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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with gamma pinning near $910 and long gamma support; upside to $1031 guardrail, but high vol and mixed flow caution.

Confidence:

8.5 / 10

Base 5 broad strength, +2 GEX/flow alignment, +1 positive gamma pinning, -0.5 spot 4.1% above MP, +1 VIX 17.

Supports: GEX +$635K, dealer long delta +6.1M, gamma pinning at $910, spot above max pain.
Conflicts: Mixed flow, high vol, resistance $1079, gamma flip $800.

📈Spot $938 above MP $874, long gamma support.

⚖️Pinning near $910 monthly max pain.

⚠️Gamma flip ~$800 if puts dominate.

Regime Classification

Vol Regime

High

IV elevated with VIX 16.7, high vol regime likely larger moves.

Gamma Regime

Pinning

Total GEX +$635K, positive gamma near $910; flip ~$800 from put OI.

Flow Regime

Mixed

Mixed premium, net dealer delta +6.1M but not uniformly bullish.

Spot vs Max Pain

Above

Spot $938 vs MP $874, 4.1% above; above MP typically bullish.

Thesis duration: Event-specific — Monthly expiry OI at $910 drives pinning; 1w guardrails $863/$1031 define range.

Price Range Forecast

Next 1 week

$862.70$1031.10

Resistance $1031, support $910.

Next 2 weeks

$815.10$1078.70

Wider $815-$1079; gamma flip risk $800.

Key Levels

Max pain pins: $910 (2026-05-22); $885 (2026-05-29); $900 (2026-06-05)

EM guardrails: 1w $862.70/$1031.10

Support: $910.00 · $900.00 · $815.10

Resistance: $1078.70

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,928 (15.5% below spot)

Structural: Support $910 (5/22), $885 (5/29), $900 (6/5), $815 (flip); resistance $1079; guardrails $863/$1031.

Dealer Positioning (GEX/DEX)

GEX: $+635K

DEX: +6.1M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 5,928 (15.5% below spot))

NTM gamma: Dealer long gamma +$635K, long delta +6.1M; gamma flip ~$800. Positive gamma supports spot near $910.

IV Analysis

IV vs VIX: LITE IV rich vs VIX 16.7 from event premium.

Term structure: Front-end backwardation into expiry, lower post-expiry.

Skew: Elevated put skew; consider put spreads for defined risk.

Flow Analysis

Net premium: Put premium of $67.7M (P/C 1.70) dominates, but unusual call buying indicates mixed sentiment.

Directional prints: 98.9 put 700 OTM 2026-06-05 — Vol/OI 3.3; deep OTM put; if bought, bearish speculation; if sold, bullish. Prefer bought. 90.2 put 770 OTM 2026-06-18 — Vol/OI 2.7; high IV; if bought, bearish hedge; if sold, bullish. Prefer bought. 44.2 put 920 OTM 2026-05-22 — Vol/OI 2.9; near-term OTM put; if bought, protective; if sold, neutral. Prefer bought.

Unusual: 43 call 980 OTM 2026-05-22 — Vol/OI 2.8; cheap OTM call; if bought, bullish; if sold, bearish. Unusual volume. 74 call 1050 OTM 2026-05-29 — Vol/OI 2.6; high IV; if bought, bullish; if sold, bearish. Notable premium. 24.7 put 950 ITM 2026-05-22 — Vol/OI 2.0; OTM put; if bought, bearish; if sold, bullish. Elevated activity.

Risks & Catalysts

!Break below $910 triggers gamma flip to $800.

!High IV may collapse post-expiry.

!Mixed flow limits upside conviction.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-06-05 $910.00/$905.00 put spread Why now: Gamma support near $910; sell 925/920 put spread for premium while limiting downside.	Drop below $920 causes loss; IV expansion may hurt. Liquidity constraints: long_put: Open interest below 25.
Bull call spread	Moderate-Weak	Buy 2026-06-05 $1080.00/$1090.00 call spread Why now: Upside guardrail $1031; buy 930/950 call spread for bullish exposure.	Stock below $930 causes loss; theta decay. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Long call	Weak	Buy 2026-06-05 $1080.00 call Why now: Upside to $1031; buy 950 call for convexity.	Theta decay and IV contraction hurt premium. Liquidity constraints: long_call: Open interest below 25.

Top Plays

Bull Call Spread

Buy 2026-06-05 $1080.00/$1090.00 call spread

Captures upside move with limited risk, leveraging gamma support near $910.

Why this play: Best risk/reward for bullish bias with upside to $1031; defined risk and lower cost than long call.

Debit: $1.44-$1.76

Max loss: $1.76

BE: $1081.76

Mgmt: Exit if LITE breaks below $910; take profit near $1031 or at expiry. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

Traders seeking capped bullish exposure with defined risk.

Long Call

Buy 2026-06-05 $1080.00 call

Direct bullish bet with unlimited profit potential, benefiting from volatility expansion.

Why this play: Higher convexity for strong upside; suitable for aggressive bullish view despite higher cost.

Debit: $21.33-$26.07

Max loss: $26.07

BE: $1106.07

Mgmt: Set stop at $910; consider scaling out at $1031. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Aggressive traders with high conviction on upside breakout.

Put Credit Spread

Sell 2026-06-05 $910.00/$905.00 put spread

Sells downside protection near support, profiting from time decay and pinning action.

Why this play: Defensive play using gamma support; collects premium but limited upside.

Credit: $1.85-$2.26

Max loss: $2.74

BE: $907.74

Mgmt: Close if LITE approaches $910; let expire worthless if above short strike. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Income-oriented traders expecting sideways to slightly bullish price action.

Watchlist Triggers

Entry Triggers

IFIF LITE holds above $910 gamma pin → THEN buy $1080/$1090 call spread at $1.44-$1.76

IFIF LITE holds above $910 with bullish momentum → THEN buy $1080 call at $21.33-$26.07

IFIF LITE consolidates above $910 → THEN sell $910/$905 put spread at $1.85-$2.26

Exit Triggers

EXITIF LITE breaks below $910 → THEN close all bullish positions

Tactical Summary

Bullish bias with gamma pin near $910. Upside to $1031 guardrail. Top play: bull call spread. Invalidation level $910. High vol near expiry.

How to Use These Reports

This directional reflects the market close on May 22, 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.