Micron Technology ended the session at $977.41, down 4.90%.

The session’s large-trade flow was led by a $31.64 million net credit bear call spread, with institutions selling the 1100 call and buying the 1350 call. This positioning overshadowed a $10.05 million short put sale, keeping the overall block tone clearly bearish.

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Options Indicators

MU’s implied volatility stands at 66.51%, while its IV percentile is 19.92%, which places current volatility near the lower end of its own historical range. In other words, although the absolute IV level is not low in isolation, options are still relatively cheaply priced versus their recent history. With an IV/HV ratio of 1.27, implied volatility is running modestly above realized volatility, suggesting the options market is building in somewhat higher forward uncertainty than what the stock has recently delivered, but overall the percentile backdrop still points to comparatively inexpensive premium.

The Call/Put volume ratio is 1.55.

Large Trades

A bear call spread collecting $31.64 million in net credit was the dominant large trade, with 7,200 contracts sold on the 1100.0 call and 7,200 contracts bought on the 1350.0 call, both expiring on 2026-11-20 and both out of the money versus the $977.41 reference price. This is a classic bearish call spread established for premium collection, expressing the view that MU is unlikely to rise beyond the short 1100.0 strike by expiration, while the long 1350.0 call caps upside risk. The trader is effectively leaning bearish to neutral, seeking to monetize elevated upside strikes while defining risk.

A short put sale worth $10.05 million was the other highlighted block, involving 1,200 contracts of the 800.0 put expiring on 2027-04-16, also out of the money relative to the current stock reference. Selling this put is a bullish income-oriented stance, indicating willingness to collect premium on the view that MU should remain above 800.0 over time, or at least that downside to that level is manageable. Overall, the large-trade flow points clearly bearish, because the biggest position by far was a sizable bearish call spread and the aggregate block activity was dominated by downside-leaning premium structures, even though the notable short put sale shows some selective confidence in lower-strike support rather than outright broad-based bullish conviction.

Strategy Reference

For a lower assignment probability while selling premium, a trader could look at out-of-the-money puts below the 800.0 strike or use a defined-risk bear call spread closer to current price if not wanting to post the full margin of a naked short call.