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LITE

Lumentum Holdings Inc.Close $868.07EOD only

Max Pain

$907.50

Next expiry May 22, 2026

Expected Move

±$61.90

7.1% from close

Price Gap

+39.43

Distance to max pain

IV Rank

Low premium

P/C OI

1.40

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: May 20, 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

May 20, 2026 close

LITE Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; -0.5 spot 4.3% from MP; +1 VIX 17

Watch next session: 640 support; gamma flip 800; put/call volume ratio

Flow Summary

Net premium: +$27.4M bullish

P/C volume ratio: 1.49

P/C OI ratio: 1.40

Heavy put activity with negative GEX outweighs net premium inflow from deep OTM calls. Spot below MP confirms bearish tilt. Elevated VIX supports directional downside. Watch for 640 break.

Notable Prints

LITE 2026-05-29 $640.00 Put

Vol: 261

OI: 100

Vol/OI: 2.6x

IV: 102.6%

Notional: ~$50K

Intent: Bearish hedge or speculative put on downside.

Dual read: Protection for long stock vs. outright bearish bet.

Read-through: Near-term bearish sentiment.

LITE 2026-06-05 $660.00 Put

Vol: 1,044

OI: 416

Vol/OI: 2.5x

IV: 92.1%

Notional: ~$732K

Intent: Continued bearish positioning.

Dual read: Hedging vs. speculation.

Read-through: Bearish outlook extending to June.

LITE 2026-07-17 $360.00 Put

Vol: 278

OI: 127

Vol/OI: 2.2x

IV: 101.6%

Notional: ~$33K

Intent: Deep OTM put for downside insurance.

Dual read: Low-cost hedge vs. long-shot speculation.

Read-through: Long-term bearish insurance.

LITE 2026-05-22 $880.00 Call

Vol: 328

OI: 162

Vol/OI: 2.0x

IV: 99.9%

Notional: ~$731K

Intent: Bullish speculation ahead of near-term event.

Dual read: Optimistic bet vs. short squeeze anticipation.

Read-through: Short-term bullish expectation.

Institutional Positioning

Call additions: Light; only notable: LITE 05/22 $880C 328 vol, OI 162, high IV.

Put additions: Heavy: 05/29 $640P, 06/05 $660P, 07/17 $360P with high vol/oi ratios.

GEX/DEX consistency: Negative GEX (-$3.6M) and positive DEX (+6.1M shares) aligned with put buying and call selling.

OI clusters: Large put OI cluster at ~$800 (5,901 contracts), 7.8% below spot.

Hedging evidence: Put additions and OTM call prints suggest downside hedging; high IV indicates protection demand.

Max pain context: Spot below max pain; put skew points to pin or drift lower.

Signal vs Noise

~Signal: unusual put volume, negative GEX, spot below MP, high IV.

~Noise: single call print likely short-lived speculation.

Key Conclusions

🐻Institutional put buying and negative gamma suggest bearish bias near term.

⚠️Dealers long delta but short gamma: risk of pin action around $800 put wall.

How to Use These Reports

This flow reflects the market close on May 20, 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.