OPTIONS FLOW$MUMicron Technology, Inc.Open ticker analysis →
A 4-leg, $86.54M options structure landed in $MU on Wednesday, built around the $980 to $1,550 strikes. The legs lean bearish: the bought side profits as Micron Technology falls, and the sold side helps pay for it.
What happened
The legs printed together in the final half hour, around 3:55 p.m. ET on Wednesday, October 28, with $MU near $988.12, for $86.54M in combined premium across 27,872 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader collected about $13.67M up front. That credit is theirs to keep if the stock cooperates, but it comes with obligations on the sold side.
- MU Nov 20 $980 Call: 6,968 contracts at $58.85 (sold)
- MU Feb 19, 2027 $1,250 Call: 6,968 contracts at $42.42 (bought)
- MU Nov 20 $1,150 Call: 6,968 contracts at $9.87 (bought)
- MU Feb 19, 2027 $1,550 Call: 6,968 contracts at $13.06 (sold)
Why it matters
Multi-leg trades shape risk on purpose: some legs pay for others, and the payoff depends on where the stock finishes relative to each strike.
Net of all legs, the structure behaves like being short roughly 165,700 shares of MU, about $163.74M of stock exposure.
The strikes run from $980.00 (0.8% below the stock) to $1,550.00 (56.9% above the stock), so the trade is built around a zone rather than a single target.
With 22 days until Nov 20, the trade has a few weeks to be right, enough room for a catalyst but not much for waiting. Implied volatility ran around 54%, elevated, which means traders are paying up for movement.
Over the last 12 sessions $MU has traded between $839.81 and $990.00 and is up 0.8% over that stretch. The stock came into this trade near the top of that range.
The numbers
| Structure | Multi-leg options trade (4 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Nov 20 and Feb 19, 2027 (nearest in 22 days) |
| Strikes | $980, $1,150, $1,250, $1,550 |
| Contracts | 27,872 |
| Total premium | $86.54M |
| Net cost | $13.67M credit |
| Stock at the trade | $988.12 |
Three ways this could play out
Bullish continuation
A move through $1,550.00 puts $MU above every strike. For a structure leaning bearish, that is the worst case.
Bearish rejection
A drop under $980.00 takes $MU below every strike. That is where this bearish structure pays the most.
Neutral stabilization
If $MU settles between $980.00 and $1,550.00 into Nov 20 and Feb 19, 2027, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $980.00 and $1,550.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Nov 20 and Feb 19, 2027: expiration, 22 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $839.81 and $990.00: the edges of MU’s recent trading range.
