Home Options LITEReports

LITE

Lumentum Holdings Inc.Close $957.24EOD only

Max Pain

$800.00

Next expiry Jun 18, 2026

Expected Move

±$78.70

8.2% from close

Price Gap

-157.24

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.32

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 15, 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 15, 2026 close

LITE Directional Report

Analysis based on market close June 16, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: high vol trending, spot 9.4% above max pain, negative gamma -$3.2M, but DEX +6.6M shares. Expect drift toward $800 gamma flip over 1-2 weeks.

Confidence:

4 / 10

Base 5 adjusted -1 GEX/flow conflict, -1 spot distance from MP, +1 VIX 16 => 4.

Supports: Negative gamma, high vol, spot above MP.
Conflicts: Positive DEX, mixed flow, low VIX.

🔻Negative gamma -$3.2M amplifies downside moves.

📍Spot 9.4% above max pain $800; pinning pressure.

⚖️VIX 16 implies no panic; vol may not spike.

Regime Classification

Vol Regime

High

IV high relative to typical, elevated uncertainty.

Gamma Regime

Trending

Negative gamma trending at -$3.2M, flip near $800.

Flow Regime

Mixed

Mixed premium flow, no clear directional bias.

Spot vs Max Pain

Above

Spot ~$875 is 9.4% above max pain $800, indicating potential mean reversion.

Thesis duration: Multi-week — Structural negative gamma and spot above MP support a bearish drift over weeks.

Price Range Forecast

Next 2 days

$819.46$931.26

Test lower bound $819 likely.

Next 1 week

$767.41$983.31

Approach gamma flip ~$800.

Next 2 weeks

$738.46$1012.26

Extended downside to $738 if breakdown.

Key Levels

Max pain pins: $800 (2026-06-18); $890 (2026-06-26); $950 (2026-07-02)

EM guardrails: 2d $819.46/$931.26; 1w $767.41/$983.31

Support: $850.00 · $800.00 · $738.46

Resistance: $1012.26

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,412 (8.6% below spot)

Structural: Support $850, $800 (gamma flip), $738.46; resistance $1012.26. Max pain pins: $800 (Jun18), $890 (Jun26), $950 (Jul2).

Dealer Positioning (GEX/DEX)

GEX: $-3.2M

DEX: +6.6M shares

Gamma flip: ~$800 (Approx — based on put OI concentration of 6,412 (8.6% below spot))

NTM gamma: GEX -$3.2M negative, DEX +6.6M shares long, gamma flip ~$800.

IV Analysis

IV vs VIX: LITE IV rich vs VIX 16, reflecting high vol regime.

Term structure: Likely upward sloping, premium for longer dated.

Skew: Put skew near $800; consider put spreads targeting that level.

Flow Analysis

Net premium: Net premium $54.8M, P/C vol ratio 0.97 (slight call bias) but OI ratio 1.32 (put heavy); flow bullish near term.

Directional prints: 97.3 call 980 OTM 2026-06-18 — 980C vol/OI 3.9; aggressive buying for upside momentum. 95.6 call 1020 OTM 2026-06-18 — 1020C vol/OI 3.1; heavy volume, bought for speculative upside. 91.2 call 900 OTM 2026-06-18 — 900C vol/OI 2.2; near money, likely bought for directional rally.

Unusual: 101.5 call 1000 OTM 2026-12-18 — 1000C LEAPS vol/OI 2.4; large notional, long-term bullish bet. 88.7 put 790 OTM 2026-06-18 — 790P vol/OI 1.8; small put volume, likely hedge or bearish insurance. 101.9 call 920 OTM 2026-12-18 — 920C LEAPS vol/OI 1.9; additional long-dated call accumulation.

Risks & Catalysts

!Positive DEX may buffer downside.

!Mixed flow lacks conviction.

!Low VIX limits vol expansion.

!Resistance above $931 could cap upside if short.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-10 $825.00/$820.00 put spread Why now: High vol, negative gamma, spot above max pain. Defined-risk debit spread benefits from further downside.	Upside surprise if DEX buffers decline; time decay if move delayed. Liquidity constraints: short_put: Open interest below 25.
Long put	Moderate	Buy 2026-07-10 $800.00 put Why now: Negative gamma and high IV favor long puts for directional downside.	Theta decay if move slow; positive DEX may cap downside initially.
Call credit spread	Moderate-Weak	Sell 2026-07-10 $1025.00/$1160.00 call spread Why now: Negative gamma and high vol make call credit spreads attractive; short calls benefit from decay.	Short call naked risk if upside breakout; DEX positive could lift spot. Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Top Plays

Long Put

Buy 2026-07-10 $800.00 put

Direct downside play on high IV and negative gamma.

Why this play: Best aligns with bearish drift to $800 gamma flip; liquidity pass ensures execution.

Debit: $40.68-$49.72

Max loss: $49.72

BE: $750.28

Mgmt: Exit if spot > $850 or hold to gamma flip.

Aggressive bearish traders

Bear Put Spread

Buy 2026-07-10 $825.00/$820.00 put spread

Debit spread benefits from downside with capped loss.

Why this play: Defined risk with lower cost; suitable if liquidity improves.

Debit: $1.93-$2.36

Max loss: $2.36

BE: $822.64

Mgmt: Profit target $2.64; stop if spot > $830. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk-conscious bearish traders

Call Credit Spread

Sell 2026-07-10 $1025.00/$1160.00 call spread

Sells OTM calls for premium on range-bound expectation.

Why this play: Uses theta decay but less direct; bullish flow may cap gains.

Credit: $17.91-$21.89

Max loss: $113.11

BE: $1046.89

Mgmt: Close if spot > $1025; manage short vol risk. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Neutral-to-bearish premium sellers

Watchlist Triggers

Entry Triggers

IFIF spot closes below $850 → THEN buy 2026-07-10 $800 put for max $49.72

Exit Triggers

EXITIF spot closes above $850 → THEN exit long put to limit loss

Tactical Summary

Bearish bias with drift toward $800 gamma flip. Key support at $850, $800. Top play: long put (liquidity pass). Enter on breakdown below $850; exit if reclaim.

How to Use These Reports

This directional reflects the market close on June 16, 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.