Micron Technology closed at USD 958.16, up 0.22%.

Micron's options market saw a notable large trade with a put sale worth $1.10 million, where 1,500 contracts of the November 20, 2026 $620.00 put were sold. With the stock trading near $958.16, this out-of-the-money strike reflects institutional confidence that MU will remain far above that level into expiration, shaping a moderately bullish to neutral tone in today's flow.

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Options Indicators

MU’s implied volatility is 62.34%, and with an IV percentile of 13.89%, current option volatility sits on the low side relative to its own recent history, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 1.23 suggests implied volatility is running moderately above historical volatility, so while the market is embedding some forward-looking risk premium, overall option pricing still appears relatively affordable in context. The Call/Put volume ratio is 2.32.

Large Trades

A put sale worth $1.10 million was the standout large trade, with 1,500 contracts of the November 20, 2026 $620.00 put sold. With MU referenced at $958.16, this strike sits out of the money, making the position a moderately bullish to neutral income trade that expresses confidence the stock will remain well above $620.00 into expiration. Strategically, selling an out-of-the-money put at such a distant tenor typically reflects willingness to buy shares at a much lower effective level while collecting premium upfront, so it points to downside confidence rather than an outright aggressive upside chase.

Overall, the bulk-order flow was clearly bullish. The large-trade profile was entirely driven by put selling, with no meaningful bearish block activity to offset it, which suggests institutional participants were more focused on monetizing elevated downside premium and expressing comfort with MU’s lower bound than on positioning for a sharp decline. Taken together, the figures indicate constructive sentiment, with traders signaling confidence that MU can stay above key lower strikes and that downside risk is viewed as manageable.

Strategy Reference

For traders seeking a low assignment probability, selling puts at a strike around $800.00 or lower with a shorter tenor, such as 30 to 60 days, offers a cleaner income trade while keeping distance from current price and reducing tail risk, though margin efficiency should be weighed against the $620.00 long-dated put sale that already reflects strong conviction.