Micron closed at USD 1,035.84, down 4.79 percent.

Large options trades in Micron leaned toward downside premium collection, with a $2.32 million out-of-the-money put sale and a $2.28 million short put combo standing out. Both trades involved selling puts below the stock price, pointing to confidence that Micron can hold above key levels despite the daily drop.

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Options Indicators

Micron’s implied volatility is 51.36%, and with an IV percentile of just 1.59%, current option pricing sits on the low side relative to its own recent history, indicating options are cheaply priced rather than expensive. At the same time, the IV/HV ratio of 1.17 shows implied volatility is modestly above realized volatility, suggesting the options market is still embedding a slight premium over recent actual movement, but overall volatility conditions remain subdued. The Call/Put volume ratio is 1.59.

Large Trades

A put-selling premium collection trade worth $2.28 million stood out as a same-direction short put combination, with 1,800 contracts sold on the November 20, 2026 $880 put and another 1,800 contracts sold on the November 20, 2026 $800 put. This is a put spread-style premium-selling structure made up of two short puts at different strikes, and the preprocessed data shows a net credit of $2.28 million. With both strikes below the $1,035.84 spot price, both legs were out of the money at execution, indicating a range-bound to mildly bearish volatility-selling stance: the trader appears to be collecting premium while expressing confidence that Micron is unlikely to collapse toward those lower strike areas by expiration.

A single-leg short put worth $2.32 million was the largest outright trade, involving the sale of 1,451 contracts of the October 30, 2026 $950 put. That strike sat below the current stock price of $1,035.84, so the option was out of the money, making this a moderately bullish trade that profits if Micron stays above $950 and ideally remains firm enough for time decay to erode the option’s value. Taken together, the bulk-order flow leans bullish overall: the largest standalone transaction was an out-of-the-money put sale, and although one major combo also focused on harvesting downside premium, the broader block activity still suggests traders are more comfortable selling downside risk than aggressively buying protection, pointing to constructive sentiment with expectations for Micron to hold up rather than break sharply lower.

Strategy Reference

For traders seeking low assignment probability while mirroring the dominant short-put flow, the October 30, 2026 $900 put or a wider $850/$800 short put spread can reduce buying-power commitment while still capitalizing on Micron’s subdued volatility and downside support.