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LITE

Lumentum Holdings Inc.Close $827.92EOD only
Max Pain
$867.50
Next expiry Jun 26, 2026
Expected Move
±$68.90
8.3% from close
Price Gap
+39.58
Distance to max pain
IV Rank
2
Low premium
P/C OI
1.38
Slightly put-heavy
Consensus
3.5/10
Bullish tilt
Published snapshot: Jun 23, 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 23, 2026 close
LITE Earnings Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Earnings 49 days out; 100% beat rate but mixed flow with elevated put activity. Near-term IV elevated.

Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +0.5 VIX 19
Most important: High put volume at $755 strike for 2d expiry may set near-term tone.
⚠️$755 Put vol/OI ratio 1.9 suggests aggressive 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 2,322 (5.0% below spot)

Earnings Overview

Next earnings: 2026-08-12 (49 days)explicit

Expected moves:

  • 2026-06-26 (2d): ±$58.80 (7.0%)
  • 2026-07-02 (8d): ±$98.75 (11.7%)
  • 2026-07-10 (16d): ±$133.70 (15.9%)

IV Setup

Term structure: Steep contango: 2d IV ~111%, far-dated lower.

Crush estimate: Post-earnings IV crush likely substantial, but distant expiration.

Skew: Put skew elevated, reflecting hedging demand.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Previous moves generally in line with implied.

Directional bias: Neutral; 100% beat rate suggests potential upside surprise.

Key Levels

1$800.00 gamma flip
2EM guardrails: 2d $783.73/$901.33; 1w $743.78/$941.28
3Max pain pins: $860 (2026-06-26); $900 (2026-07-02); $855 (2026-07-10)

Flow Highlights

Unusual volume on LITE 2026-06-26 $755 Put (269 vol vs 145 OI, IV 111.5%).

Bearish hedging or speculation near support; may weigh on spot near expiry.

Strategies

Call Diagonal
Sell 2026-07-02 $850.00 call / buy 2026-08-21 $920.00 call
Debit: $51.66-$63.14
Max loss: $63.14
Max gain: Variable
BE: Path-dependent
Trigger: Exit if price breaches $800 support. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Steep contango provides premium decay with defined risk, outranking unlimited-risk strangle.
Outperforms: Sell near-term call, buy later-dated call to capture time decay while limiting upside loss.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short Strangle
Sell 2026-07-10 $725.00 put + sell $1010.00 call
Credit: $35.73-$43.67
Max loss: Unlimited
Max gain: $43.67
BE: 681.33 / 1053.67
Trigger: Set stop-losses; adjust if IV surpasses 150%. Liquidity warning: Liquidity constraints: short_call: Volume below 5.; short_put: Volume below 5.
Elevated short-dated IV and high put interest offer premium, but unlimited risk reduces rank.
Outperforms: Sell out-of-the-money put and call to collect premium from time decay.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Gamma risk near 2d expiry.
!High IV may lead to premium decay.
!Put concentration below $800.
!Earnings uncertainty.

What to Watch

?Price action near $755 put strike.
?Gamma flip level ~$800.
?Max pain at $860.
?Volume in 2d options.
How to Use These Reports
This earnings reflects the market close on June 24, 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.