Wheel strategy · $MU
Wheeling $MU covered calls & cash-secured puts
Micron Technology, Inc. last traded at $1,082.28 (Sep 25, 2026). The featured monthly expiry is Oct 16, 2026, 19 days out.
Price
$1,082.28
52-week $159.97 – $1,255.00
Volatility
64%
Implied, at the money
Expected move
±$158.96
±14.7% to Oct 16, 2026
Dividend yield
0.05%
Trailing 12 months
Next earnings
Sep 30, 2026
01
The numbers that matter
What a wheel seller checks before opening a trade.
Volatility & expected move
Implied volatility of 64% implies a one-standard-deviation move of about ±$158.96 (14.7%) by Oct 16, 2026 — a range of roughly $923.32 to $1,241.24.
3-month historical volatility: 79%.
Dividends
$MU paid $0.53 per share over the last 12 months (4 payments), a trailing yield of 0.05%.
Next ex-dividend (estimated from its payment history): Oct 6, 2026
The ex-dividend date falls before the Oct 16, 2026 expiry: an in-the-money covered call can be assigned early the day before, when the call owner wants the dividend.
Earnings
Next report: Sep 30, 2026 · after the close
Earnings land before the Oct 16, 2026 expiry. A short put or call held through the report carries gap risk: the stock can jump past your strike overnight. Many wheel sellers pick an expiry before the report or size down.
02
Sample trades at ~30 days
One contract at the listed strike closest to 30 delta (its actual delta is shown), computed with the YieldCove calculator’s maths.
Cash-secured put
- Strike
- $1,015.00
- Delta (this strike)
- 0.30
- Premium
- $32.09
- Cash secured
- $101,500.00
- Credit collected
- $3,209.00
- Return on capital
- 3.16% · 60.7% annualised
- Breakeven
- $982.91
- Cushion to breakeven
- 9.2%
- Chance of assignment
- 36%
Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculatorCovered call
- Strike
- $1,190.00
- Delta (this strike)
- 0.30
- Premium
- $29.57
- Share cost
- $108,228.00
- Credit collected
- $2,957.00
- Return on capital
- 2.73% · 52.5% annualised
- If called away (this cycle)
- 12.69%
- Breakeven
- $1,052.71
- Chance of being called
- 24%
Assumes 100 shares bought at today’s price. Premium = last trade on Sep 25, 2026 (delayed; the live bid/ask can differ).
Open in the calculator03
How the wheel works on $MU
Sell a cash-secured put. At a $1,015.00 strike you would collect about $32.09 per share and need $101,500.00 set aside. If $MU stays above $1,015.00 until Oct 16, 2026, you keep the premium and can sell another put.
If assigned, you own 100 shares. Your effective cost is the strike minus the premium — $982.91 in the example above — not the strike itself.
Sell covered calls above your cost. A $1,190.00 call would pay about $29.57 per share; if $MU finishes above $1,190.00, the shares are called away and the cycle starts again.
$MU is volatile: the premium looks generous because the stock can move a long way. Size the position so an assignment after a large drop is still a position you can hold.
04
YieldCove research on $MU
Micron’s AI-memory boom earns an accumulate stance
Micron has shifted from a cyclical recovery story to an AI-memory cash-flow story, with HBM shipments and customer commitments changing the durability debate. The report weighs an accumulate stance against elevated cycle risk, option-chain richness, and assignment discipline for wheel sellers.
Read the research05
Common questions
What the numbers mean — and what they leave out.
- What strike should I use to wheel $MU?
- Many wheel sellers start near 30 delta, about 30 days out. With $MU at $1,082.28, that was roughly a $1,015.00 put and a $1,190.00 covered call for the Oct 16, 2026 expiry at the last refresh. Pick a put strike you would genuinely be happy to own the stock at.
- How much money do I need to wheel $MU?
- One cash-secured put reserves 100 × the strike: about $101,500.00 at a $1,015.00 strike. That cash stays locked until the put expires, is closed, or you are assigned.
- Does $MU report earnings before the next monthly expiry?
- Yes — the next report (Sep 30, 2026) lands before the Oct 16, 2026 expiry, so a ~30-day trade would be open through it.
- Does $MU pay a dividend, and why does it matter for the wheel?
- Yes: $0.53 per share over the last 12 months (a 0.05% trailing yield). While you hold the shares between puts and calls you collect it, but an in-the-money covered call can be assigned early just before the ex-dividend date.
- Is wheeling $MU safe?
- No options strategy is risk-free. The wheel’s main risk is owning 100 shares after a large drop: premium cushions a fall, it does not prevent one. This page is educational and not a recommendation to trade $MU.
06
Keep exploring
Track this wheel free
Log the put, the assignment and the calls in one place: YieldCove tracks premium, cost basis and annualised return across the whole cycle — free.
Data: delayed Yahoo Finance prices and option trades, Nasdaq/FMP earnings calendars and the YieldCove catalyst roadmap; refreshed every few hours. As of Sep 25, 2026.
Educational content only — not financial advice or a recommendation to buy or sell $MU or any option. Options involve risk and are not suitable for every investor. Market data is delayed and may be incomplete. Full disclaimer
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