Micron Technology Inc. closed at $949.83, up 4.23%.
The session’s large options trades revealed a pronounced bearish tilt, with institutional flow dominated by heavy buying of long-dated, out-of-the-money puts. Total bearish premium of $710,500.00 overwhelmed bullish premium of $469,400.00, resulting in a net bearish bias of $241,100.00 and signaling a clear expectation of substantial downside risk over the coming year.
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Options Indicators
MU’s implied volatility stands at 69.49%, while its IV percentile is 31.08%, which places current option pricing in a broadly neutral zone, though still toward the lower end of its historical range. Combined with an IV/HV ratio of 0.67, this suggests implied volatility is running below realized volatility, indicating options are not especially expensive at present and may be relatively reasonably priced from a volatility standpoint. The Call/Put volume ratio is 1.42.
Large Trades
A PUT buy worth $99,500.00 targeted the $850.00 strike expiring on 2026-08-14, making it an out-of-the-money bearish position with MU referenced at $949.83. This single-leg trade reflects downside speculation or portfolio protection, as the buyer paid premium for puts that would gain value if the stock weakens materially over the coming year.
Another single-leg bearish trade was a $72,000.00 purchase of the $900.00 put expiring on 2026-08-14. With the strike also below the current reference price of $949.83, this was likewise an out-of-the-money put buy, pointing to a bearish directional view or a hedging motive, though the closer strike suggests a somewhat less aggressive downside threshold than the $850.00 put. Overall sentiment across all large trades leaned bearish, with bullish flow totaling $469,400.00 versus bearish flow of $710,500.00, leaving a net difference of $241,100.00 to the bearish side. The directional read is therefore clearly bearish, as the tape was dominated by put buying across multiple strikes and expirations, while the bullish activity was comparatively smaller and less broad-based.
Strategy Reference
For a neutral-to-bullish put seller seeking a low assignment probability, the $750.00 strike expiring in August 2026 offers a wider safety buffer below the dominant put-buying zone; alternatively, a bear put spread using the $900.00/$850.00 strikes can align with the negative flow while capping margin requirements.
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