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沉穩
05-25 16:34

Nice post

Options Focus | Micron Technology now buys $700 call options with 25 million large orders; 30,000 sheets of false value Put hedge risk in recent months

美光科技收盘价为751.0美元，跌幅为1.46%。近期，美光科技期权市场出现显著异动，大额资金在远月实值看涨期权与近月深虚值看跌期权上同时布局，形成鲜明对比，总交易额超过2500万美元，揭示了市场参与者对股价未来走势的复杂预期。期权指标分析美光科技当前的期权市场指标呈现出高波动性特征。

Options Focus | Micron Technology now buys $700 call options with 25 million large orders; 30,000 sheets of false value Put hedge risk in recent months

# Options Witch

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Large amounts of funds have been laid out at the same time on the real-value call options in the far month and the deep-false put options in the recent month, forming a sharp contrast, with a total transaction volume of more than 25 million USD, revealing the complex expectations of market participants for the future trend of stock prices.</p><p><h3 id=\"id_2579841324\">Option Indicator Analysis</h3>Micron's current options market indicators exhibit high volatility characteristics. As of May 25, 2026, its implied volatility (IV) was as high as 95.18%, and the IV percentile reached 96.41%, indicating that the current IV level has exceeded more than 96% of the past year and is at a historically high level. According to the analysis framework, the IV percentile exceeding 70% is regarded as high volatility and option pricing is \"expensive\". Meanwhile, the Call/Put Ratio of calls to puts is 1.09, indicating that the market trading sentiment is slightly bullish overall, but the long and short forces are relatively balanced.</p><p><h3 id=\"id_1878454659\">Large order transactions</h3>In the past three days, the large single transaction of Micron Technology's options has shown a pattern of \"both offensive and defensive\", mainly buying operations, with more directionality and downside protection intentions coexisting.</p><p><strong>General Direction and Mood</strong>: The market has not seen significant large orders of selling out-of-the-money options to collect premium, and the main activity is concentrated on the buying side. On the one hand, there are funds to buy far-month real-value call options on a large scale, betting on medium-term gains; On the other hand, near-month deep out-of-value put options have been bought intensively, which is more reflected in short-term downside risk hedging or tail risk protection, rather than pure bearish.</p><p><strong>Key large orders and details</strong>：</p><p><ol start=\"1\" style=\"\"><li><strong>Far-month bullish dominance (real-value Call, bullish direction)</strong>：</p><p></li></ol><ul style=\"\"><li><strong>MU 2026-06-18 Expires 700.00 Call, Buy</strong>: This is a massive real-value call transaction with a combined volume of 2,509 and a total turnover of $250,0873 million. This shows that there is money willing to pay a high premium to bet that Micron shares will remain strong or continue to rise in the medium term.</p><p><a href=\"https://laohu8.com/OPT/MU 20260618 700.0 CALL\" title=\"$MU 20260618 700.0 CALL$\" class=\"\">$MU 20260618 700.0 CALL$</a></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36439b0774b1ea1cb2456b12c46d4fc6\" tg-width=\"828\" tg-height=\"571\"/></p><p></li></ul><ol start=\"2\" style=\"\"><li><strong>Recent month downside hedging (deep virtual value Put, bearish direction/protection)</strong>：</p><p></li></ol><ul style=\"\"><li>On the near-month (expiring 2026-05-29) contract, there were three large-scale buys of deep-out puts with strike prices of $460.00, $420.00, and $390.00. The three trades combined for 28,710 trades, but due to their extremely low premium ($0.10 to $0.25), the total turnover was only $478,000. This characteristic of \"large volume and low price\" is a typical low-cost tail risk hedging strategy, aiming at preventing the possible sharp decline or sudden negative in the short term.</p><p><a href=\"https://laohu8.com/OPT/MU 20260529 460.0 PUT\" title=\"$MU 20260529 460.0 PUT$\" class=\"\">$MU 20260529 460.0 PUT$</a><a href=\"https://laohu8.com/OPT/MU 20260529 420.0 PUT\" title=\"$MU 20260529 420.0 PUT$\" target=\"_blank\">$MU 20260529 420.0 PUT$</a><a href=\"https://laohu8.com/OPT/MU 20260529 390.0 PUT\" title=\"$MU 20260529 390.0 PUT$\" class=\"\">$MU 20260529 390.0 PUT$</a></p><p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6267c3a31379bb2bf5e2516d53005cd3\" tg-width=\"828\" tg-height=\"847\"/></p><p><strong>Strategies and implications</strong>: The large-order structure reveals a mixed strategy of market participants. Buying far-month real-value Call is a clear long directional bet that may be combined with bullish on volatility; And buying a large number of Put with deep virtual value in recent months is to buy \"cheap insurance\" for existing positions or expected upward paths in the current high volatility environment. The overall pattern can be summarized as \"near-end defense, medium-term bias\".</p><p><h3 id=\"id_3151281328\">Policy Reference</h3>Given that the current implied volatility is at historically high levels and options are expensive to price, simply selling a call or put option that is deeply out of value (e.g., the absolute value of Delta is less than 0.1) to collect a premium may have a poor risk-to-reward ratio; If you are not willing to bear too much margin pressure, consider adopting Spread strategies such as Bull Call Spread or Covered Call to participate in the market to reduce costs and risks.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Options Focus | Micron Technology now buys $700 call options with 25 million large orders; 30,000 sheets of false value Put hedge risk in recent months</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOptions Focus | Micron Technology now buys $700 call options with 25 million large orders; 30,000 sheets of false value Put hedge risk in recent months\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1020040791\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7471350466f20d36ee3112d77c72cd89);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">期权女巫 </p>\n<p class=\"h-time smaller\">2026-05-25 16:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Micron Technology closed at $751.0, down 1.46%.</p><p>Recently, the option market of Micron Technology (MU) has experienced significant changes. Large amounts of funds have been laid out at the same time on the real-value call options in the far month and the deep-false put options in the recent month, forming a sharp contrast, with a total transaction volume of more than 25 million USD, revealing the complex expectations of market participants for the future trend of stock prices.</p><p><h3 id=\"id_2579841324\">Option Indicator Analysis</h3>Micron's current options market indicators exhibit high volatility characteristics. As of May 25, 2026, its implied volatility (IV) was as high as 95.18%, and the IV percentile reached 96.41%, indicating that the current IV level has exceeded more than 96% of the past year and is at a historically high level. According to the analysis framework, the IV percentile exceeding 70% is regarded as high volatility and option pricing is \"expensive\". Meanwhile, the Call/Put Ratio of calls to puts is 1.09, indicating that the market trading sentiment is slightly bullish overall, but the long and short forces are relatively balanced.</p><p><h3 id=\"id_1878454659\">Large order transactions</h3>In the past three days, the large single transaction of Micron Technology's options has shown a pattern of \"both offensive and defensive\", mainly buying operations, with more directionality and downside protection intentions coexisting.</p><p><strong>General Direction and Mood</strong>: The market has not seen significant large orders of selling out-of-the-money options to collect premium, and the main activity is concentrated on the buying side. On the one hand, there are funds to buy far-month real-value call options on a large scale, betting on medium-term gains; On the other hand, near-month deep out-of-value put options have been bought intensively, which is more reflected in short-term downside risk hedging or tail risk protection, rather than pure bearish.</p><p><strong>Key large orders and details</strong>：</p><p><ol start=\"1\" style=\"\"><li><strong>Far-month bullish dominance (real-value Call, bullish direction)</strong>：</p><p></li></ol><ul style=\"\"><li><strong>MU 2026-06-18 Expires 700.00 Call, Buy</strong>: This is a massive real-value call transaction with a combined volume of 2,509 and a total turnover of $250,0873 million. This shows that there is money willing to pay a high premium to bet that Micron shares will remain strong or continue to rise in the medium term.</p><p><a href=\"https://laohu8.com/OPT/MU 20260618 700.0 CALL\" title=\"$MU 20260618 700.0 CALL$\" class=\"\">$MU 20260618 700.0 CALL$</a></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36439b0774b1ea1cb2456b12c46d4fc6\" tg-width=\"828\" tg-height=\"571\"/></p><p></li></ul><ol start=\"2\" style=\"\"><li><strong>Recent month downside hedging (deep virtual value Put, bearish direction/protection)</strong>：</p><p></li></ol><ul style=\"\"><li>On the near-month (expiring 2026-05-29) contract, there were three large-scale buys of deep-out puts with strike prices of $460.00, $420.00, and $390.00. The three trades combined for 28,710 trades, but due to their extremely low premium ($0.10 to $0.25), the total turnover was only $478,000. This characteristic of \"large volume and low price\" is a typical low-cost tail risk hedging strategy, aiming at preventing the possible sharp decline or sudden negative in the short term.</p><p><a href=\"https://laohu8.com/OPT/MU 20260529 460.0 PUT\" title=\"$MU 20260529 460.0 PUT$\" class=\"\">$MU 20260529 460.0 PUT$</a><a href=\"https://laohu8.com/OPT/MU 20260529 420.0 PUT\" title=\"$MU 20260529 420.0 PUT$\" target=\"_blank\">$MU 20260529 420.0 PUT$</a><a href=\"https://laohu8.com/OPT/MU 20260529 390.0 PUT\" title=\"$MU 20260529 390.0 PUT$\" class=\"\">$MU 20260529 390.0 PUT$</a></p><p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6267c3a31379bb2bf5e2516d53005cd3\" tg-width=\"828\" tg-height=\"847\"/></p><p><strong>Strategies and implications</strong>: The large-order structure reveals a mixed strategy of market participants. Buying far-month real-value Call is a clear long directional bet that may be combined with bullish on volatility; And buying a large number of Put with deep virtual value in recent months is to buy \"cheap insurance\" for existing positions or expected upward paths in the current high volatility environment. The overall pattern can be summarized as \"near-end defense, medium-term bias\".</p><p><h3 id=\"id_3151281328\">Policy Reference</h3>Given that the current implied volatility is at historically high levels and options are expensive to price, simply selling a call or put option that is deeply out of value (e.g., the absolute value of Delta is less than 0.1) to collect a premium may have a poor risk-to-reward ratio; If you are not willing to bear too much margin pressure, consider adopting Spread strategies such as Bull Call Spread or Covered Call to participate in the market to reduce costs and risks.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/97dc49a1c38f37d8c33d7241fccf9976","relate_stocks":{"MSFL":"2倍做多MSFT ETF-GraniteShares","MSFW":"Roundhill MSFT WeeklyPay ETF","MUU":"2倍做多MU ETF-Direxion","MU":"美光科技","MUD":"1倍做空MU ETF-Direxion","MSFO":"MSFT期权收益策略ETF-YieldMax","MSFX":"2倍做多MSFT ETF-T-Rex","MSFD":"1倍做空MSFT ETF-Direxion","MULL":"2倍做多MU ETF-GraniteShares","MSFU":"2倍做多MSFT ETF-Direxion","MSFY":"Kurv Yield Premium Strategy Microsoft (MSFT) ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142339742","content_text":"美光科技收盘价为751.0美元，跌幅为1.46%。近期，美光科技（MU）期权市场出现显著异动，大额资金在远月实值看涨期权与近月深虚值看跌期权上同时布局，形成鲜明对比，总交易额超过2500万美元，揭示了市场参与者对股价未来走势的复杂预期。期权指标分析美光科技当前的期权市场指标呈现出高波动性特征。截至2026年5月25日，其隐含波动率（IV）高达95.18%，IV百分位更是达到96.41%，表明当前IV水平已超过过去一年中96%以上的时间，处于历史高位。根据分析框架，IV百分位超过70%即被视为波动率偏高，期权定价“昂贵”。同时，看涨与看跌期权的成交量比（Call/Put Ratio）为1.09，显示市场交易情绪在整体上略微偏向看涨，但多空力量相对均衡。大单交易近三日的美光科技期权大单交易呈现出“攻守兼备”的格局，以买入操作为主，方向性偏多与下行保护意图并存。总体方向与情绪：市场未见显著的卖出虚值期权以收取权利金的大单，主要活动集中在买入端。一方面，有资金大规模买入远月实值看涨期权，押注中期上涨；另一方面，近月深虚值看跌期权被集中买入，这更多体现为短期下行风险对冲或尾部风险保护，而非纯粹的看跌。重点大单与明细：远月看涨主导（实值Call，方向偏多）：MU 2026-06-18 到期 700.00 Call，买入：这是一笔规模巨大的实值看涨期权交易，合并成交量达2,509张，总成交额高达2,508.73万美元。这显示出有资金愿意支付高昂的权利金，押注美光科技股价在中期内维持强势或继续上行。$MU 20260618 700.0 CALL$近月下行对冲（深虚值Put，方向偏空/防护）：在近月（2026-05-29到期）合约上，出现了三笔大规模买入深虚值看跌期权的交易，行权价分别为460.00、420.00和390.00美元。这三笔交易合计成交量达28,710张，但因其权利金极低（0.10至0.25美元），总成交额仅为47.80万美元。这种“量大价低”的特征，是典型的低成本尾部风险对冲策略，旨在防范短期内可能出现的剧烈下跌或突发利空。$MU 20260529 460.0 PUT$ ‌$MU 20260529 420.0 PUT$ ‌$MU 20260529 390.0 PUT$ 策略与含义：大单结构揭示了市场参与者的混合策略。买入远月实值Call是明确的多头方向性押注，可能结合了对波动率的看涨；而大量买入近月深虚值Put，则是在当前高波动率环境下，为现有头寸或预期中的上涨路径购买“廉价保险”。整体格局可概括为“近端防守、中期偏多”。策略参考鉴于当前隐含波动率处于历史高位，期权定价昂贵，单纯卖出深度虚值（如Delta绝对值小于0.1）的看涨或看跌期权以收取权利金，其风险回报比可能不佳；若不愿承担过多保证金压力，可考虑采用牛市价差（Bull Call Spread）或备兑开仓（Covered Call）等价差策略来参与市场，以降低成本和风险。","news_type":1,"symbols_score_info":{"MUD":0.6,"MSFD":0.6,"MSFX":0.6,"MULL":0.6,"MSFW":0.6,"MSFY":0.6,"MSFU":0.6,"MSFO":0.6,"MUU":0.6,"MSFL":0.6,"MU":2}},"isVote":1,"tweetType":1,"viewCount":28,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}