LITE Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 for massive net premium dominance; +1 for GEX pinning near spot; -0.5 for mixed P/C ratio and high IV

Watch next session: $750 Call OI build for 4/17; Any defensive put flow near $600

Flow Summary

Net premium: +$145.3M bullish

P/C volume ratio: 1.07 — slight put lean

P/C OI ratio: 0.85 — moderate call lean

Massive net premium bullishness driven by concentrated call buying at elevated strikes ($600-$800), overshadowing a slightly put-leaning volume ratio. Positioning shows a call-skewed OI base, suggesting institutions are positioned for upside.

Notable Prints

LITE 4/17/26 $350 Put

Vol: 2,917

OI: 856

Vol/OI: 3.4x

IV: 153.3%

Notional: ~$1.02M (est. $350 avg price)

Intent: Far OTM speculative put purchase or part of a complex spread (e.g., put butterfly, ratio spread).

Dual read: Directional bearish bet (low probability) vs. volatility/vega play or spread leg.

Read-through: Given the extreme IV and distance from spot (~50% OTM), this is likely a cheap volatility/skew bet or a spread component, not a core directional signal. Its size makes it notable but not a primary flow driver.

LITE 4/2/26 $830 Call

Vol: 690

OI: 252

Vol/OI: 2.7x

IV: 79.6%

Notional: ~$1.38M (est. $2000 avg price)

Intent: Short-dated, OTM call buying for a quick directional move or gamma scalp.

Dual read: Bought (bullish breakout bet) vs. sold (covered call writing at a high strike).

Read-through: The lower IV (79.6% vs. 114% ATM for 4/2) and high strike suggest this was likely bought, aligning with the dominant bullish premium flow. A bet on a move above $830 within days.

LITE 4/17/26 $750 Put

Vol: 454

OI: 133

Vol/OI: 3.4x

IV: 91.3%

Notional: ~$1.36M (est. $3000 avg price)

Intent: Near-term hedge or speculative put purchase.

Dual read: Protective put for long stock (bearish hedge) vs. outright short put sale (bullish, collecting premium).

Read-through: Given the high notional and spot at $702, this is likely a protective put bought by a shareholder. It's a meaningful hedge but is overwhelmed by the massive call premium on the other side.

LITE 4/17/26 $760 Call

Vol: 294

OI: 138

Vol/OI: 2.1x

IV: 98.7%

Notional: ~$1.47M (est. $5000 avg price)

Intent: Directional call buying for a move above $760 in April.

Dual read: Fresh long call (bullish) vs. closing a short call (reducing bearish exposure).

Read-through: Consistent with the bullish premium flow theme. Adds to OI at a key resistance level just above the current max pain for 4/10 and 4/17.

Institutional Positioning

Call additions: Heavy premium concentrated at $600, $680, $700, $750, $800 calls. This is institutional-scale directional or hedging flow.

Put additions: Defensive puts at $600 (large OI) and the unusual $350/$340/$360 prints, but premium is dwarfed by call side.

GEX/DEX consistency: Yes — Positive GEX of $1.8M indicates net long gamma, supporting the 'pinning' regime and aligning with call-heavy premium flow.

OI clusters: Major call OI at $610, $620, $660, $750. Major put OI at $800 (large), $600. Creates a potential support zone near $600-$660 and resistance near $750-$800.

Hedging evidence: Yes — The $750 Put and $600 Put OI clusters show institutional hedging. However, the scale of call buying suggests any hedging is secondary to a bullish or covered-call income strategy.

Max pain context: Spot ($702.76) is below near-term max pain ($732.50 for 3/27, $700 for 4/2). The falling MP trend over longer expirations suggests OI is building at lower strikes over time, but current flow is fighting that by adding upside calls.

Signal vs Noise

~The massive $350/$340/$360 Put volume is likely noise for directional analysis — too far OTM, high IV, probable complex spread legs or volatility plays.

~The $555 Put for 4/2 has extreme IV (246.8%) — likely a very small, illiquid strike with a wide bid-ask, not a meaningful directional signal.

~Some of the near-dated put flow (4/2 $680, $740, $760) could be closing of existing positions or delta-hedging adjustments, given the pinning regime.

Key Conclusions

💰Overwhelmingly bullish net premium (+$145M) driven by institutional call buying at $600-$800 strikes.

📌Positive GEX and pinning regime suggest near-term mean reversion, with spot below near-term max pain.

🛡️Hedging is present ($600/$750 puts) but is secondary to the dominant call positioning.

⚠️High IV (107%) and mixed P/C volume ratio (1.07) introduce volatility and caution despite bullish premium.

Read the Flow analysis for LITE. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.