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LITE

Lumentum Holdings Inc.Close $929.04EOD only
Max Pain
$935.00
Next expiry Sep 25, 2026
Expected Move
±$28.75
3.1% from close
Price Gap
+5.96
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.39
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: Sep 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
Sep 24, 2026 close
LITE Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Not specified
Invalidation: Spot below $800 support
Confidence:
4 / 10
base 5; +1 GEX/flow weakly aligned; -0.5 spot 4.4% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV at 101% is ~5.5x VIX at 18.4, extreme premium
Favorable?
No

Term structure: Front 0DTE IV 33% then jumps to 79%+ for next expiries, steep contango indicating event risk

⚠️IV 101% vs VIX 18: massive overpricing typical of binary event
📈Term structure contango: short-dated much cheaper than longer-dated

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-3.5M)

Gamma flip: ~$800.00 — Approx — based on put OI concentration of 2,307 (2.1% below spot)

OI concentrations: Max pain pins at $855 (0 DTE), $885 (6 DTE), $855 (14 DTE)

Verdict: Moderate pin risk at $855; OTM put concentration at $800

Premium Opportunities

#1
Put credit spread
Sell 2026-07-02 $800.00/$765.00 put spread
Sell 2026-07-02 $800/$765 put spread for elevated premium.
Credit: $11.39-$13.92
Max loss: $21.08
BE: $786.08
Mgmt: Close at 50% max profit or if spot breaks $800.
#2
Put diagonal
Sell 2026-07-31 $795.00 put / buy 2026-08-21 $760.00 put
Sell 2026-07-31 $795 put, buy 2026-08-21 $760 put.
Debit: $12.74-$15.57
Max loss: $15.57
BE: Path-dependent
Mgmt: Monitor liquidity; roll short leg if spot nears $800. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.

Risk Alerts

!Gamma flip at $800: spot is 2.1% above, dealer short gamma could amplify moves
!Negative net premium (-$962K) suggests dealer hedging downward pressure
How to Use These Reports
This theta reflects the market close on June 26, 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.