Micron closed at $1,096.16, up 5.00%.
The session featured exceptionally large and bullish options activity, including a $22.58 million out-of-the-money put sale and an $8.68 million in-the-money call purchase.
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Options Indicators
Micron’s implied volatility stands at 68.87%, while its IV percentile is 27.09%, indicating that although absolute implied volatility is relatively high, it sits on the lower side of its own recent range. In other words, current option pricing appears comparatively inexpensive rather than elevated, suggesting volatility expectations are not especially stretched despite the rich headline IV level. The IV/HV ratio of 1.46 also shows implied volatility is running above historical volatility, meaning the options market is still pricing in more movement ahead than what the stock has recently realized.
The Call/Put volume ratio is 1.73.
Large Trades
A put sale worth $22.58 million was the largest block of the session, with 2,000 contracts traded at the 900.0 strike expiring on 2027-06-17. With Micron referenced at 1096.16, this put was out of the money, making the trade a clearly bullish stance. Selling an OTM put at this level typically signals confidence that the stock will stay above 900.0 into expiration, while also indicating a willingness to accumulate shares at a lower effective entry point if assigned. Strategically, this is a premium-collection trade with a constructive outlook on downside risk.
An in-the-money call purchase worth $8.68 million was the second standout trade, involving 1,578 contracts at the 1060.0 strike expiring on 2026-10-02. Because the strike sits below the current share price of 1096.16, the call was already ITM, which reinforces the bullish character of the trade. Buying an ITM call in this size suggests a directional upside bet with meaningful delta exposure, allowing the trader to participate in further gains while committing less capital than outright stock ownership. Overall, the large-order flow points to a clearly bullish tone in Micron, with activity dominated by premium-selling on downside strikes and aggressive upside call buying, indicating institutional confidence that the stock can remain resilient and continue moving higher rather than facing a material reversal.
Strategy Reference
For a similar bullish premium-selling structure with lower assignment probability, a trader could consider selling shorter-dated put spreads, such as a put credit spread near the 950/900 strikes, to reduce margin and define downside risk while still benefiting from Micron’s elevated implied volatility.