thetaOwl
HomeOptionsLITEReports

LITE

Lumentum Holdings Inc.Close $850.00EOD only
Max Pain
$900.00
Next expiry Jun 26, 2026
Expected Move
±$87.95
10.3% from close
Price Gap
+50.00
Distance to max pain
IV Rank
100
High premium
P/C OI
1.33
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: Jun 18, 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 18, 2026 close
LITE Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: N/A
Invalidation: Spot breaks $800 support or $969.1 resistance
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -1 spot 6.2% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV avg 116% vs VIX 16.4, rich premium
Favorable?
Yes

Term structure: Steep contango to 8 DTE then flat; front OTM extreme

⚠️High IV but negative GEX and spot near pin $800

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-7.1M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 6,745 (5.9% below spot)

OI concentrations: Heavy put OI at $800, calls at $1000-$1020

Verdict: Spot $850 between max pain $800/$900; high pin risk for today's expiration

Premium Opportunities

#1
Iron condor
Sell 2026-07-24 $735.00/$610.00 put wing and $1070.00/$1190.00 call wing
Sells OTM put & call wings to capture elevated IV, with capped risk.
Credit: $39.24-$47.96
Max loss: $77.04
BE: 687.04 / 1117.96
Mgmt: Close at 50% profit or if spot nears short strikes; roll if IV expands. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Put credit spread
Sell 2026-08-21 $660.00/$540.00 put spread
Sells put spread to collect credit, betting spot stays above short strike.
Credit: $23.67-$28.93
Max loss: $91.07
BE: $631.07
Mgmt: Exit at 50% profit or if spot breaches short strike; adjust roll if needed. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Negative GEX (-$7.1M) amplifies moves
!Extreme OTM IV front-month (300%+) indicates tail risk
!Spot 6.2% above max pain, vulnerable to pin
!Gamma risk from heavy OI near spot
!Contango favorable, but avoid front-month vega
How to Use These Reports
This theta reflects the market close on June 18, 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.