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LITE

Lumentum Holdings Inc.Close $850.00EOD only
Max Pain
$900.00
Next expiry Jun 26, 2026
Expected Move
±$87.95
10.3% from close
Price Gap
+50.00
Distance to max pain
IV Rank
100
High premium
P/C OI
1.33
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: Jun 18, 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 18, 2026 close
LITE Earnings Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LITE shows aggressive bullish flow via OTM call buying ahead of Aug earnings, but high IV and put hedging warrant caution. Historical 100% beat rate supports optimism.

Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 VIX 17
Most important: Monster call buying at $1100 and $1050 speculates on upside; put OI ratio 1.44 signals hedging.
📈Heavy call buying at $1100 and $1050 shows strong bullish conviction.
📉Elevated put OI ratio and put buying at $710 and $540 indicate downside hedging.
⚠️IV at 90-108% across expirations – elevated due to earnings uncertainty.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$850.00 — Approx — based on put OI concentration of 3,569 (4.9% below spot)

Earnings Overview

Next earnings: 2026-08-12 (51 days)explicit

Expected moves:

  • 2026-06-26 (4d): ±$79.55 (8.9%)
  • 2026-07-02 (10d): ±$115.00 (12.9%)
  • 2026-07-10 (18d): ±$151.55 (17.0%)

IV Setup

Term structure: Front-end IV elevated: 4d ±8.9%, 10d ±12.9%, 18d ±17.0% – steep contango.

Crush estimate: Expected ~50-60% crush post-earnings.

Skew: Put OI ratio 1.44 indicates bearish skew; call walls at $950-$1000 cap upside.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not provided; beat rate 100% suggests consistent upside.

Directional bias: Bullish from beats, but put OI implies hedging.

Key Levels

1$850.00 gamma flip
2EM guardrails: 1w $778.93/$1008.93
3Max pain pins: $875 (2026-06-26); $930 (2026-07-02); $870 (2026-07-10)

Flow Highlights

Aggressive OTM call buying on 2026-06-26 exp: $1100 (2074 vol vs 309 OI), $1050 (774 vs 160), $1000, $900, $850.

Speculative upside betting ahead of earnings; suggests bullish sentiment.

Put buying at $710 on 2026-07-17 (408 vol) and $540 on 2026-11-20 (308 vol).

Downside hedging at lower strikes; protection against larger drawdown.

Strategies

Call Diagonal
Sell 2026-07-02 $985.00 call / buy 2026-08-21 $980.00 call
Debit: $76.59-$93.61
Max loss: $93.61
Max gain: Variable
BE: Path-dependent
Trigger: Monitor IV crush; roll short leg if near strike. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.
Exploits steep contango; cheapens bullish exposure vs. long call.
Outperforms: Sell near-term call, buy later call to reduce cost and benefit from time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Long Call
Buy 2026-08-21 $980.00 call
Debit: $100.22-$122.48
Max loss: $122.48
Max gain: Unlimited
BE: $1102.48
Trigger: Set stop-loss at invalidation level; exit after earnings if no move. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Direct bullish bet with 100% historical beat rate, but high IV makes it expensive.
Outperforms: Outright call hoping stock rises post-earnings.
Underperforms: Failure at support and IV crush weaken long-call thesis.
Long Strangle
Buy 2026-08-21 $790.00 put + buy $1220.00 call
Debit: $131.85-$161.15
Max loss: $161.15
Max gain: Unlimited
BE: 628.85 / 1381.15
Trigger: Sell before earnings to avoid crush; delta hedge. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; long_put: Open interest below 25.
Hedged but IV crush likely; only if large move expected.
Outperforms: Non-directional vol play; benefits from large move but expensive in high IV.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!High IV amplifies premium decay risk.
!Gamma flip near $850 could accelerate moves.
!Call OI wall $950-$1000 may cap rally.

What to Watch

?Earnings guidance on Aug 12 for revenue and product roadmap.
?Price action around $850 support and $900 resistance.
?Volume of further unusual options activity.
How to Use These Reports
This earnings reflects the market close on June 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.