LITE
Lumentum Holdings Inc.Close $863.66EOD onlyThis page reflects LITE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
Bearish bias with downside drift over multi-week horizon. Spot below max pain ($912) and gamma flip (~$800) with negative GEX (-$1.4M) and trending gamma. High vol regime supports further declines, though near-term support at $738 may slow pace.
Conflicts: Negative GEX (-$1.4M); mixed flow; trending gamma; below gamma flip $800.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $-1.4M
DEX: +6.4M shares
Gamma flip: ~$800 (Approx — based on put OI concentration of 6,195 (10.7% below spot))
NTM gamma: GEX -$1.4M, DEX +6.4M shares; gamma flip ~$800 based on put OI concentration (6,195 contracts, 10.7% below spot).
IV Analysis
IV vs VIX: IV likely rich vs VIX given high vol regime; puts may be expensive for hedging downside.
Term structure: Assume upward sloping with near-term kink near weekly expiry; front-end elevated due to event risk?
Skew: Skew tilted to puts reflecting negative GEX; no clear opportunity but call spreads could benefit if bounce.
Flow Analysis
Net premium: Net call premium $83.4M; put/call vol ratio 0.94, put/call OI ratio 1.33.
Directional prints: 97.5 call 920 OTM 2026-06-18 — Vol 639 vs OI 147 (4.3x), IV 97.5%. Aggressive call buying likely bullish, but could be short covering. 106.6 put 870 OTM 2026-06-12 — Vol 355 vs OI 115 (3.1x), IV 106.6%. Heavy put buying suggests bearish hedge or speculation. 105.1 call 900 OTM 2026-06-12 — Vol 487 vs OI 308 (1.6x), IV 105.1%. Notable call buying, bullish directional play.
Unusual: 97.5 call 920 OTM 2026-06-18 — Extreme vol/OI 4.3x, high IV. Unusually large call volume vs open interest. 106.6 put 870 OTM 2026-06-12 — Vol/OI 3.1x, high IV. Heavy put volume far exceeds OI, unusual bearish flow. 102.5 call 1100 OTM 2026-08-21 — Vol 287 vs OI 157 (1.8x), far-dated call. Speculative long-dated bullish bet.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bear put spread | Moderate-Weak | Buy 2026-07-02 $900.00/$880.00 put spread Why now: Max pain $912, gamma flip ~$800; spot below. Bear put spread caps risk and benefits from vol expansion. | Upside rally past $912 max pain could cause losses on long put. Liquidity constraints: short_put: Open interest below 25. |
| Long put | Moderate | Buy 2026-07-10 $900.00 put Why now: Negative GEX and below max pain favor further decline. Long put offers unlimited upside to downside. | Time decay if rally; high IV may compress. Support at $738 may slow pace. Liquidity constraints: long_put: Open interest below 25. |
| Call credit spread | Moderate-Weak | Sell 2026-07-02 $900.00/$920.00 call spread Why now: Call credit spread profits from sideways to lower price and time decay. High vol inflates premium. | Upside break above 900 from squeeze or catalyst could cause max loss. Liquidity constraints: long_call: Open interest below 25. |
Top Plays
Watchlist Triggers
Tactical Summary
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.