thetaOwl
HomeOptionsLITEReports

LITE

Lumentum Holdings Inc.Close $762.99EOD only
Max Pain
$795.00
Next expiry Jul 31, 2026
Expected Move
±$90.05
11.8% from close
Price Gap
+32.01
Distance to max pain
IV Rank
21
Low premium
P/C OI
1.41
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: Jul 24, 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
Jul 24, 2026 close
LITE Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Wait for spot alignment with max pain
Invalidation: Spot breaks below 800 or IV drops below 80%
Confidence:
3 / 10
base 5; -1 GEX/flow contradict; -1 spot 5.2% from MP

IV Environment

IV Regime
High
IV vs VIX
IV ~5x VIX, extremely high
Favorable?
Yes

Term structure: Front-month contango; elevated skew put/call

⚠️IV at 111% vs VIX 22; rich premium opportunity but high risk
📉Negative dealer gamma (-$2.8M) amplifies directional risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-2.8M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,168 (6.2% below spot)

OI concentrations: Put OI 800-900; Call wall 900-1000. MP $900 (6/12)

Verdict: Spot 5.2% below MP; elevated pin risk with likely drift to MP

Premium Opportunities

#1
Iron condor
Sell 2026-07-10 $850.00/$845.00 put wing and $890.00/$895.00 call wing
Sells put and call wings near technical levels to capitalize on elevated IV.
Credit: $4.10-$5.01
Max loss: $0.00
BE: 844.99 / 895.01
Mgmt: Close at 50% max gain or before earnings. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Put credit spread
Sell 2026-07-10 $840.00/$835.00 put spread
Sells put spread below current price using rich put premiums.
Credit: $1.89-$2.31
Max loss: $2.69
BE: $837.69
Mgmt: Exit if spot breaches $850 or hold to expiration for full credit. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Risk Alerts

!Negative dealer gamma
!Spot far from max pain
!High IV could contract
How to Use These Reports
This theta reflects the market close on June 10, 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.