Home Options LITEReports

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 19, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from May 19, 2026. A newer directional report is available for May 20, 2026.

View latest report

Outlook

LITE trades below max pain $915 with negative dealer gamma (-$2.2M) and high vol. Short-term bearish bias within 2d range 810-970, but structural support at $744 limits downside. Event-specific pinning dynamics and conflicting DEX (+5.9M shares) create uncertainty.

Confidence:

4.5 / 10

Base 5; GEX/flow contradict (-1); VIX 18 (+0.5). Net 4.5 moderate. Negative gamma and mixed flow offset base.

Supports: Support at $744 (2w low), EM guardrails define range, dealer DEX long delta.
Conflicts: Negative GEX, spot below max pain, high vol regime, mixed flow.

🎯Max pain $915 (5/22) vs spot below creates pinning pressure up.

⚠️Negative gamma $2.2M amplifies directional moves; flip at $800.

📊DEX +5.9M shares neutralizes some bearish gamma effect.

Regime Classification

Vol Regime

High

High vol classification implies IV above typical range, reflecting elevated options premium and expected large price swings.

Gamma Regime

Trending

GEX -$2.2M (negative gamma) in trending regime suggests strong momentum; gamma flip near $800 from put OI concentration.

Flow Regime

Mixed

Mixed flow indicates no clear institutional bias; premium context balanced between puts and calls.

Spot vs Max Pain

Below

Spot below max pain ($915, $860, $900) suggests pinning incentive upward, but current weakness creates push-pull.

Thesis duration: Event-specific — Max pain pins at specific expiries (5/22, 5/29, 6/5) and high vol indicate event-driven forces dominating near-term.

Price Range Forecast

Next 2 days

$810.39$969.79

Range $810-$970; resistance $915 max pain, support $810 guardrail.

Next 1 week

$776.74$1003.44

Range $776-$1003; gamma flip $800 key, max pain $860 on 5/29.

Next 2 weeks

$743.99$1036.19

Range $743-$1036; structural support $744, resistance $1036.

Key Levels

Max pain pins: $915 (2026-05-22); $860 (2026-05-29); $900 (2026-06-05)

EM guardrails: 2d $810.39/$969.79; 1w $776.74/$1003.44

Support: $743.99

Resistance: $900.00 · $915.00 · $1036.19

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 3,912 (10.1% below spot)

Structural: Max pain: $915 (5/22), $860 (5/29), $900 (6/5); EM guardrails: 2d $810/$970; 1w $776/$1003; 2w $743/$1036; gamma flip ~$800; support $744; resistance $900/$915/$1036.

Dealer Positioning (GEX/DEX)

GEX: $-2.2M

DEX: +5.9M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 3,912 (10.1% below spot))

NTM gamma: GEX -$2.2M (negative gamma); DEX +5.9M shares (long delta); gamma flip ~$800 based on put OI concentration 3,912 (10.1% below spot).

IV Analysis

IV vs VIX: IV rich relative to VIX 18 given high vol classification; options premium elevated, implying expected large moves and potential overpricing.

Term structure: Term structure likely contango with kinks near expiration (5/22, 5/29, 6/5); near-term vol highest.

Skew: Skew tilted to puts from negative gamma; opportunity to sell puts at support ($744) or buy strangles if expecting breakout.

Flow Analysis

Net premium: Net call premium $49.5M, put vol ratio 1.39; mixed.

Directional prints: 124 put 720 OTM 2026-05-22 — Vol/OI 3.7, high IV; active put buying for downside. 183.7 put 300 OTM 2026-06-18 — Vol/OI 2.8, extreme IV; speculative put or hedge.

Unusual: 124.3 put 700 OTM 2026-05-22 — Vol/OI 2.0, large volume; put flow at 700. 103.7 call 900 OTM 2026-05-22 — Vol/OI 2.2, OTM call; bullish or gamma hedge.

Risks & Catalysts

!Gamma flip at $800 could accelerate selling if breached.

!Max pain pinning above spot may cause reversal if buy-side liquidity hit.

!Negative GEX amplifies any directional move; stop-losses may trigger cascades.

!High vol decays quickly if no catalyst; time decay hurts long options positions.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-06-05 $820.00/$765.00 put spread Why now: Bear put spread profits from downside move with defined risk and capital efficiency.	Gamma acceleration if stock breaches $800; max loss limited to spread width. Liquidity constraints: short_put: Open interest below 25.
Long put	Moderate-Weak	Buy 2026-06-05 $765.00 put Why now: Long put offers convexity with limited downside; aligns with short-term bearish bias.	Time decay and potential pinning at max pain if stock reverses; IV contraction. Liquidity constraints: long_put: Open interest below 25.
Call credit spread	Weak	Sell 2026-06-05 $1080.00/$1200.00 call spread Why now: Call credit spread profits if stock stays below short strike; aligns with bearish bias and high IV.	Upside gap risk if stock surges above $810; max loss limited. Liquidity constraints: short_call: Open interest below 25.

Top Plays

Bear put spread on LITE

Buy 2026-06-05 $820.00/$765.00 put spread

Profits from downside move in next few days, targeting $765.

Why this play: Best risk/reward for short-term bearish bias with defined risk and capital efficiency.

Debit: $15.57-$19.03

Max loss: $19.03

BE: $800.97

Mgmt: Exit if stock breaks above $900; take partial profits if gamma flip occurs. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Traders seeking limited-risk bearish exposure with high probability.

Long put on LITE

Buy 2026-06-05 $765.00 put

Unlimited upside if stock drops significantly, limited loss to premium.

Why this play: Offers convexity for large downside moves; aligns with high vol and negative gamma.

Debit: $21.47-$26.24

Max loss: $26.24

BE: $738.76

Mgmt: Set stop-loss at 50% premium decay; consider rolling if IV spikes. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Aggressive traders expecting sharp decline.

Call credit spread on LITE

Sell 2026-06-05 $1080.00/$1200.00 call spread

Profits if stock stays below $1080, limited risk to $1200.

Why this play: Captures premium from bearish bias but less direct; high IV favors sellers.

Credit: $10.12-$12.38

Max loss: $107.62

BE: $1092.38

Mgmt: Close if stock approaches $1080; roll up if bullish reversal. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Neutral-to-bearish traders with medium time horizon.

Watchlist Triggers

Entry Triggers

IFLITE breaks below gamma flip at $800 → Buy 820/765 bear put spread at $15.57-$19.03

IFLITE drops below support $744 → Buy $765 long put at $21.47-$26.24

Exit Triggers

EXITLITE rallies above resistance $900 → Close all bearish positions

Tactical Summary

Short-term bearish bias within 2d range 810-970, negative dealer gamma. Key gamma flip at $800, support $744, resistance $900. Top play: bear put spread (820/765) for defined risk. Enter on break of $800 or below $744. Exit if $900 breached.

How to Use These Reports

This directional reflects the market close on May 19, 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.