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LITE

Lumentum Holdings Inc.Close $921.56EOD only
Max Pain
$800.00
Next expiry Jun 18, 2026
Expected Move
±$89.65
9.7% from close
Price Gap
-121.56
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
1.31
Slightly put-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Jun 12, 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 12, 2026 close
LITE Earnings Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer earnings report is available for June 12, 2026.

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Earnings Verdict

LITE earnings 62 days away; 100% beat rate but long-dated event. Put-heavy flow suggests hedging. Spot near $893, support $850, resistance $900.

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 1.2% from MP; +0.5 VIX 19
Most important: High put volume ratio (1.38) and put OI concentration below spot indicate protective positioning; 100% beat rate supports bias but horizon adds risk.
⚠️Long-dated event: 100% beat rate but small sample; high uncertainty.
🔒Net premium $55.6M, put/call volume 1.4: protective positioning.

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 6,161 (10.1% below spot)

Earnings Overview

Next earnings: 2026-08-12 (62 days)explicit

Expected moves:

  • 2026-06-12 (1d): ±$43.00 (4.8%)
  • 2026-06-18 (7d): ±$97.25 (10.9%)
  • 2026-06-26 (15d): ±$139.30 (15.7%)

IV Setup

Term structure: Elevated across tenors (near-term IV 80-115%), likely backwardated due to event uncertainty.

Crush estimate: Unknown; typical earnings crush ~30-50% of pre-event IV.

Skew: Put skew elevated; put OI wall at $600-$800 reflects downside demand.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not available for this horizon; typical earnings moves ±10-15%.

Directional bias: Bullish: 5/5 beat rate; stock up 1.2% in strong sector day.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $846.59/$932.59; 1w $792.34/$986.84
3Max pain pins: $900 (2026-06-12); $800 (2026-06-18); $880 (2026-06-26)

Flow Highlights

Unusual put prints: LITE 2026-06-12 $770 Put (vol/OI 2.2) and 2026-06-18 $690 Put (vol/OI 2.0).

Large put buying at strikes well below spot suggests hedging or bearish bets on near-term downside.

Strategies

Call Calendar
Sell 2026-06-18 $900.00 call / buy 2026-07-17 $900.00 call
Debit: $52.78-$64.52
Max loss: $64.52
Max gain: Variable
BE: Path-dependent
Trigger: Roll if spot tests $850 support; adjust strikes on IV shift.
Best balance of vol premium capture and directional upside in a high-IV, bullish setup.
Outperforms: Sell near-term $900 call, buy back-month to profit from elevated near-term IV crush.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-06-18 $850.00 put + sell $910.00 call
Credit: $64.26-$78.54
Max loss: Unlimited
Max gain: $78.54
BE: 771.46 / 988.54
Trigger: Widen strikes if support or resistance breached; set stop at $840 or $920.
High IV and range-bound action between $850-$900 favor premium collection.
Outperforms: Sell $850 put and $910 call to capture elevated time premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Bull Call Spread
Buy 2026-08-21 $880.00/$910.00 call spread
Debit: $10.53-$12.87
Max loss: $12.87
Max gain: $17.13
BE: $892.87
Trigger: Exit if spot drops below $850; take profit above $905. Liquidity warning: Liquidity constraints: short_call: Volume below 5. Substitutions: long_call: resolved contract 2026-08-21 $890.00 missing; used 2026-08-21 $880.00.
Defined-risk bullish bet on rally to $910, backed by strong beat rate.
Outperforms: Buy $880/$910 call spread for limited cost and upside potential.
Underperforms: Loss of support weakens upside continuation thesis.
Long strangle
Buy 2026-08-21 $840.00 put + buy $910.00 call
Debit: $247.82-$302.89
Max loss: $302.89
Max gain: Unlimited
BE: 537.11 / 1212.89
Beat rate 100%, put hedging suggests upside, event-convexity play.
Outperforms: Long strangle around earnings for volatility capture, bullish bias.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!62-day horizon: macro shifts can alter setup.
!High VIX (19.4) and trending gamma regime increase tail risk.
!Put-heavy flow may be institutional hedging, not directional.

What to Watch

?Spot relative to max pain ($900) and EM guardrails ($847-$933).
?Unusual put activity at $770 and $690 strikes in longer-dated expirations.
?Call OI wall at $1000: gamma acceleration if spot rises.
How to Use These Reports
This earnings reflects the market close on June 11, 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.

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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.