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LITE

Lumentum Holdings Inc.Close $824.13EOD only
Max Pain
$950.00
Next expiry Oct 23, 2026
Expected Move
±$66.30
8.0% from close
Price Gap
+125.87
Distance to max pain
IV Rank
25
Middle-high premium
P/C OI
1.13
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: Oct 16, 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
Oct 16, 2026 close
LITE Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Bear put debit spreads
Invalidation: Break below $800 gamma flip
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.0% from MP; +0.5 VIX 22

IV Environment

IV Regime
High
IV vs VIX
Avg IV 111% vs VIX 21.5: very high, elevated skew
Favorable?
No

Term structure: Front-month extreme skew; rest flat ~100%

⚠️High put IV skew signals hedging demand; premium selling risky near max pain

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-7.0M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,232 (7.4% below spot)

OI concentrations: Max pain $900 (0 DTE), $935 (7 DTE), $790 (13 DTE); heavy put OI near $800

Verdict: Pin risk elevated at $900; spot below MP implies downside pressure

Premium Opportunities

#1
Call diagonal
Sell 2026-07-10 $1050.00 call / buy 2026-08-21 $980.00 call
Sells back-month call, buys front-month higher strike call for net credit; profits if stock stays below short strike.
Debit: $66.74-$81.57
Max loss: $81.57
BE: Path-dependent
Mgmt: Monitor invalidation level at $800; exit if breached or on IV contraction. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Negative dealer gamma ($-7M GEX) amplifies moves
!Spot 4% below max pain; potential pinning to $900 if rally
!High IV and trending gamma regime increases tail risk
How to Use These Reports
This theta reflects the market close on June 5, 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.