Micron closed at USD 1,053.98, reflecting a 2.61% decline.
Despite the daily pullback, large options activity leaned bullish. The standout block was a put sale at the $795 strike for October 2026, collecting premium and signaling confidence in long-term downside support. With implied volatility percentile near the low end of its historical range, traders appear to be using relatively cheap options to express a constructive view on Micron rather than positioning for an immediate breakdown below current levels.
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Options Indicators
Micron’s implied volatility is 64.77%, and with an IV percentile of 15.94%, current volatility sits on the low side relative to its own recent history, indicating that options are cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.29 shows implied volatility is still running above realized volatility, so the market is assigning a moderate premium for forward uncertainty even though overall option pricing remains relatively inexpensive in historical context.
The Call/Put volume ratio is 1.55.
Large Trades
A PUT sale worth $742,200 was the standout large trade, with 1,430 contracts of the 795.0 strike put sold for expiration on 2026-10-30. With Micron referenced at 1053.98, this strike sits out of the money, making the position a moderately bullish stance that is consistent with premium collection and a view that the stock is unlikely to fall below 795.0 by expiration. The seller is effectively expressing confidence in downside support while monetizing elevated option premium rather than positioning for an immediate bearish move.
Overall, the large-trade flow leans bullish. The dominant trade was an out-of-the-money put sale, and the broader block activity also shows bullish premium-selling interest outweighing the bearish directional put buying seen elsewhere. While there was some downside-focused activity through put purchases, the larger message from the bulk orders is that traders were more willing to sell downside risk and collect premium, suggesting confidence in Micron’s price stability and a constructive directional bias rather than expectations for a sustained breakdown.
Strategy Reference
For a lower assignment probability and reduced margin requirement than selling the $795 put outright, traders could consider a put credit spread such as selling the $900 put and buying the $850 put for the same October 2026 expiration, using the cheap implied volatility environment to define risk while still collecting premium from Micron’s downside support.