thetaOwl
HomeOptionsLITEReports

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 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 19, 2026. A newer theta report is available for May 20, 2026.

View latest report

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Short puts at support (744) or call credit spreads above 900
Invalidation: Spot below gamma flip 800 or above resistance 915
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 100% vs VIX 18 — extremely rich
Favorable?
No

Term structure: Front week (107%) steeply above 2nd week (92%); contango decay attractive for short vega

⚠️High IV but negative SPY/QQQ and mixed flow suggest caution for naked sells

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-2.2M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 3,912 (10.1% below spot)

OI concentrations: Put OI heavy below spot (3,912 at $800); max pain pins at $915, $860, $900

Verdict: Elevated pin risk near $800 and $900 expiries; monitor delta hedging

Premium Opportunities

#1
Call credit spread
Sell 2026-06-18 $900.00/$910.00 call spread
Sell $900 call spread to capture premium from resistance level with defined risk.
Credit: $4.23-$5.17
Max loss: $4.83
BE: $905.17
Mgmt: Exit if LITE breaches $900; roll or close at 50% max gain. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
#2
Iron condor
Sell 2026-06-18 $740.00/$730.00 put wing and $900.00/$910.00 call wing
Sell put wing at $740 and call wing at $900 to profit from range-bound move with high IV.
Credit: $6.79-$8.30
Max loss: $1.70
BE: 731.70 / 908.30
Mgmt: Manage wings if spot nears strikes; close near expiry or at target profit. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!SPY/QQQ down 0.6-0.7%
!Put/call volume ratio 1.39
!Negative GEX ($-2.2M)
How to Use These Reports
This theta reflects the market close on May 19, 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.