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LITE

Lumentum Holdings Inc.Close $879.28EOD only
Max Pain
$880.00
Next expiry Aug 21, 2026
Expected Move
±$31.45
3.6% from close
Price Gap
+0.72
Distance to max pain
IV Rank
3
Low premium
P/C OI
1.35
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: Aug 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
Aug 20, 2026 close
LITE Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 22, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put spread
Invalidation: Spot breaks below $900
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 98% vs VIX 17, elevated
Favorable?
Yes

Term structure: Front-month skewed puts, back-month contango

📈Rich IV premium
⚖️Dealer long gamma

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+635K)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 5,928 (15.5% below spot)

OI concentrations: Put OI 1.48 ratio, floor $500-$850, pin $910

Verdict: Strike pinning at $910, downside support

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $950.00/$920.00 put spread
Sell 2026-06-12 $950/$920 put spread, max gain $17.93.
Credit: $14.67-$17.93
Max loss: $12.07
BE: $932.07
Mgmt: Exit if spot breaks below $910; monitor gamma near expiry. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Expiration today, gamma high
!Spot 4% above MP
How to Use These Reports
This theta reflects the market close on May 22, 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.