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LITE

Lumentum Holdings Inc.Close $938.00EOD only
Max Pain
$900.00
Next expiry Jun 5, 2026
Expected Move
±$35.65
3.8% from close
Price Gap
-38.00
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.38
Slightly put-heavy
Consensus
5.0/10
Consensus signal
Published snapshot: Jun 3, 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
Jun 3, 2026 close
LITE Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Theta selling with short premium near support/resistance, but manage tail risk
Invalidation: Spot breaks below gamma flip level 800
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.0% from MP; +1 VIX 15

IV Environment

IV Regime
High
IV vs VIX
IV 103.6% vs VIX 15.4 – highly elevated, event-driven vol
Favorable?
Yes

Term structure: Steep put skew near-term; upward slope 1d to 1w, then flattening; elevated across all tenors

🔺IV at 103.6% is extreme vs VIX; premium selling lucrative but high tail risk
💰Gamma pinning at $900 short-term supports price containment for theta plays

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+805K)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,227 (15.4% below spot)

OI concentrations: Heavy OI at $900 (6/5), $925 (6/12), $780 (6/18); put floor $600-$800, call wall $1000

Verdict: High pin risk near $900 this week; gamma flip at $800 key support

Premium Opportunities

#1
Put credit spread
Sell 2026-06-26 $835.00/$825.00 put spread
Sell put spread below key support, capturing elevated IV while limiting tail risk from gamma flip at $800.
Credit: $2.61-$3.19
Max loss: $6.81
BE: $831.81
Mgmt: Manage if spot approaches $900 or gamma flip at $800; consider early close on IV contraction.
#2
Iron condor
Sell 2026-06-26 $805.00/$795.00 put wing and $1180.00/$1190.00 call wing
Sell wings at support and resistance to capture premium from expected range trade.
Credit: $3.60-$4.40
Max loss: $5.60
BE: 800.60 / 1184.40
Mgmt: Avoid due to poor liquidity; if entered, manage wings individually. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Risk Alerts

!Spot 5% above max pain $900 – mean reversion risk
!Gamma flip at $800; breach could accelerate dealer hedging
!VIX 15 low vs high IV but macro uncertainty remains
How to Use These Reports
This theta reflects the market close on June 4, 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.