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MU

Micron Technology, Inc.Close $996.00EOD only
Max Pain
$970.00
Next expiry Jun 5, 2026
Expected Move
±$42.05
4.2% from close
Price Gap
-26.00
Distance to max pain
IV Rank
100
High premium
P/C OI
1.53
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
MU Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness2 / 10
Sizing: Conservative
Primary: Bear put spread
Invalidation: Spot closes above $996 or below $800
Confidence:
2 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 11.8% from MP; +0.5 VIX 22; override: Premium selling unfavorable due to extreme IV relative to VIX and bearish flow

IV Environment

IV Regime
High
IV vs VIX
Avg IV (124%) significantly exceeds VIX (21.5), indicating extreme volatility premium.
Favorable?
No

Term structure: Term structure shows contango from 7d to far, but 0d ATM IV is anomalously low; overall elevated.

⚠️IV at 124% vs VIX 21.5, premium rich but risky
📉Bearish flow with 1.52 put/call OI ratio

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-48.8M)

Gamma flip: ~$610.00 — Approx — based on put OI concentration of 24,317 (29.4% below spot)

OI concentrations: Max pain $980 (Jun5), $940 (Jun12), $470 (Jun18); call wall $1200; put floor $485-$800

Verdict: High pin risk near max pain levels; spot below MP increases uncertainty.

Premium Opportunities

#1
Put calendar
Sell 2026-07-02 $850.00 put / buy 2026-08-21 $850.00 put
Sells high-IV front put, buys lower-IV back put; profits from volatility contraction while maintaining bearish direction.
Debit: $45.52-$55.63
Max loss: $55.63
BE: Path-dependent
Mgmt: Close if spot drops below $800; adjust if IV spread narrows.
#2
Call calendar
Sell 2026-07-02 $900.00 call / buy 2026-08-21 $900.00 call
Sells high-IV front call, buys lower-IV back call; profits from volatility contraction with neutral-bullish bias.
Debit: $50.13-$61.27
Max loss: $61.27
BE: Path-dependent
Mgmt: Monitor earnings reaction; close if spot breaks below $800.

Risk Alerts

!Spot 11.8% from max pain $980
!Heavy put OI ratio 1.52 indicates bearish bias
!Net dealer short premium ($-1.25B) may amplify moves
How to Use These Reports
This theta reflects the market close on June 5, 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.