Micron shares have surged 44 percent this year, outpacing the broader semiconductor space nearly four-fold.

As the chipmaker's stock sits nearly 10 percent off its May high, Stacey Gilbert, head of derivative strategy at Susquehanna, said the options market is doing something unusual ahead of Wednesday's earnings report. Here are what she told CNBC's "Trading Nation" to watch:

• The stock's implied move ahead of earnings is around 7 to 8 percent in either direction, more or less in line with its typical performance on earnings.

• However, recent trading has had more of a two-way sentiment, a notable departure from the usual upside call buying. In other words, sentiment is not as bullish as it's typically been.

• The company's analyst day in late May removed some of the volatility from the market, but there is still a decent amount of volatility being priced into the stock.

• Susquehanna covers Micron shares with a positive rating, and a price target of $80, implying about 35 percent upside from current levels.

Bottom line: Micron options are implying a less-bullish sentiment around the stock ahead of earnings, according to Gilbert.

Disclosure: Susquehanna Financial Group owns Micron shares.