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LITE

Lumentum Holdings Inc.Close $868.07EOD only
Max Pain
$907.50
Next expiry May 22, 2026
Expected Move
±$61.90
7.1% from close
Price Gap
+39.43
Distance to max pain
IV Rank
5
Low premium
P/C OI
1.40
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: May 20, 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 20, 2026 close
LITE Earnings Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LITE options imply high-stakes earnings; historical beat rate supports upside, but heavy put flow signals caution.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.3% from MP; +1 VIX 17
Most important: Put volume 1.49x calls; deep OTM puts at $640 and $660; Max Pain $908 for May 22
⚠️100% beat rate but put premium suggests skepticism

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,901 (7.8% below spot)

Earnings Overview

Expected moves:

  • 2026-05-22 (2d): ±$61.90 (7.1%)
  • 2026-05-29 (9d): ±$52.15 (6.0%)
  • 2026-06-05 (16d): ±$135.75 (15.6%)

IV Setup

Term structure: Front-end IV ~108%; back-month elevated 92-102%

Crush estimate: Expected 30-40% IV crush post-event

Skew: Put skew elevated; puts trade at premium over calls

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Actual moves within expected range historically

Directional bias: Neutral; 100% beat rate lends bullish tilt

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $806.17/$929.97; 1w $815.92/$920.22
3Max pain pins: $908 (2026-05-22); $865 (2026-05-29); $900 (2026-06-05)

Flow Highlights

Unusual put volume at $640 (May 29) and $660 (June 5) with high vol/OI ratios

Bearish hedging or speculative downside bets

Unusual call volume at $880 (May 22) with 2x vol/OI

Bullish positioning for earnings upside

Strategies

Call Calendar
Sell 2026-05-29 $900.00 call / buy 2026-07-17 $900.00 call
Debit: $66.06-$80.74
Max loss: $80.74
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot < $800; profit target 50% of max gain.
Limited risk, plays IV crush and neutral-bullish bias.
Outperforms: Short front-month call, long back-month to capture IV decline.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-05-29 $850.00 put + sell $900.00 call
Credit: $72.14-$88.17
Max loss: Unlimited
Max gain: $88.17
BE: 761.83 / 988.17
Trigger: Close if spot nears strikes; stop loss at 2x premium.
High premium but unlimited risk; heavy put flow warns.
Outperforms: Sell OTM put and call to collect premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!High IV crush risk post-event
!Negative gamma if spot drops below $800
!Max Pain $908 may attract price to that level

What to Watch

?Spot behavior near $908 max pain
?Put OI concentration at $640 and $660
?Volume in $880 call for upside conviction
How to Use These Reports
This earnings reflects the market close on May 20, 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.