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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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LITE approaching implied earnings (May 29) with high IV, heavy put flow, perfect beat history. Spot $945, above max pain $910. Pin risk elevated.

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +1 VIX 17
Most important: Decipher mixed flow: large put buying vs higher strike calls. 100% beat rate but put skew warns of downside.
⚠️Beat rate 100% but put flow dominant: tension between history and positioning
📈Net premium $67.7M; put/call ratio 1.7 shows heavy hedging

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 5,928 (15.5% below spot)

Earnings Overview

Expected moves:

  • 2026-05-29 (7d): ±$84.20 (8.9%)
  • 2026-06-05 (14d): ±$131.80 (13.9%)
  • 2026-06-12 (21d): ±$163.40 (17.3%)

IV Setup

Term structure: Upward sloping: 7d ±8.9%, 14d ±13.9%, 21d ±17.3%

Crush estimate: Post-event IV likely contracts 50-70%

Skew: Put-skewed with heavy OTM put volumes

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available; 100% beat rate historically

Directional bias: Neutral; mixed flow and pinning regime

Key Levels

1$800.00 gamma flip
2EM guardrails: 1w $862.70/$1031.10
3Max pain pins: $910 (2026-05-22); $885 (2026-05-29); $900 (2026-06-05)

Flow Highlights

Unusual put volume at $700 (6/5) and $920 (5/22) with high vol/OI ratios

Bearish positioning; hedging or directional bets

Net premium $67.7M; put-call volume ratio 1.7

Put dominance suggests downside protection or bearish sentiment

Strategies

Iron Condor
Sell 2026-05-29 $925.00/$920.00 put wing and $970.00/$995.00 call wing
Credit: $9.54-$11.66
Max loss: $13.34
Max gain: $11.66
BE: 913.34 / 981.66
Trigger: Close if spot breaches short strikes or IV collapses.
Best suited for the mixed flow and pinning risk; captures elevated IV with defined risk.
Outperforms: Neutral position that profits from low volatility and range-bound price behavior.
Underperforms: Move outside short strikes invalidates range thesis.
Long Strangle
Buy 2026-05-29 $920.00 put + buy $970.00 call
Debit: $55.53-$67.87
Max loss: $67.87
Max gain: Unlimited
BE: 852.13 / 1037.87
Trigger: Monitor post-earnings gap; close if move materializes or IV decays.
Lower premium than straddle, still captures large moves; aligns with historical beat rate and put skew.
Outperforms: Directional-neutral strategy that profits from large price swings in either direction.
Underperforms: Insufficient realized move reduces long-strangle edge.
Long Straddle
Buy 2026-05-29 $945.00 put + buy $945.00 call
Debit: $75.78-$92.62
Max loss: $92.62
Max gain: Unlimited
BE: 852.38 / 1037.62
Trigger: Set stop-loss at 50% of premium; exit if gap is substantial.
Direct play on high IV and uncertainty, but expensive; less favorable given mixed flow.
Outperforms: Buys both call and put at-the-money to profit from any large move.
Underperforms: Under-realized move and IV crush hurt long-vol thesis.

Risk Assessment

!High implied move (±8.9%) may cause large post-earnings gap
!Put-heavy flow and pinning risk sharp delta adjustments
!Spot above max pain ($910) but below key resistance ($1031)

What to Watch

?Earnings reaction vs max pain levels
?Volume in $920 and $700 puts for follow-through
?Spot behavior around $910 support
How to Use These Reports
This earnings reflects the market close on May 22, 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.