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LITE

Lumentum Holdings Inc.Close $964.50EOD only
Max Pain
$900.00
Next expiry May 22, 2026
Expected Move
±$40.70
4.2% from close
Price Gap
-64.50
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.40
Slightly put-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
LITE Earnings Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

No upcoming earnings; historical 100% beat rate.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.2% from MP; +1 VIX 17
Most important: Flow shows put protection, but GEX pinning near $900.
📊Historical beat rate 100% over 5 quarters, but no upcoming catalyst.
⚠️Put skew elevated; $570 put trade with 150% IV suggests tail risk.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,965 (17.1% below spot)

Earnings Overview

Expected moves:

  • 2026-05-22 (1d): ±$40.70 (4.2%)
  • 2026-05-29 (8d): ±$92.80 (9.6%)
  • 2026-06-05 (15d): ±$139.05 (14.4%)

IV Setup

Term structure: Front-end flat at ~4.2% 1d, back-end elevated ~14.4% 15d.

Crush estimate: Minimal; no catalyst expected.

Skew: Put/call OI ratio 1.4, puts elevated.

Historical Context

Beat rate: 100% (5/5 quarters)

Directional bias: Neutral; 100% beat rate but flow bearish.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $923.80/$1005.20; 1w $871.70/$1057.30
3Max pain pins: $900 (2026-05-22); $860 (2026-05-29); $900 (2026-06-05)

Flow Highlights

Unusual put volume at $855 (6.8x OI) and $870 (2.6x OI) for 5/22 expiry.

Hedging or bearish bets near current spot.

Large call flow at $1000 for 5/29 expiry (2.6x OI).

Speculative upside positioning.

Strategies

Put diagonal
Sell 2026-05-29 $930.00 put / buy 2026-06-12 $855.00 put
Debit: $4.73-$5.78
Max loss: $5.78
Max gain: Variable
BE: Path-dependent
Trigger: Monitor spot near $900 invalidation; roll if vol flattens. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.
Aligns with bearish flow (put ratio 1.38) and elevated back-end vol; captures vol expansion on long leg.
Outperforms: Bearish calendar spread benefits from vol term structure, hedging upside risk.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron condor
Sell 2026-06-05 $915.00/$870.00 put wing and $1050.00/$1100.00 call wing
Credit: $26.10-$31.90
Max loss: $18.10
Max gain: $31.90
BE: 883.10 / 1081.90
Trigger: Exit early if spot approaches wings; adjust to inverted if trend emerges. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.
Neutral bias with high IV (70%+) supports premium decay; no catalyst risk.
Outperforms: Short vol play capturing theta while staying inside wide wings.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!High put volume ratio (1.38) suggests hedging; IVs above 70% across strikes.
!Gamma flip at 800; spot at ~$964, above max pain $900.

What to Watch

?Spot relative to EM guardrails $923.80-$1005.20 (2d) and $871.70-$1057.30 (1w).
?Support $900 and $825; resistance $1103.55.
How to Use These Reports
This earnings reflects the market close on May 21, 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.