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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
5
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 Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Bear put spreads
Invalidation: Spot break below 800
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.3% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV at 100.9% vs VIX 17.44, implying significant premium
Favorable?
No

Term structure: Contango, flattening after 37d

⚠️High IV but negative GEX and trending regime increase risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-3.6M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,901 (7.8% below spot)

OI concentrations: OI at $908, $865, $900

Verdict: Spot at $860, below max pain; pin risk moderate

Premium Opportunities

#1
Put calendar
Sell 2026-06-26 $780.00 put / buy 2026-10-16 $780.00 put
Sells near-term put, buys longer-term put at same strike to profit from elevated IV and negative gamma exposure.
Debit: $82.03-$100.27
Max loss: $100.27
BE: Path-dependent
Mgmt: Monitor invalidation below 800; close if spot breaches. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.
#2
Call diagonal
Sell 2026-06-26 $1170.00 call / buy 2026-10-16 $910.00 call
Sells near-term call, buys longer-term OTM call to capture term structure premium with slight bullish tilt.
Debit: $148.14-$181.06
Max loss: $181.06
BE: Path-dependent
Mgmt: Manage if spot drops below 800; adjust strikes if trend reverses. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.

Risk Alerts

!Negative GEX -$3.6M
!High IV skew
!Spot at $860, gamma flip at $800
How to Use These Reports
This theta 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.