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LITE

Lumentum Holdings Inc.Close $964.50EOD only

Max Pain

$900.00

Next expiry May 22, 2026

Expected Move

±$40.70

4.2% from close

Price Gap

-64.50

Distance to max pain

IV Rank

Low premium

P/C OI

1.40

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

LITE Directional Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

LITE faces near-term pinning to $900 max pain amid high vol and positive gamma. Mixed flow and 7% premium to MP suggest downside mean reversion, but dealer long gamma supports. Bullish structural setup if hold above $900.

Confidence:

8 / 10

Base 5, +2 GEX/flow alignment, +1 gamma pinning, -1 spot premium to MP, +1 VIX 17

Supports: GEX +$1.5M, DEX +6.1M, pin to $900, resistance $1103
Conflicts: Spot above MP, mixed flow, gamma flip at $800

🔻Near-term pin to $900 max pain

🟢Dealer long gamma ($1.5M) supports $900

⚠️Gamma flip ~$800 puts risk at 17% drop

Regime Classification

Vol Regime

High

High vol regime; IV elevated relative to typical range, driven by event premium and SPY/QQQ moves.

Gamma Regime

Pinning

Pinning regime; positive gamma ($1.5M) with concentration at $900, flip risk ~$800.

Flow Regime

Mixed

Mixed flow; net premium neutral with put open interest concentration at $800 (5,965 contracts).

Spot vs Max Pain

Above

Above max pain; spot ~$964 vs $900 MP (7.2% premium), implying mean reversion pressure.

Thesis duration: Event-specific — Nearest expiry (2026-05-22) drives pinning and high vol; after expiry, gamma dynamics shift.

Price Range Forecast

Next 2 days

$923.80$1005.20

Pin to $900 max pain; support near $923.80

Next 1 week

$871.70$1057.30

Post-expiry recovery; range $871.70-$1057.30, bias flat

Next 2 weeks

$825.45$1103.55

Structural support at $825.45; resistance $1103.55 target

Key Levels

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

EM guardrails: 2d $923.80/$1005.20; 1w $871.70/$1057.30

Support: $900.00 · $825.45

Resistance: $1103.55

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,965 (17.1% below spot)

Structural: Support $900, $825.45; Resistance $1103.55; Gamma flip ~$800 (put OI 5,965).

Dealer Positioning (GEX/DEX)

GEX: $+1.5M

DEX: +6.1M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 5,965 (17.1% below spot))

NTM gamma: GEX +$1.5M, DEX +6.1M shares; gamma flip at ~$800 (put OI concentration 17.1% below spot).

IV Analysis

IV vs VIX: IV rich relative to VIX 17; reflects event premium and high vol regime.

Term structure: Front-end elevated due to expiry; back-month normalization expected.

Skew: Put skew elevated (downside protection); consider call spreads for upside if hold $900.

Flow Analysis

Net premium: Net premium $121.6M positive, strong call buying despite put/call volume ratio 1.38, indicating mixed but bullish premium flow.

Directional prints: 92.4 put 870 OTM 2026-05-22 — Put vol 955 vs OI 365 (2.6x), IV 92%; bearish hedging, elevated demand for downside. 77.4 call 1010 OTM 2026-05-22 — Call vol 620 vs OI 118 (5.2x), IV 77%; aggressive bullish bet, new positions. 100.9 put 855 OTM 2026-05-22 — Put vol 841 vs OI 123 (6.8x), IV 101%; speculative bearish positioning.

Unusual: 75.2 call 1000 OTM 2026-05-29 — Call vol 903 vs OI 344 (2.6x); bullish flow to next week, moderate IV. 150.7 put 570 OTM 2026-05-29 — Deep OTM put vol 382 vs OI 117 (3.3x), IV 151%; tail-hedge or speculative bet. 93.8 call 1150 OTM 2026-08-21 — LEAPS call vol 316 vs OI 141 (2.2x); long-term bullish conviction.

Risks & Catalysts

!Pin risk at $900 if spot fails to close near

!Gap risk below gamma flip ~$800 (17% downside)

!Earnings or macro shock could widen range beyond guardrails

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Weak	Sell 2026-06-05 $900.00/$895.00 put spread Why now: High IV and bullish flow support defined-risk put credit; pin risk managed via narrow wing	Gap below 927.5 causes max loss; gamma increases near expiry Liquidity constraints: long_put: Volume below 5.
Iron condor	Moderate	Sell 2026-06-05 $900.00/$895.00 put wing and $1100.00/$1110.00 call wing Why now: Near-term pinning risk and elevated vol favor non-directional iron condor; narrow wings limit tail risk	Breakout beyond 930/1000 causes max loss; IV expansion hurts position Liquidity constraints: long_put: Volume below 5.; long_call: Open interest below 25.

Top Plays

Bearish Put Credit Spread

Sell 2026-06-05 $900.00/$895.00 put spread

Sell $900/$895 put spread to collect premium with high IV, betting spot stays above $900.

Why this play: Aligns with near-term bearish lean and elevated IV; defined risk manages pin risk.

Credit: $1.48-$1.81

Max loss: $3.19

BE: $898.19

Mgmt: Close at 50% profit or at invalidation at $900. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Traders expecting limited downside and wanting premium decay.

Neutral Iron Condor

Sell 2026-06-05 $900.00/$895.00 put wing and $1100.00/$1110.00 call wing

Sell put and call wings around $900-$1100 to profit from low movement.

Why this play: Matches neutral weekly outlook and captures high IV premium with range-bound expectation.

Credit: $2.61-$3.19

Max loss: $6.81

BE: 896.81 / 1103.19

Mgmt: Manage if spot approaches $900 or $1100; exit at 30% profit or expiry. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; long_call: Open interest below 25.

Traders wanting non-directional play with defined risk.

Watchlist Triggers

Entry Triggers

IFLITE spot above $900, IV elevated → Sell 2026-06-05 $900/$895 put credit spread (1.48-1.81 credit)

IFLITE $900-$1100, low volatility → Sell iron condor: put wing $900/$895, call wing $1100/$1110 (2.61-3.19 credit)

Exit Triggers

EXITLITE spot below $800 → Close all positions to limit loss

EXITLITE spot reaches $900 (put spread invalidation) → Close put credit spread

EXITLITE spot approaches $900 or $1100 (iron condor wings) → Adjust iron condor or close at 30% profit

Tactical Summary

Near-term bearish bias using put credit spread above $900; neutral iron condor between $900-$1100. Manage downside risk at $800 with full exit.

How to Use These Reports

This directional reflects the market close on May 21, 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.