈Dealer GEX +44.5M implies long gamma; pinning likely near $705 or support
🎯Spot 27% above max pain $705; convergence pressure toward MP possible

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+44.5M)

Gamma flip: ~$640.00 — Approx — based on put OI concentration of 8,406 (28.6% below spot)

OI concentrations: Heavy put OI at strikes below $640; gamma flip at $640

Verdict: Moderate pin risk with skewed put OI, but spot far; near-term max pain $705 acts as magnet

Premium Opportunities

#1
Call credit spread
Sell 2026-05-29 $900.00/$905.00 call spread
Sell $900/$905 call spread to collect premium with limited downside.
Credit: $1.93-$2.36
Max loss: $2.64
BE: $902.36
Mgmt: Close at 50% max profit or if spot nears $900.

Risk Alerts

!Gamma flip at $640: if spot drops 20%, rapid delta shift could accelerate declines
!High near-term put IV suggests impending catalyst; avoid naked short puts
How to Use These Reports
This theta reflects the market close on May 26, 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.