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MU

Micron Technology, Inc.Close $856.49EOD only
Max Pain
$920.00
Next expiry Oct 23, 2026
Expected Move
±$28.50
3.3% from close
Price Gap
+63.51
Distance to max pain
IV Rank
7
Low premium
P/C OI
1.07
Balanced positioning
Consensus
7.0/10
Bullish tilt
Published snapshot: Oct 22, 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
Oct 22, 2026 close
MU Theta Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 9, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short put credit spreads
Invalidation: Spot breaks below $925 support
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 20

IV Environment

IV Regime
High
IV vs VIX
IV avg 119% vs VIX 20, extremely elevated, expensive options.
Favorable?
Yes

Term structure: Short-term IV (107% at 3d) higher than long-term (92% at 192d), slight backwardation suggesting near-term event.

💸IV extremely high relative to VIX, attractive premium selling opportunity.
⏳Near-term IV higher than long-term, event risk priced in.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+21.7M)

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,759 (22.0% below spot)

OI concentrations: Call wall $1000-$1050, put floor $500-$790, gamma flip at $730.

Verdict: Moderate pin risk; dealer long gamma and spot between max pain ($925) and call wall, potential pin to $925 area.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $790.00/$700.00 put spread
Sell 790/700 put spread to capture elevated premium with limited downside.
Credit: $22.48-$27.47
Max loss: $62.53
BE: $762.53
Mgmt: Close at 50% max gain; adjust if spot breaks $925.
#2
Short strangle
Sell 2026-07-17 $790.00 put + sell $1250.00 call
Sell 790 put and 1250 call to profit from IV crush and range-bound move.
Credit: $86.54-$105.77
Max loss: Unlimited
BE: 684.23 / 1355.77
Mgmt: Close at 50% max gain or adjust near strikes.

Risk Alerts

!High IV skew and near-term event risk; avoid naked short options near expiration.
!Dealer gamma long may amplify moves towards high OI levels.
How to Use These Reports
This theta reflects the market close on June 9, 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.