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MU

Micron Technology, Inc.Close $1015.80EOD only
Max Pain
$945.00
Next expiry Sep 21, 2026
Expected Move
±$24.52
2.4% from close
Price Gap
-70.80
Distance to max pain
IV Rank
46
Middle-high premium
P/C OI
1.12
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Sep 18, 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 18, 2026 close
MU Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Conservative
Primary: Short put spread
Invalidation: Spot closes below $1000
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 21.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 119% vs VIX 17.28; massive premium
Favorable?
Yes

Term structure: Contango in calls, steep backwardation in puts near-term

🔥Avg IV 119% vs VIX 17.28; extreme put skew 284% near-term
📈Term structure contango; favorable for premium collection

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+34.6M)

Gamma flip: ~$1000.00 — Approx — based on put OI concentration of 13,886 (17.4% below spot)

OI concentrations: Max pain $1000 (6/26, 7/2) and $950 (7/10). Put OI 13,886 (17.4% below spot) at $1000.

Verdict: High pin risk; massive put OI at $1000, gamma flip within 4 days.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-02 $1080.00/$1000.00 put spread
Sell 1080/1000 put spread; bullish with 4.1% max gain.
Credit: $18.20-$22.25
Max loss: $57.75
BE: $1057.75
Mgmt: Take profit at 50% max gain; stop loss if spot closes below 1000.
#2
Iron condor
Sell 2026-07-02 $1115.00/$1045.00 put wing and $1380.00/$1470.00 call wing
Sell put wing 1115/1045 and call wing 1380/1470; neutral to slightly bullish.
Credit: $34.56-$42.24
Max loss: $47.76
BE: 1072.76 / 1422.24
Mgmt: Close at 50% max gain or if pin risk materializes near 1000.

Risk Alerts

!Extreme put skew: near-term put IV 284% vs call 153%
!Pinning at $1000: gamma flip from put OI concentration
!Spot 21.1% above max pain; potential mean reversion
How to Use These Reports
This theta reflects the market close on June 22, 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.