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LITE

Lumentum Holdings Inc.Close $938.00EOD only

Max Pain

$900.00

Next expiry Jun 5, 2026

Expected Move

±$35.65

3.8% from close

Price Gap

-38.00

Distance to max pain

IV Rank

Low premium

P/C OI

1.38

Slightly put-heavy

Consensus

5.0/10

Consensus signal

Published snapshot: Jun 3, 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

Jun 3, 2026 close

LITE Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with structural support from positive dealer positioning and pinning near $900-$925, but elevated vol and QQQ weakness create headwinds. Favor bullish positions near support.

Confidence:

8 / 10

Positive GEX/flow alignment, bullish flow, spot above max pain, pinning dynamics; offset by spot distance from MP and elevated vol.

Supports: Positive GEX/flow alignment, bullish flow, spot above max pain, strong dealer positive gamma.
Conflicts: Spot 5% from MP reduces pinning, elevated vol regime, negative QQQ correlation, gamma flip risk near $800.

📈Bullish flow aligns with positive dealer gamma

🛡️$900 max pain provides near-term support

⚡Gamma flip at $800 is key downside risk

Regime Classification

Vol Regime

High

IV elevated vs normal range (VIX 15.4, regime High), indicating heightened uncertainty or event anticipation.

Gamma Regime

Pinning

GEX +$805K positive, dealer gamma long, providing stability and pinning near $900-$925 max pain levels.

Flow Regime

Bullish

Net premium bullish, positive GEX/flow alignment; put/call ratios skewed toward calls.

Spot vs Max Pain

Above

Spot above max pain (~$900), typically bullish; dealers may hedge upside risk, providing support.

Thesis duration: Multi-week — Multiple expiry pin levels ($900, $925, $780) and expanding range horizons suggest a structural trend rather than one-off event.

Price Range Forecast

Next 2 days

$903.38$986.78

Spot near $900 support, pinning and bullish flow support upside within $903-$987 range.

Next 1 week

$838.83$1051.33

Bullish bias supported by dealer gamma, resistance at $1000 may cap initial moves.

Next 2 weeks

$804.53$1085.63

Structural bullish with support at $805, but resistance at $1086 may be tested if momentum sustains.

Key Levels

Max pain pins: $900 (2026-06-05); $925 (2026-06-12); $780 (2026-06-18)

EM guardrails: 2d $903.38/$986.78; 1w $838.83/$1051.33

Support: $900.00 · $804.53

Resistance: $1000.00 · $1085.63

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,227 (15.4% below spot)

Structural: Max pain pins: $900 (6/5), $925 (6/12), $780 (6/18). EM guardrails: 2d 903-987, 1w 839-1051. Support 900, 805; resistance 1000, 1086; gamma flip ~800.

Dealer Positioning (GEX/DEX)

GEX: $+805K

DEX: +6.7M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 6,227 (15.4% below spot))

NTM gamma: GEX +$805K, DEX +6.7M shares, negative gamma flip near $800 (based on put OI concentration 15.4% below spot).

IV Analysis

IV vs VIX: Ticker IV rich vs VIX (VIX 15.4, regime High), indicating elevated option premiums; sellers may benefit.

Term structure: No event kinks evident; likely contango reflecting normal forward volatility expectation.

Skew: Put skew elevated given spot near support; call skew less pronounced. Opportunity: sell puts at support with high IV for premium capture.

Flow Analysis

Net premium: Net premium +$115M, P/C vol ratio 0.71 (call-heavy) but OI ratio 1.42 (put-heavy), reflecting aggressive short-dated call buying against longer-dated puts.

Directional prints: 82.5 call 1000 OTM 2026-06-05 — Vol/OI 12.6, aggressive buying of OTM calls; bullish.

Unusual: 82.5 call 1000 OTM 2026-06-05 — Vol/OI 12.6, extreme volume relative to OI; likely bought, bullish. 135.1 call 1200 OTM 2026-06-05 — Vol/OI 2.1, very high IV, deep OTM lottery; likely bought. 96.7 put 820 OTM 2026-06-12 — Vol/OI 2.1, OTM put with elevated IV; likely hedging, neutral/bearish.

Risks & Catalysts

!Break below $900 support could trigger dealer hedging and accelerate selling.

!Gamma flip near $800 may act as attractor if momentum turns.

!Negative QQQ influence (QQQ -0.48%) could weigh on LITE.

!High vol regime may persist, leading to continued option premium erosion for buyers.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Weak	Buy 2026-07-02 $1080.00/$1200.00 call spread Why now: Positive dealer gamma and call flow; defined-risk upside.	Loss of net debit if below $900 support. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Put credit spread	Weak	Sell 2026-07-02 $825.00/$750.00 put spread Why now: Elevated IV and support zone; credit with defined risk.	Max loss if breakdown below short strike. Liquidity constraints: short_put: Open interest below 25.
Cash-secured put	Moderate-Weak	Sell 2026-07-02 $855.00 cash-secured put Why now: Bullish bias, premium income, willing to hold shares.	Obligation to buy at above market if drop sharp. Liquidity constraints: short_put: Open interest below 25.

Top Plays

Bull Call Spread

Buy 2026-07-02 $1080.00/$1200.00 call spread

Upside exposure with limited downside, targeting moves above $1080.

Why this play: Best aligns with bullish bias and positive call flow, defined risk.

Debit: $20.30-$24.81

Max loss: $24.81

BE: $1104.81

Mgmt: Exit if LITE breaks below $900 support. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

Traders seeking leveraged upside with capped risk.

Put Credit Spread

Sell 2026-07-02 $825.00/$750.00 put spread

Credit trade with defined risk, profits if stock stays above $825.

Why this play: Collects premium at support zone, benefits from elevated IV and bullish bias.

Credit: $19.12-$23.38

Max loss: $51.62

BE: $801.62

Mgmt: Close early for 50% profit or if stock nears $825. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Income-focused traders with confidence in support.

Cash-Secured Put

Sell 2026-07-02 $855.00 cash-secured put

Selling put to collect premium, potentially acquire LITE at discount.

Why this play: Generates income with willingness to own shares, but higher capital at risk.

Credit: $48.91-$59.79

Max loss: $795.21

BE: $795.21

Mgmt: Roll if stock drops below $855; buy back if above $900 profit. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Long-term bullish traders comfortable with assignment.

Watchlist Triggers

Entry Triggers

IFIF LITE trades above $900 with bullish price action → THEN buy 2026-07-02 $1080/$1200 bull call spread (entry premium $20.30-$24.81)

IFIF LITE holds near $900 support → THEN sell 2026-07-02 $825/$750 put credit spread (credit $19.12-$23.38)

IFIF LITE stays above $855 → THEN sell 2026-07-02 $855 cash-secured put (premium $48.91-$59.79)

Exit Triggers

EXITIF LITE breaks below $900 → THEN close all bullish positions

Tactical Summary

Bullish bias with support at $900; elevated IV favors credit spreads. Prefer bull call spread or put credit spread while holding above $900. Exit if $900 breaks.

How to Use These Reports

This directional reflects the market close on June 4, 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.