thetaOwl
HomeOptionsLITEReports

LITE

Lumentum Holdings Inc.Close $930.91EOD only
Max Pain
$900.00
Next expiry Sep 25, 2026
Expected Move
±$72.10
7.8% from close
Price Gap
-30.91
Distance to max pain
IV Rank
56
Middle-high premium
P/C OI
1.38
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: Sep 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
Sep 18, 2026 close
LITE Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: N/A
Invalidation: Break below $850 gamma flip
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV far above VIX (100% vs 17.28), extremely elevated
Favorable?
Yes

Term structure: Near-term slight backwardation, flat mid-term, elevated long-term

⚠️IV 100% vs VIX 17 – rich premiums but high volatility

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-468K)

Gamma flip: ~$850.00 — Approx — based on put OI concentration of 3,569 (4.9% below spot)

OI concentrations: Put OI heavy at $875, call wall $950-$1000; max pain $875/$930/$870

Verdict: Multiple pins near spot; gamma flip at $850 adds downside risk

Premium Opportunities

#1
Iron condor
Sell 2026-08-21 $870.00/$860.00 put wing and $900.00/$910.00 call wing
Sells put/call wings around pins, exploiting elevated IV while expecting range-bound price action into earnings.
Credit: $9.09-$11.11
Max loss: $0.00
BE: 858.89 / 911.11
Mgmt: Close at 50% max gain or before earnings; adjust wings if gamma flip triggers below $850. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!Negative dealer gamma ($-468K GEX) amplifies moves
!Expiration in 4 days with high IV – potential pin action
!Spot above max pain – may drift lower into expiry
How to Use These Reports
This theta reflects the market close on June 22, 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.