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LITE

Lumentum Holdings Inc.Close $821.76EOD only
Max Pain
$900.00
Next expiry Jun 12, 2026
Expected Move
±$73.15
8.9% from close
Price Gap
+78.24
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
1.31
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 9, 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 9, 2026 close
LITE Theta Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Wait for clearer setup
Invalidation: Break of support $800 or resistance $900
Confidence:
4 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.7% from MP; +0.5 VIX 20

IV Environment

IV Regime
High
IV vs VIX
IV 110% vs VIX 20, massive spread suggests high single-stock fear
Favorable?
Yes

Term structure: Contango from 3d to 23d then flattening, favorable for short premium

📊IV 110% vs VIX 20: rich premium opportunity
📈Term structure decay: sell short-dated, avoid long vega

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-4.0M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,178 (2.6% below spot)

OI concentrations: Put OI ~$800 (2.6% below spot); call wall $1000

Verdict: Spot below max pain $900 and near put OI concentration. Pin risk elevated, especially near $800 and $900 expirations.

Premium Opportunities

#1
Call diagonal
Sell 2026-07-02 $900.00 call / buy 2026-08-21 $860.00 call
Near-term elevated IV vs back-month allows premium decay with long-dated call protection.
Debit: $74.70-$91.30
Max loss: $91.30
BE: Path-dependent
Mgmt: Roll short call if stock moves above $900; adjust strikes as expiration nears.
#2
Put credit spread
Sell 2026-07-02 $745.00/$685.00 put spread
Selling puts below support with limited loss from tail risk.
Credit: $17.91-$21.89
Max loss: $38.11
BE: $723.11
Mgmt: Close if stock breaks $800; roll down if vol spikes. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
#3
Short strangle
Sell 2026-07-02 $715.00 put + sell $1000.00 call
Wide strikes capture extreme vol but face tail and pin risk.
Credit: $58.73-$71.78
Max loss: Unlimited
BE: 643.22 / 1071.78
Mgmt: Monitor gamma spikes; adjust or close if spot nears strikes. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!High IV and negative dealer gamma ($-4M GEX) can amplify moves.
!Trending regime and spot below MP challenge premium sellers.
How to Use These Reports
This theta reflects the market close on June 9, 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.