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MU

Micron Technology, Inc.Close $1043.96EOD only
Max Pain
$985.00
Next expiry Sep 23, 2026
Expected Move
±$35.30
3.4% from close
Price Gap
-58.96
Distance to max pain
IV Rank
6
Low premium
P/C OI
1.11
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Sep 21, 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 21, 2026 close
MU Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short premium (put credit spreads)
Invalidation: Break below $1000 support or spot moves >3%
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 119% vs VIX 19.5 – significantly elevated
Favorable?
Yes

Term structure: Steep contango; near-term IV elevated sharply

📈High IV and contango favor premium sellers but pinning adds risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+17.6M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 12,577 (23.9% below spot)

OI concentrations: Max pain pins at $1035 (6/26), $1000 (7/2), $990 (7/10); put OI heavy below $1035

Verdict: Elevated pin risk; spot near $1035 max pain

Premium Opportunities

#1
Put credit spread
Sell 2026-07-24 $940.00/$925.00 put spread
Sell put spread to collect elevated premium while relying on support. Edge: high IV and theta decay.
Credit: $5.06-$6.19
Max loss: $8.81
BE: $933.81
Mgmt: Exit if MU breaks below 1000 or implied move expands beyond 3%.
#2
Iron condor
Sell 2026-07-24 $940.00/$925.00 put wing and $1310.00/$1320.00 call wing
Sell both put and call wings to collect premium with wide strike boundaries. Edge: time decay in high IV.
Credit: $6.86-$8.39
Max loss: $6.61
BE: 931.61 / 1318.39
Mgmt: Adjust if spot approaches either wing; exit if breaks beyond invalidation levels.

Risk Alerts

!High vol regime may cause sharp moves
!Pinning gamma could trigger rapid reversals near expiration
How to Use These Reports
This theta reflects the market close on June 23, 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.