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LITE

Lumentum Holdings Inc.Close $893.93EOD only
Max Pain
$875.00
Next expiry Jun 26, 2026
Expected Move
±$79.55
8.9% from close
Price Gap
-18.93
Distance to max pain
IV Rank
1
Low premium
P/C OI
1.44
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Jun 22, 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 22, 2026 close
LITE Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness2 / 10
Sizing: Conservative
Primary: Consider long puts or stay cash; avoid short premium
Invalidation: Close below $800
Confidence:
2 / 10
base 5; -1 GEX/flow contradict; -0.5 spot 4.6% from MP; +0.5 VIX 19; override: Premium selling not favorable due to elevated IV; shift to non-premium strategies

IV Environment

IV Regime
High
IV vs VIX
IV 103.9% vs VIX 19.5; elevated
Favorable?
No

Term structure: Front-week IV 99.5%, declining to 94.6% at 17d; slight backwardation

📈IV extremely high vs VIX; premium selling risky
📉Front-week IV peak favors short-dated premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-2.7M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 2,312 (3.4% below spot)

OI concentrations: Put OI at $800 (gamma flip); call wall $900-$1000; max pain $868 Jun26

Verdict: Moderate pin risk near $800 and $868; high OI concentration

Premium Opportunities

#1
Put diagonal
Sell 2026-07-24 $745.00 put / buy 2026-09-18 $780.00 put
Short near-term put, long back-month put to profit from elevated IV and potential drop after earnings
Debit: $68.40-$83.60
Max loss: $83.60
BE: Path-dependent
Mgmt: Exit if spot drops below $745 to avoid assignment; monitor earnings Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.
#2
Call diagonal
Sell 2026-07-24 $1000.00 call / buy 2026-09-18 $830.00 call
Short near-term call, long back-month call to capture premium and gamma if spot stays below $1000
Debit: $110.75-$135.36
Max loss: $135.36
BE: Path-dependent
Mgmt: Roll short leg if spot nears $1000; watch for IV spike into earnings Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!High IV and trending gamma increase move risk
!Negative dealer gamma ($-2.7M) amplifies spot swings
!Spot below max pain; potential drift but call OI caps upside
How to Use These Reports
This theta reflects the market close on June 23, 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.