thetaOwl
HomeOptionsMUReports

MU

Micron Technology, Inc.Close $1016.59EOD only
Max Pain
$925.00
Next expiry Sep 9, 2026
Expected Move
±$22.75
2.2% from close
Price Gap
-91.59
Distance to max pain
IV Rank
16
Low premium
P/C OI
1.15
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Sep 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
Sep 4, 2026 close
MU Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Put credit spreads with $730 stop-loss
Invalidation: Spot below $730 gamma flip
Confidence:
5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19; override: Gamma flip and high put-call ratio increase risk

IV Environment

IV Regime
High
IV vs VIX
IV far above VIX
Favorable?
Yes

Term structure: Front-end skew extreme; put IV >200%

📊IV elevated, favorable for premium selling
⚠️Put skew extreme; long puts expensive

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+16.0M)

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,727 (23.1% below spot)

OI concentrations: Max pain $925, $470, $900; put floor $500-$790

Verdict: Spot above max pain; heavy put OI suggests pin risk to $925

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $850.00/$840.00 put spread
Sell $850/$840 put spread to collect premium with defined risk
Credit: $3.80-$4.65
Max loss: $5.35
BE: $845.35
Mgmt: Exit if spot closes below $850 before expiry
#2
Iron condor
Sell 2026-07-17 $850.00/$840.00 put wing and $1200.00/$1210.00 call wing
Sell $850/$840 put and $1200/$1210 call wings
Credit: $5.65-$6.90
Max loss: $3.10
BE: 843.10 / 1206.90
Mgmt: Manage if spot breaks $925-1134 range
#3
Call credit spread
Sell 2026-07-17 $1200.00/$1210.00 call spread
Sell $1200/$1210 call spread to cap upside
Credit: $1.84-$2.25
Max loss: $7.75
BE: $1202.25
Mgmt: Exit if spot rallies above $1200

Risk Alerts

!Gamma flip at $730
!Put-call OI ratio 1.51
!High put IV skew
How to Use These Reports
This theta reflects the market close on June 8, 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.