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LITE

Lumentum Holdings Inc.Close $946.90EOD only
Max Pain
$882.50
Next expiry May 29, 2026
Expected Move
±$84.20
8.9% from close
Price Gap
-64.40
Distance to max pain
IV Rank
24
Low premium
P/C OI
1.47
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
LITE Directional Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

LITE near max pain $902 for weekly expiry; short gamma adds acceleration risk. Positive QQQ (+1.78%) supports upside, but high vol and mixed flow cap confidence. Neutral near-term, bullish above $1000.

Confidence:
6 / 10
Base 6 from spot at MP (+1), VIX 17 (+1), GEX/flow contradict (-1).
Supports: Spot at max pain, positive QQQ momentum, elevated VIX.
Conflicts: Negative GEX (-$1.3M), mixed flow, high vol regime.
🎯Spot pinning at $902 max pain for 5/29 expiry
🔻Dealers short gamma (-$1.3M) amplify downside if spot drops below $902
📈QQQ +1.78% and VIX 17 support bullish bias

Regime Classification

Vol Regime
High
IV elevated (high vol regime); VIX 17, LITE IV rich vs VIX.
Gamma Regime
Trending
GEX -$1.3M, dealers short gamma; trending regime amplifies moves.
Flow Regime
Mixed
Mixed flow; net premium context inferred from negative GEX.
Spot vs Max Pain
At
Spot at max pain (~$902) for 5/29 expiry; pin possible.
Thesis duration: Event-specific — Weekly expiry convergence and max pain $902 suggest near-term pin; longer term ranges widen.

Price Range Forecast

Next 2 days
$840.76$980.86
Pin to $902 max pain; range $840.76-$980.86.
Next 1 week
$784.26$1037.36
Upside risk to $1000 resistance; support $784.26.
Next 2 weeks
$754.26$1067.36
Target resistance $1067.36; support $754.26.

Key Levels

Max pain pins: $902 (2026-05-29); $900 (2026-06-05); $950 (2026-06-12)
EM guardrails: 2d $840.76/$980.86; 1w $784.26/$1037.36
Support: $902.50 · $900.00 · $754.26
Resistance: $1000.00 · $1067.36
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,102 (12.2% below spot)
Structural: Support: $902.5, $900, $754.26; Resistance: $1000, $1067.36; Gamma flip ~$800; EM guardrails 2d: $840.76/$980.86, 1w: $784.26/$1037.36.

Dealer Positioning (GEX/DEX)

GEX: $-1.3M

DEX: +5.8M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 6,102 (12.2% below spot))

NTM gamma: GEX -$1.3M (short gamma); DEX +5.8M shares; gamma flip ~$800 (12.2% below spot).

IV Analysis

IV vs VIX: LITE IV rich vs VIX (17) due to high vol regime; elevated vol suggests risk premium.

Term structure: Short-term (5/29 expiry) kink from event; near-term implied higher than longer-dated.

Skew: Put skew elevated; potential for long premium if expecting move, but short gamma risky.

Flow Analysis

Net premium: Net premium +$46.5M, p/c vol 1.77, oi 1.41; call-heavy flow.

Directional prints: 95.6 call 1000 OTM 2026-05-29 — Vol/OI 3.1, large new call volume; likely bullish buy, could be sold. Prefer buy. 92 put 850 OTM 2026-05-29 — Vol 1042, OI 657; put buying for bearish view or hedge. Prefer buy.

Unusual: 93.8 call 960 OTM 2026-05-29 — Vol/OI 3.2, short-term OTM call; high IV, unusual activity. 113.5 put 590 OTM 2026-06-12 — Deep OTM put, vol/OI 3.2, IV 113.5%; speculative. 113.3 put 665 OTM 2026-06-05 — Deep OTM put, vol/OI 2.1, IV 113.3%; similar pattern.

Risks & Catalysts

!Spot breaking below $800 gamma flip could trigger accelerated selling.
!High vol regime may persist, increasing uncertainty.
!Excessive pinning at max pain may lead to low liquidity and sharp moves after expiry.
!Inconsistent flow signals could lead to choppy price action.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Weak
Buy 2026-06-12 $1045.00/$1065.00 call spread
Why now: Neutral to slightly bullish outlook; defined risk suits high vol environment. Use near-term expiration for quicker theta decay.
High vol may widen bid-ask; upside capped if stock surges past short strike. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Put credit spreadModerate-Weak
Sell 2026-06-12 $810.00/$805.00 put spread
Why now: Near-term neutral to slightly bullish; credit spread collects premium with bounded downside. Aligns with max pain pinning.
Downside gap below short put strike can lead to max loss quickly. Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
Long callWeak
Buy 2026-07-17 $1120.00 call
Why now: Slightly bullish bias; high vol skew may benefit long gamma. Medium-dated entry reduces theta decay vs near-term.
Time decay and vol contraction can erode premium; full loss if stock drops. Liquidity constraints: long_call: Open interest below 25.

Top Plays

#1
Bull Call Spread
Buy 2026-06-12 $1045.00/$1065.00 call spread
Buy 2026-06-12 $1045/$1065 call spread to profit from moderate upside while capping loss.
Why this play: Matches slightly bullish near-term view with defined risk; high vol environment favors spreads over outright options.
Debit: $3.87-$4.73
Max loss: $4.73
BE: $1049.73
Mgmt: Exit if spot breaks below $902.5 invalidation; take profit at 50% max gain or near expiry. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Traders seeking limited-risk bullish exposure in high vol regime.
#2
Long Call
Buy 2026-07-17 $1120.00 call
Buy 2026-07-17 $1120 call for leveraged upside with more time for thesis to play out.
Why this play: Aligns with bullish flow; high vol skew may benefit long gamma, though cost is higher and risk unlimited.
Debit: $57.33-$70.07
Max loss: $70.07
BE: $1190.07
Mgmt: Monitor delta and theta; consider rolling if spot stays below $1000. Cut losses at 30% of premium. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Aggressive traders expecting a strong move higher despite high vol.
#3
Put Credit Spread
Sell 2026-06-12 $810.00/$805.00 put spread
Sell 2026-06-12 $810/$805 put spread to earn credit with bounded downside.
Why this play: Neutral-to-bullish bias; collects premium near max pain, but less directional conviction.
Credit: $1.80-$2.20
Max loss: $2.80
BE: $807.80
Mgmt: Close early at 50% profit; adjust if spot drops toward $900. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
Defensive traders seeking income with low directional risk.

Watchlist Triggers

Entry Triggers
IFIf LITE holds above 902.5 and bounces → Enter bull call spread: buy 2026-06-12 $1045/$1065 call spread
IFIf LITE trades near 900-910 → Enter put credit spread: sell 2026-06-12 $810/$805 put spread
IFIf LITE breaks above 1000 with volume → Enter long call: buy 2026-07-17 $1120 call
Adjustment Triggers
ADJIf LITE drops toward 800 gamma flip → Consider adjusting or hedging
Exit Triggers
EXITIf LITE breaks below 902.5 → Exit all positions

Tactical Summary

LITE near max pain $902, short gamma, neutral near-term slightly bullish above $1000. Support $902.5, $900; resistance $1000, $1067; gamma flip $800. Top play: bull call spread. Invalidate below $902.5.
How to Use These Reports
This directional reflects the market close on May 26, 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.