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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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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.

How to Use These Reports

This flow reflects the market close on March 31, 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.

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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.