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LITE

Lumentum Holdings Inc.Close $827.92EOD only
Max Pain
$867.50
Next expiry Jun 26, 2026
Expected Move
±$68.90
8.3% from close
Price Gap
+39.58
Distance to max pain
IV Rank
2
Low premium
P/C OI
1.38
Slightly put-heavy
Consensus
3.5/10
Bullish tilt
Published snapshot: Jun 23, 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 23, 2026 close
LITE Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Collar
Invalidation: Break above $860 or below $708
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 102% vs VIX 19, extremely high
Favorable?
No

Term structure: Front-week backwardation then flat contango

⚠️Negative GEX -$1.8M signals dealer short gamma
📉High IV but flat term structure limits premium decay

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-1.8M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 2,322 (5.0% below spot)

OI concentrations: Put floor $600-$800; Call wall $900-$1000; Max pain pins $860, $900, $855

Verdict: Spot below max pain; OI clusters elevate pin risk near expiry

Premium Opportunities

#1
Iron condor
Sell 2026-08-21 $820.00/$800.00 put wing and $870.00/$880.00 call wing
Sells out-of-the-money put and call wings to capture elevated time premium.
Credit: $12.83-$15.68
Max loss: $4.32
BE: 804.32 / 885.68
Mgmt: Monitor near wings; adjust if LITE approaches $820 or $870 before expiry. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_call: Open interest below 25.; long_call: Volume below 5.
#2
Put credit spread
Sell 2026-07-24 $795.00/$790.00 put spread
Sells a narrow put spread to profit from time decay and mild upside.
Credit: $1.98-$2.42
Max loss: $2.58
BE: $792.58
Mgmt: Exit if LITE drops below $800 invalidation; roll if near expiry. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.

Risk Alerts

!Negative dealer gamma may amplify moves
!IV elevated but term structure flat limits premium decay
!Stock below max pain, potential upward pinning
How to Use These Reports
This theta reflects the market close on June 24, 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.