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MU

Micron Technology, Inc.Close $977.41EOD only
Max Pain
$995.00
Next expiry Sep 11, 2026
Expected Move
±$26.52
2.7% from close
Price Gap
+17.59
Distance to max pain
IV Rank
17
Low premium
P/C OI
1.19
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Sep 10, 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 10, 2026 close
MU Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 12, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Bear call spreads at $1000 resistance
Invalidation: Spot closes above $1050 or VIX > 25
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.7% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Average IV (123.8%) is 7x VIX (17.7%), extreme discrepancy.
Favorable?
Yes

Term structure: Term structure downward sloping in ATM IV but near-term put IV extreme (359% at 0 DTE). High near-term skew.

⚡Put IV of 359% on 0 DTE indicates extreme hedging demand; high premium for sellers.
📈Dealer GEX +$52.7M positive; long gamma supports pinning and dampens vol.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+52.7M)

Gamma flip: ~$730.00 — Approx — based on put OI concentration of 16,791 (25.6% below spot)

OI concentrations: Put floor $500-$800 (16.8k OI at 730 gamma flip), Call wall $1050-$1200. Max pain pins: $920 (6/12), $500 (6/18), $900 (6/26).

Verdict: Spot ~$981 is 6.7% above today's max pain ($920). High put OI below spot acts as support, but risk of pinning to $920 if sold.

Premium Opportunities

#1
Call credit spread
Sell 2026-07-10 $1000.00/$1020.00 call spread
Sell $1000/$1020 call spread to capture elevated premium with defined risk.
Credit: $7.07-$8.64
Max loss: $11.36
BE: $1008.64
Mgmt: Close if spot nears $1000; hold to expiry for full decay. Monitor gamma if spot drops sharply.

Risk Alerts

!Gamma flip at $730: if spot drops 25%, massive dealer hedging could accelerate move.
!Spot 6.7% above max pain; potential mean reversion toward $920.
!Near-term IV extreme; vega exposure high if vol collapses.
How to Use These Reports
This theta reflects the market close on June 12, 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.