Micron closed at USD 1071.88, down 2.22%.
Large options trades showed a clear bullish tilt, highlighted by a $513,200.00 out-of-the-money call purchase targeting the 1200.0 strike expiring in September 2026. The trade stood out as the dominant aggressive upside bet, while other notable flows were minor and neutral-to-slightly bearish. Overall, traders displayed a stronger appetite for upside participation than for downside positioning.
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Options Indicators
Micron’s implied volatility stands at 67.96%, while its IV percentile is 25.90%, indicating that although absolute volatility is high, it is still sitting on the lower end of its own historical range. In other words, current option pricing appears relatively cheap rather than elevated, and the IV/HV ratio of 1.39 suggests implied volatility is running above realized volatility, meaning the options market is still embedding a noticeable premium over recent actual movement.
The Call/Put volume ratio is 1.47.
Large Trades
A call buy worth $513,200.00 dominated the displayed large trades, with 4,652 contracts of the 1200.0 strike expiring on 2026-09-25 purchased while the stock reference price was 1071.88. This is an out-of-the-money upside call, so the buyer is expressing a clearly bullish directional view and paying premium for leverage to a continued rally above the strike into expiry. Because the position sits above spot, it suggests the trader is targeting further upside rather than simply hedging an existing long stock position, and the scale makes it the clearest aggressive upside bet among the notable flows.
Overall, the bulk-order picture leans bullish. The key driver is that the standout large trade was an outright out-of-the-money call purchase, which typically reflects willingness to spend premium on upside exposure, while the only other notable flow in the full tape was a small same-direction short put premium-collection structure that reads as neutral-to-slightly bearish and is minor by comparison. Taken together, the large-trade activity points to constructive sentiment on MU, with traders showing a stronger appetite for upside participation than for downside positioning.
Strategy Reference
For a low assignment probability on the put side, sellers could consider the 850.00 strike, which sits far below spot with limited delta exposure; alternatively, a bull call spread using the 1100.00/1200.00 strikes could capture upside while reducing upfront premium and margin requirements.