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LITE

Lumentum Holdings Inc.Close $868.07EOD only

Max Pain

$907.50

Next expiry May 22, 2026

Expected Move

±$61.90

7.1% from close

Price Gap

+39.43

Distance to max pain

IV Rank

Low premium

P/C OI

1.40

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects LITE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

LITE Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

LITE below max pain ($908) with negative GEX ($-3.6M) and spot 4.3% from MP, bearish pressure. Dealer delta (+6.1M shares) supports, but high vol, trending gamma favors downside. Bearish bias to $800.

Confidence:

4.5 / 10

Base 5, -1 GEX/flow contradict, -0.5 spot far from MP, +1 VIX 17.

Supports: Dealer delta +6.1M, SPY+1.02%, QQQ+1.66%, VIX>17.
Conflicts: Negative GEX, spot below MP, high vol regime.

📉Negative GEX ($-3.6M) adds selling pressure

🔄Gamma flip at $800 (7.8% below) could accelerate downside

📊Mixed flow, no clear bias

Regime Classification

Vol Regime

High

IV high vs typical, event-driven or momentum.

Gamma Regime

Trending

Trending gamma regime, amplifies moves.

Flow Regime

Mixed

Mixed premium flow, no directional conviction.

Spot vs Max Pain

Below

Spot below max pain ($908), weakens support.

Thesis duration: Multi-week — High vol and trending gamma suggest multi-week momentum; wide 2wk range ($732-$1004).

Price Range Forecast

Next 2 days

$806.17$929.97

EM guardrails $806/$930; gamma flip at $800 supports downside.

Next 1 week

$815.92$920.22

Below MP, negative GEX favor test of $816 low.

Next 2 weeks

$732.32$1003.82

Wide range; break $800 targets $732 support.

Key Levels

Max pain pins: $908 (2026-05-22); $865 (2026-05-29); $900 (2026-06-05)

EM guardrails: 2d $806.17/$929.97; 1w $815.92/$920.22

Support: $800.00 · $732.32

Resistance: $900.00 · $907.50 · $1003.82

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,901 (7.8% below spot)

Structural: Max pain: $908 (5/22), $865 (5/29), $900 (6/5). EM guardrails: 2d $806/$930, 1w $816/$920. Support: $800 (gamma flip), $732. Resistance: $900, $907.5, $1004.

Dealer Positioning (GEX/DEX)

GEX: $-3.6M

DEX: +6.1M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 5,901 (7.8% below spot))

NTM gamma: GEX: $-3.6M (negative). DEX: +6.1M shares (delta positive). Gamma flip ~$800 (7.8% below spot, put OI concentration).

IV Analysis

IV vs VIX: Ticker IV rich vs VIX 17.44, imply event premium; favorable for premium selling if no catalyst.

Term structure: Backwardated near events; front-end vol elevated.

Skew: Put skew rich; consider put credit spreads at $800 support.

Flow Analysis

Net premium: Net premium $27.4M bullish but P/C vol ratio 1.49 and OI ratio 1.40 indicate bearish put skew.

Directional prints: 92.1 put 660 OTM 2026-06-05 — Vol 1044 vs OI 416 (2.5x) suggests aggressive put buying; bearish delta. 99.9 call 880 OTM 2026-05-22 — Vol 328 vs OI 162 (2.0x) indicates speculative call buying; bullish long-shot bet.

Unusual: 102.6 put 640 OTM 2026-05-29 — Vol/OI 2.6; 261 contracts traded vs 100 OI. Likely bought puts for downside protection. 92.1 put 660 OTM 2026-06-05 — Vol/OI 2.5; 1044 vs 416. Aggressive put buying; bearish sentiment. 101.6 put 360 OTM 2026-07-17 — Vol/OI 2.2; 278 vs 127. Deep OTM put buying; tail hedge play.

Risks & Catalysts

!GEX/flow conflict

!Spot far from MP

!Gamma flip at $800

!High vol persists

!Market rally squeezes shorts

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long put	Moderate	Buy 2026-06-26 $850.00 put Why now: High vol, bearish flow and dealer delta support downside; long put captures convexity.	Time decay and vol crush; target move must occur within duration.
Bear put spread	Moderate	Buy 2026-06-26 $890.00/$845.00 put spread Why now: Bearish bias with put skew; spread reduces cost and defines risk while benefiting from downside.	Max loss limited to debit; requires sustained decline below short strike. Liquidity constraints: long_put: Open interest below 25.; short_put: Open interest below 25.

Top Plays

Long Put

Buy 2026-06-26 $850.00 put

Buy 2026-06-26 $850.00 put to profit from bearish move to $800.

Why this play: High vol, bearish flow, dealer delta support downside; captures convexity.

Debit: $80.46-$98.34

Max loss: $98.34

BE: $751.66

Mgmt: Monitor gamma flip at $800; exit above $900 invalidation.

Traders seeking high convexity and willing to manage vol.

Bear Put Spread

Buy 2026-06-26 $890.00/$845.00 put spread

Buy $890/$845 put spread to benefit from downside with defined risk.

Why this play: Bearish bias with put skew; spread reduces cost and defines risk.

Debit: $22.99-$28.11

Max loss: $28.11

BE: $861.89

Mgmt: Exit if spot above $900. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_put: Open interest below 25.

Traders wanting defined risk and lower cost.

Watchlist Triggers

Entry Triggers

IFLITE price breaks below $890 and holds below $900 → Buy LITE $850 put (LITE_LONG_PUT_1)

IFLITE price near $890 support, below $900 → Buy $890/$845 put spread (LITE_BEAR_PUT_SPREAD_1)

Exit Triggers

EXITLITE price rises above $900 → Close both bearish positions

Tactical Summary

Bearish bias to $800; enter put trades below $900 resistance. Target $800 for profit, invalidate above $900.

How to Use These Reports

This directional reflects the market close on May 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.