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LITE

Lumentum Holdings Inc.Close $842.53EOD only
Max Pain
$860.00
Next expiry Jun 26, 2026
Expected Move
±$58.80
7.0% from close
Price Gap
+17.47
Distance to max pain
IV Rank
2
Low premium
P/C OI
1.35
Slightly put-heavy
Consensus
5.0/10
Bearish tilt
Published snapshot: Jun 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
Jun 24, 2026 close
LITE Theta Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short puts or credit spreads around support
Invalidation: Break below 850 gamma flip
Confidence:
4 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 99% vs VIX 19% – extremely rich premiums
Favorable?
Yes

Term structure: Near-term inversion (put IV > call IV); longer-term contango

💰IV 5x VIX – high premium opportunity with pin risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+346K)

Gamma flip: ~$850.00 — Approx — based on put OI concentration of 3,556 (1.4% below spot)

OI concentrations: Put OI at $860, $850; call wall $1000; put floor $600-$800

Verdict: Pinning at 860/850 high; gamma flip at 850 caps downside

Premium Opportunities

#1
Iron condor
Sell 2026-07-31 $860.00/$855.00 put wing and $900.00/$905.00 call wing
Sells put and call wings to capture high premium with gamma flip cap
Credit: $4.14-$5.06
Max loss: $0.00
BE: 854.94 / 905.06
Mgmt: Close at 50% max gain or before earnings Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Put credit spread
Sell 2026-07-31 $860.00/$855.00 put spread
Sells put spread to collect premium with defined risk
Credit: $2.02-$2.48
Max loss: $2.52
BE: $857.52
Mgmt: Close at 50% max gain or if underlying breaks 860 Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.

Risk Alerts

!Pin risk at 860/850
!Gamma flip at 850
!Elevated put skew near-term
How to Use These Reports
This theta reflects the market close on June 25, 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.