thetaOwl
HomeOptionsLITEReports

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
10
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 Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Put Credit Spreads (support at $900)
Invalidation: Spot closes below $900 or above $1100
Confidence:
4 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.2% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Very high IV relative to VIX (avg 95% vs VIX 17)
Favorable?
Yes

Term structure: Upward sloping, front-end elevated; term structure in contango.

⚠️IV elevated vs VIX; pinning at $900 max pain supportive for premium selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+1.5M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,965 (17.1% below spot)

OI concentrations: Put OI concentrated at $800 (5,965 contracts), support at $900, max pain $900 for 1d and 15d.

Verdict: Low to moderate pin risk; spot above max pain, but gamma flip at $800 if spot drops.

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $950.00/$930.00 put wing and $1000.00/$1010.00 call wing
Captures theta decay between $930 and $1000 with defined risk.
Credit: $10.89-$13.31
Max loss: $6.69
BE: 936.69 / 1013.31
Mgmt: Close at 50% max gain; adjust if spot nears wings.
#2
Put credit spread
Sell 2026-06-18 $950.00/$930.00 put spread
Bullish bias with defined risk; premium from elevated IV.
Credit: $8.73-$10.67
Max loss: $9.33
BE: $939.33
Mgmt: Close if spot drops below $920; stop loss at $900.

Risk Alerts

!Gap risk due to high IV
!Pin risk at $900 max pain
!Dealer gamma flip at $800
How to Use These Reports
This theta reflects the market close on May 21, 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.