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LITE

Lumentum Holdings Inc.Close $893.93EOD only
Max Pain
$875.00
Next expiry Jun 26, 2026
Expected Move
±$79.55
8.9% from close
Price Gap
-18.93
Distance to max pain
IV Rank
1
Low premium
P/C OI
1.44
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Jun 22, 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 22, 2026 close
LITE Earnings Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LITE IV high, mixed flow, earnings 50d away. Aggressive calls at $1k & $1.5k suggest bullish bets; put OI ratio >1 hedges.

Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.6% from MP; +0.5 VIX 19
Most important: Unusual call buying at $1k (Jun26) and $1.5k (Dec18) indicates speculative upside; spot $828 near resistance.
🐂Aggressive call buying at $1k & $1.5k strikes says upside
⚠️Put OI ratio 1.38 signals downside hedging

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 2,312 (3.4% below spot)

Earnings Overview

Next earnings: 2026-08-12 (50 days)explicit

Expected moves:

  • 2026-06-26 (3d): ±$68.90 (8.3%)
  • 2026-07-02 (9d): ±$107.80 (13.0%)
  • 2026-07-10 (17d): ±$138.70 (16.8%)

IV Setup

Term structure: Expected moves increase from 8% to 17% over 17d; IV elevated, term structure upward.

Crush estimate: No near-term earnings; front-month premium decays from theta.

Skew: Call OI wall $900-$1000; put floor $600-$700.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: N/A

Directional bias: 100% beat rate over 5 quarters suggests upward bias.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $759.02/$896.82; 1w $720.12/$935.72
3Max pain pins: $868 (2026-06-26); $910 (2026-07-02); $860 (2026-07-10)

Flow Highlights

LITE 2026-06-26 $1000 call: 2154 vol vs 989 OI, IV 107%.

Aggressive bullish speculation near expiry.

LITE 2026-12-18 $1500 call: 415 vol vs 195 OI, IV 99%.

Long-dated bullish bet expects major rally.

Strategies

Earnings Bull Call Spread
Buy 2026-08-21 $840.00/$860.00 call spread
Debit: $7.16-$8.75
Max loss: $8.75
Max gain: $11.25
BE: $848.75
Trigger: Exit if spot breaks $800; target $860.
Best liquidity, aligns with 100% beat rate and unusual call buying.
Outperforms: Bullish bet near support with defined risk.
Underperforms: Loss of support weakens upside continuation thesis.
Theta Decay Short Strangle
Sell 2026-07-02 $775.00 put + sell $910.00 call
Credit: $47.70-$58.30
Max loss: Unlimited
Max gain: $58.30
BE: 716.70 / 968.30
Trigger: Close at 50% max profit or if spot nears strikes. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
High IV and upward term structure favor premium selling despite mixed flow.
Outperforms: Sells OTM options to capture high IV premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Call Diagonal Spread
Sell 2026-07-02 $890.00 call / buy 2026-07-31 $985.00 call
Debit: $19.67-$24.04
Max loss: $24.04
Max gain: Variable
BE: Path-dependent
Trigger: Exit on short leg expiry or if spot drops below $800. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.
Upward term structure and spot near resistance, but lower liquidity.
Outperforms: Sells near-term call, buys later call to profit from faster decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!High IV amplifies time decay.
!Far from earnings reduces catalyst.
!Mixed flow: bullish calls vs bearish put OI.

What to Watch

?Spot at $800 support; $900 resistance.
?Implied vol changes as earnings nears.
How to Use These Reports
This earnings reflects the market close on June 23, 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.