Micron Calls Hit 94% of $652M Premium as Stock Gaps 13% Higher

Micron Technology gapped about 13% higher on November 11 and options traders chased it: 94% of the day's $652.4 million in options premium sat in calls, according to data from GTA Terminal.

The stock traded near $821 at 11:50 AM ET. The gap-up open at $777.28 cleared the November 10 high of $745.64 and left an unfilled gap below. It also put the price back above the 200-day simple moving average of $762.13.

The bounce follows a steep slide. Micron peaked at a 52-week high of $1,255.00, then fell to a 60-day low of $650.00 on November 5. The stock now trades roughly 26% above that low, and about 35% below its high.

Where does the technical picture stand?

The trend remains mixed. Price sits above the 200-day SMA ($762.13) but below three shorter averages: the 20-day at $850.20, the 100-day at $948.34 and the 50-day at $950.74. That stack defines the rebound's ceiling.

Momentum is turning. RSI 14 reads about 46, recovering from near 30 at the November 5 low. The 20-day SMA at $850.20 is the first resistance; $762.13 is gap support, with the November 10 high of $745.64 just beneath it. A break of $650.00 invalidates the setup entirely, per GTA Terminal's analysis.

How did the options money flow?

The premium split on November 11, as of 11:30 AM ET, was one-sided:

• $615.8 million in calls against $36.6 million in puts — 94% calls
• Put/call volume ratio of 0.55
• 130 contracts traded above their open interest, a marker of new positioning rather than existing positions closing

The call activity concentrated in short-dated strikes:

• November 13 $800 calls: 11,765 contracts versus open interest of 5,964, $34.4 million
• November 11 $770 calls: 7,153 versus open interest of 1,578, $32.2 million
• November 11 $810 calls: 31,314 versus open interest of just 896, $29.2 million

The largest unusual trade stood out: 49,482 November 11 calls, worth about $84.1 million, against open interest of 3,717. That single print dwarfs the existing position base and points to fresh directional money.

What are dark pools showing?

Off-exchange share has run above its recent norm. Dark pool activity hit 49.9% of volume on November 10, versus a five-session average of 46%. The prior days read 45.7% on November 9, 43.4% on November 6, 47.7% on November 5 and 45.2% on November 4. Elevated off-exchange volume often accompanies institutional accumulation or distribution, and the reading peaked on the day before the gap.

What confirms or breaks the rebound?

GTA Terminal sets three checkpoints. A daily close above $850.20 — the 20-day SMA — with calls still leading would confirm the rebound. A gap fill back under $762.13 would weaken it. A break of $650.00 kills the setup.

The pressing question is expiry. Much of today's call premium sits in same-day November 11 contracts, which expire at the close. The test is whether that money rolls into later expiries and sustains demand beyond a single session — without that roll, the gap risks fading as fast as it opened.

GTA Terminal notes the data is not financial advice.