Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
MU options intelligence
Micron Technology Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 3 Aug 2026
Checked 4 Aug 2026 07:27 · partial chain
Options-market disagreement
Mixed pressure
MU currently carries mixed options pressure with a 44/100 conviction score. The nearest-chain expected move is 6.6%, with volume/open-interest participation at 1.01.
Expected move
6.6%
Wider near-term move priced
Activity / OI
1.01
Current volume is elevated versus prior open interest
Put-call
0.73
Call-side skew
Trend fit
79
Options agree with trend context
Weekly backdrop
-10.6%
RS 76.1
Expected move
6.6%
Put-call volume
0.73
Volume / OI
1.01
Reference IV
1.11
Max pain
855.00
Underlying
823.03
Nearest expiry
5 Aug 2026
Contracts
2000
Research Brief
MU has a mixed chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 768.91–877.15; The largest call open-interest concentration is 1000.00; the largest put concentration is 790.00. The most active strike by current volume is 635.00.
Priced range768.91–877.15
Call concentration1000.00
Put concentration790.00
Max pain reference855.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 768.91 to 877.15. Max pain at 855.00 sits inside that range, 3.9% above spot.
Spot
Max pain
768.91823.03 ± 54.12877.15
Confirmation level
A close beyond 877.15 or below 768.91 at the 5 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 44/100
Pressure is 4/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure4 × 42%
+1.5
How strongly activity leans toward calls or puts.
Participation63 × 22%
+13.9
Volume relative to existing open interest and contract-level activity.
Trend agreement79 × 26%
+20.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility82 × 10%
+8.2
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 1000.00; the largest put concentration is 790.00. The most active strike by current volume is 635.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
22
635.00-22.8%
0
548
700.00-14.9%
6
482
750.00-8.9%
13
104
780.00-5.2%
240
1403
790.00-4.0%
65
511
800.00-2.8%
318
205
810.00-1.6%
142
133
815.00-1.0%
48
217
820.00-0.4%
125
103
825.000.2%
156
281
830.000.8%
213
169
840.002.1%
207
253
850.003.3%
305
115
870.005.7%
193
324
900.009.4%
1254
180
950.0015.4%
946
15
1000.0021.5%
1315
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$35.7MDelta change / 1% move
Positive peak900.00+$12.5M
Negative peak800.00-$26.7M
Nearest balance825.85Interpolated sign change
StrikeNegativePositiveNet / 1% move
780.00-5.2%
-$407,179
782.50-4.9%
-$180,975
785.00-4.6%
-$347,129
787.50-4.3%
-$70,082
790.00-4.0%
-$6.4M
792.50-3.7%
-$832,342
795.00-3.4%
-$1.4M
800.00-2.8%
-$26.7M
805.00-2.2%
-$611,517
810.00-1.6%
-$756,408
815.00-1.0%
-$1.0M
820.00-0.4%
+$145,867
825.000.2%
+$97,617
830.000.8%
-$477,213
835.001.5%
+$913,763
840.002.1%
+$519,278
845.002.7%
+$33,930
850.003.3%
+$14,293
855.003.9%
-$4.1M
860.004.5%
-$95,775
865.005.1%
+$1.7M
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.11
5 Aug
2d
1.11
7 Aug
4d
0.95
10 Aug
7d
0.96
12 Aug
9d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
660
670
680
690
703
713
723
733
743
755
780
800
820
840
860
880
900
925
945
965
985
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move10.6%
30 Jul
Mixed · 41
-10.6% through expiry
6.7% priced · v2.0
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
Usable with limits
Retained chain17%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 2000 / 11908
- 17% of provider contracts were retained for this snapshot.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
The options read is mixed, so divergence is not strong enough to classify.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $515.2M of estimated gross traded notional, calls · 0-7 days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+4
1W price-10.6%
Call premium72%
Put premium28%
Notional split
C 72% / P 28%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.01
Volume divided by open interest across the visible chain.
Trend fit
79/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 0-7 days · ATM
calls cluster with 37724 contracts traded, $131.7M estimated gross traded notional, and 26% of visible notional.
$131.7M
Calls · 0-7 days · OTM
calls cluster with 125918 contracts traded, $117.3M estimated gross traded notional, and 23% of visible notional.
$117.3M
Calls · 0-7 days · ITM
calls cluster with 18541 contracts traded, $117.3M estimated gross traded notional, and 23% of visible notional.
$117.3M
Puts · 0-7 days · ITM
puts cluster with 4335 contracts traded, $50.6M estimated gross traded notional, and 10% of visible notional.
$50.6M
Puts · 0-7 days · OTM
puts cluster with 114603 contracts traded, $49.4M estimated gross traded notional, and 10% of visible notional.
$49.4M
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close823.03
1W-10.6%
RS76.1
Fair value+286.3%
Options pressure4
Speculation63
Volatility82
Trend fit79
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 17:51
Volatility
Pressure 14
Move 16.2%
29 Jul 18:13
Mixed
Pressure 12
Move 16.1%
29 Jul 18:38
Mixed
Pressure 12
Move 16.8%
29 Jul 19:00
Mixed
Pressure 11
Move 15.1%
29 Jul 19:23
Mixed
Pressure 13
Move 14.5%
29 Jul 19:43
Mixed
Pressure 12
Move 17.1%
30 Jul 00:57
Volatility
Pressure 15
Move 19.0%
30 Jul 08:55
Mixed
Pressure 1
Move 19.8%
Strike Map
Where activity is clustering
Strike500.00
Calls · V 0 · OI 0
Puts · V 31 · OI 47
Strike505.00
Calls · V 0 · OI 0
Puts · V 22 · OI 31
Strike510.00
Calls · V 0 · OI 0
Puts · V 209 · OI 4
Strike515.00
Calls · V 0 · OI 0
Puts · V 49 · OI 13
Strike520.00
Calls · V 0 · OI 0
Puts · V 14 · OI 2
Strike525.00
Calls · V 0 · OI 0
Puts · V 2 · OI 13
Strike530.00
Calls · V 0 · OI 0
Puts · V 8 · OI 108
Strike535.00
Calls · V 0 · OI 0
Puts · V 26 · OI 4
Term Structure
Expiration activity
Expiry5 Aug 2026
Contracts400
Avg IV1.11
Put-call0.74
Expiry7 Aug 2026
Contracts858
Avg IV1.11
Put-call0.81
Expiry10 Aug 2026
Contracts434
Avg IV0.95
Put-call0.29
Expiry12 Aug 2026
Contracts308
Avg IV0.96
Put-call0.79
Skew
Call/put IV balance
5 Aug 2026Balanced skew
Call IV1.10
Put IV1.15
Skew0.05
7 Aug 2026Balanced skew
Call IV1.11
Put IV1.14
Skew0.03
10 Aug 2026Balanced skew
Call IV0.93
Put IV0.97
Skew0.04
12 Aug 2026Balanced skew
Call IV0.96
Put IV0.98
Skew0.02
Contract Tape
Most active contracts
ContractMU260805P00635000
SidePut
Expiry5 Aug 2026
Strike635.00
Volume15709
OI22
IV1.44
ContractMU260807C00900000
SideCall
Expiry7 Aug 2026
Strike900.00
Volume11016
OI5859
IV1.11
ContractMU260805C00900000
SideCall
Expiry5 Aug 2026
Strike900.00
Volume9073
OI1254
IV1.10
ContractMU260807C01000000
SideCall
Expiry7 Aug 2026
Strike1000.00
Volume8810
OI4841
IV1.14
ContractMU260805C00850000
SideCall
Expiry5 Aug 2026
Strike850.00
Volume8138
OI305
IV1.10
ContractMU260807C00950000
SideCall
Expiry7 Aug 2026
Strike950.00
Volume7683
OI2170
IV1.12
ContractMU260807P00650000
SidePut
Expiry7 Aug 2026
Strike650.00
Volume6792
OI3702
IV1.26
ContractMU260805C01000000
SideCall
Expiry5 Aug 2026
Strike1000.00
Volume6089
OI1315
IV1.19
Research Graph
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Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.