Call Traders Cheer Micron Stock's Latest Bounce

Micron Technology (NASDAQ: MU) is tapping into today's semiconductor rally, which saw Advanced Micro Devices (AMD) join the trillion-dollar club. The shares are up 2.4% to trade at $1,040.37 at last glance.

Today's price action has MU headed for its third-straight gain, hitting its highest level since July after bouncing off support at the 100-day moving average. Year to date, the equity is up 266%.

Per Schaeffer's Quantitative Analyst Rocky White's list of stocks sporting the most active options over the past two weeks, MU saw more than 7.8 million calls and 5.4 million puts exchanged during this time frame. The most activity was found at the September 1,000 call.

Options are relatively affordable at the moment, too. MU's Schaeffer's Volatility Index (SVI) of 59% stands higher than just 21% of readings from the past year, implying that near-term options traders are pricing in relatively low volatility expectations. Micron's Schaeffer's Volatility Scorecard (SVS) also sits at a relatively high 84 out of 100, indicating the stock has tended to exceed options traders' volatility expectations during the past year.