Micron closed at $1,029.00, down 0.66% from the prior session.

The most notable large options trades on Micron showed a decisively bullish tilt. A $22.29 million bull call spread led the flow, targeting a long-dated advance into 2026, while a $2.30 million far out-of-the-money put sale reinforced upside conviction. With implied volatility near historical lows and a call/put volume ratio of 1.46, the action reflected positioning for appreciation instead of hedging.

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Options Indicators

Micron’s implied volatility is 48.24%, and with an IV percentile of just 0.40%, current option volatility sits at the very low end of its recent range, indicating options are cheaply priced rather than expensive. The IV/HV ratio of 1.01 also suggests implied volatility is broadly in line with realized volatility, reinforcing the view that current premiums are not stretched.

The Call/Put volume ratio is 1.46.

Large Trades

A bull call spread with a net debit of $22.29 million was the standout large trade, built by buying 7,000 December 18, 2026 $1,150 calls and selling 7,000 December 18, 2026 $1,380 calls. Both strikes are out of the money versus the $1,029.00 reference stock price, making this a clear upside expression that targets a substantial advance over a long time horizon while capping gains above $1,380. Because this is a call spread rather than an outright call purchase, the trader reduced premium cost by financing part of the long-call exposure with the short higher-strike call, signaling a directional bullish bet with defined risk and a more measured view than a naked upside chase.

A put sale worth $2.30 million added to the bullish tone, with 1,200 January 21, 2028 $500 puts sold while the strike sits well out of the money relative to the current stock price. This structure expresses willingness to be long the stock at a much lower effective level while collecting premium upfront, which is typically a bullish-to-neutral income strategy rather than a bearish wager. Overall, the bulk-order flow points clearly bullish: the dominant trade was a large, long-dated upside call spread, and the next-largest trade was an out-of-the-money put sale, showing that large traders are positioning for appreciation and are comfortable underwriting downside risk far below the current market rather than paying for protection.

Strategy Reference

For a low-assignment-probability premium-selling strategy, traders could consider selling puts below the $500 strike zone targeted by the January 2028 flow; alternatively, a smaller bull call spread using nearer-dated December 2026 strikes may reduce capital outlay while maintaining a defined-risk bullish exposure.