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LITE

Lumentum Holdings Inc.Close $964.50EOD only

Max Pain

$900.00

Next expiry May 22, 2026

Expected Move

±$40.70

4.2% from close

Price Gap

-64.50

Distance to max pain

IV Rank

Low premium

P/C OI

1.40

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

LITE Flow Report

Analysis based on market close April 6, 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 April 6, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Watch next session: $800C OI buildup near spot; Put flow at $700-$750 for hedging

Flow Summary

Net premium: +$148.5M bullish

P/C volume ratio: 1.14 — slight put-dominant volume

P/C OI ratio: 1.01 — neutral OI balance

Massive net premium bullish despite mixed volume, driven by deep OTM call buying at $500-$630. Flow signals institutional accumulation with hedging near spot.

Notable Prints

LITE 4/10 $500 Call

Vol: 610

OI: 293

Vol/OI: 2.1x

IV: 176.0%

Notional: ~$4.7M

Intent: Deep OTM call buying for leverage/volatility play

Dual read: Bought (bullish speculation) or sold/covered (neutral)

Read-through: Consistent with bullish flow regime; high IV suggests speculative positioning

LITE 4/10 $800 Put

Vol: 822

OI: 325

Vol/OI: 2.5x

IV: 110.9%

Notional: ~$4.1M

Intent: Protective put hedging near spot

Dual read: Bought (bearish hedge) or sold/covered (neutral)

Read-through: Likely hedging against short-term downside given ITM status; aligns with mixed flow

LITE 4/10 $950 Call

Vol: 834

OI: 124

Vol/OI: 6.7x

IV: 110.9%

Notional: ~$1.2M

Intent: OTM call buying for upside speculation

Dual read: Bought (bullish) or sold/covered (neutral)

Read-through: High vol/OI ratio indicates fresh positioning; supports bullish bias

LITE 4/10 $700 Put

Vol: 809

OI: 343

Vol/OI: 2.4x

IV: 116.2%

Notional: ~$877K

Intent: OTM put hedging or speculative downside bet

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: Moderate size; likely part of broader hedging strategy given OTM status

LITE 4/10 $790 Call

Vol: 317

OI: 109

Vol/OI: 2.9x

IV: 107.7%

Notional: ~$925K

Intent: Near-OTM call buying for directional exposure

Dual read: Bought (bullish) or sold/covered (neutral)

Read-through: Close to spot; aligns with bullish flow but smaller notional

Institutional Positioning

Call additions: $500-$630 deep OTM calls (large premium), $790-$870 OTM calls

Put additions: $700-$800 puts near spot for hedging

GEX/DEX consistency: Yes — positive GEX $2.5M + bullish net premium aligned

OI clusters: $750 call (1,631 OI), $650 put (1,611 OI), $800 call (995 OI)

Hedging evidence: Yes — $800 ITM put volume (822) and $700-$750 OTM put flow suggest protective positioning

Max pain context: MP at $750 (4/10), spot above MP; falling MP trend indicates bearish skew longer-term

Signal vs Noise

~$500 Put volume (610) with 176% IV likely noise — extreme OTM with high IV suggests retail/speculative, not institutional

~$1000 Call volume (490) is small notional (~$269K) and OTM; likely lottery tickets, not directional

~Low-volume strikes in Near-Term Chain (e.g., $660 call vol=3) are market maker adjustments, not flow

Key Conclusions

🐂Net premium +$148.5M strongly bullish driven by deep OTM call buying

🛡️Hedging activity at $700-$800 puts indicates institutional caution near spot

📍Positive GEX $2.5M supports pinning near $800-$820; watch for magnet effect

How to Use These Reports

This flow reflects the market close on April 6, 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.