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LITE

Lumentum Holdings Inc.Close $946.90EOD only
Max Pain
$882.50
Next expiry May 29, 2026
Expected Move
±$84.20
8.9% from close
Price Gap
-64.40
Distance to max pain
IV Rank
24
Low premium
P/C OI
1.47
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
LITE Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Put Credit Spreads
Invalidation: Spot breaks below $800 gamma flip
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.9% from MP; +1 VIX 17; override: Spot near MP +1; GEX contradict -1

IV Environment

IV Regime
High
IV vs VIX
Avg IV 102% vs VIX 17% - extreme skew
Favorable?
Yes

Term structure: Front-end elevated (92-100%), near-term puts IV > calls; back-end flat ~93-95%

📊IV > 6x VIX, rich premium
🔻Term structure flat, front-end elevated

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-1.3M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,102 (12.2% below spot)

OI concentrations: Call wall $1000; Put floor $500-$800; Max pain $902 (0DTE), $900 (1w), $950 (2w)

Verdict: High pin risk - spot within 0.9% of MP, negative GEX, high put OI

Premium Opportunities

#1
Put credit spread
Sell 2026-06-26 $890.00/$880.00 put spread
Sell 890/880 put spread expiring Jun26; high IV 102% yields rich premium
Credit: $4.95-$6.05
Max loss: $3.95
BE: $883.95
Mgmt: Close at 50% max gain or if spot breaches 902.5 Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.
#2
Call credit spread
Sell 2026-06-26 $920.00/$925.00 call spread
Sell 920/925 call spread; benefits from bearish bias and time decay
Credit: $1.62-$1.98
Max loss: $3.02
BE: $921.98
Mgmt: Exit at 50% max gain or if spot rises above 1000 Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.
#3
Call calendar
Sell 2026-06-18 $920.00 call / buy 2026-07-17 $920.00 call
Sell near-term Jun18 920 call, buy Jul17 920 call; profits from vega decline
Debit: $37.30-$45.59
Max loss: $45.59
BE: Path-dependent
Mgmt: Monitor theta decay; close if spot moves significantly away

Risk Alerts

!Negative GEX -$1.3M amplifies spot moves
!Put/call volume ratio 1.77 indicates bearish sentiment
!High IV 102% - elevated premium but risk of gap
How to Use These Reports
This theta reflects the market close on May 26, 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.