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LRCX

Lam Research CorporationClose $302.24EOD only

Max Pain

$280.00

Next expiry May 22, 2026

Expected Move

±$9.50

3.1% from close

Price Gap

-22.24

Distance to max pain

IV Rank

High premium

P/C OI

1.05

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 21, 2026 close

End-of-day snapshot

This page reflects LRCX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 21, 2026 close

LRCX Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

LRCX above max pain; high vol, dealer long gamma supports spot but 7% above MP suggests drift to $285-$288. Resistance $310/$325 caps upside. Expect range, slight bearish bias.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive; -1 spot 7.1% above MP; +1 VIX 16.7

Supports: GEX+32M, DEX+19M, support $285, low VIX 16.7
Conflicts: Spot 7% above MP, mixed flow, high vol

📌Max pain $285; spot above suggests drift

🛡️Dealer long gamma stabilizes

⚡High vol; IV rich vs VIX

Regime Classification

Vol Regime

High

IV elevated vs hist; VIX 16.7

Gamma Regime

Pinning

GEX+32M; flip $240 far below, pins

Flow Regime

Mixed

Mixed flow, no net bias

Spot vs Max Pain

Above

Spot 7% above MP; drift likely

Thesis duration: Multi-week — No near catalyst; price ranges 1-2 weeks; dealer gamma supports range

Price Range Forecast

Next 1 week

$285.70$325.00

Drift to $285-$288; res $310/$325

Next 2 weeks

$276.15$334.55

Support $276 if $285 breaks; res $325

Key Levels

Max pain pins: $285 (2026-05-22); $288 (2026-05-29); $280 (2026-06-05)

EM guardrails: 1w $285.70/$325.00

Support: $285.00 · $276.15

Resistance: $310.00 · $334.55

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 13,237 (21.4% below spot)

Structural: Max pain $285/288/280. Guardrails $285.7/$325. Support $285/276. Resistance $310/334. Flip $240

Dealer Positioning (GEX/DEX)

GEX: $+32.3M

DEX: +19.0M shares

Gamma flip: ~$240 (Approx — based on put OI concentration of 13,237 (21.4% below spot))

NTM gamma: GEX+32M, DEX+19M shares, flip ~$240 (approx)

IV Analysis

IV vs VIX: IV rich vs VIX 16.7; offers premium selling

Term structure: Contango, no event kinks near term

Skew: Skew favors puts; consider put spreads

Flow Analysis

Net premium: Net premium +$33.5M despite put/call vol ratio 1.36, indicating larger call premium trades.

Directional prints: 58.4 call 315 OTM 2026-06-05 — Vol/OI 2.1; bullish if bought, bearish if sold; net premium favors bought side.

Unusual: 60.8 put 275 OTM 2026-06-05 — Vol/OI 4.0; aggressive put activity; likely bought for downside protection. 55.6 call 350 OTM 2026-05-29 — Vol/OI 3.0; OTM call; bullish if bought, bearish if sold; net premium supports bullish. 62.1 call 380 OTM 2026-06-18 — Vol/OI 2.7; far OTM call; speculative bullish activity; bought bias.

Risks & Catalysts

!Spot fails to hold $285 support

!Sharp vol spike

!Unfavorable flow reversal

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-06-26 $285.00/$265.00 put spread Why now: Defined-risk downside capture at support.	Upside reversal invalidates; max loss if spot stays above long strike. Liquidity constraints: long_put: Volume below 5.; short_put: Open interest below 25.
Call credit spread	Moderate-Weak	Sell 2026-06-26 $370.00/$400.00 call spread Why now: Bearish-neutral premium sale; defined risk.	Spot breaks above short call; max loss defined. Liquidity constraints: short_call: Open interest below 25.; long_call: Wide spread (97%).
Iron condor	Moderate-Weak	Sell 2026-06-26 $265.00/$240.00 put wing and $370.00/$400.00 call wing Why now: High IV premium harvest; defined wings.	Spot breaks beyond wings; max loss defined. Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.; short_call: Open interest below 25.; long_call: Wide spread (97%).

Top Plays

Iron Condor for Range

Sell 2026-06-26 $265.00/$240.00 put wing and $370.00/$400.00 call wing

Sells OTM put and call wings to capture IV crush in range-bound market.

Why this play: Best aligns with slight bearish bias and expected range; high IV allows premium harvest with defined risk.

Credit: $7.17-$8.77

Max loss: $21.23

BE: 256.23 / 378.77

Mgmt: Monitor IV and spot; close if spot breaks below $285 or above $370. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.; short_call: Open interest below 25.; long_call: Wide spread (97%).

Traders seeking defined-risk premium capture in low-directional environment.

Bear Put Spread for Downside

Buy 2026-06-26 $285.00/$265.00 put spread

Buys put spread to profit from drift to $285-$288 support zone.

Why this play: Directly targets support breakdown with defined risk; supports bearish thesis.

Debit: $5.58-$6.82

Max loss: $6.82

BE: $278.18

Mgmt: Exit at 50% max gain or spot closes above $310. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_put: Open interest below 25.

Traders with bearish conviction on near-term support break.

Call Credit Spread for Bearish Bias

Sell 2026-06-26 $370.00/$400.00 call spread

Sells call spread above resistance to profit from capped upside.

Why this play: Bearish-neutral premium sale at resistance; lower probability but defined risk.

Credit: $3.16-$3.86

Max loss: $26.14

BE: $373.86

Mgmt: Close at 50% max credit or spot nears $370. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Wide spread (97%).

Conservative bearish traders comfortable with low probability.

Watchlist Triggers

Entry Triggers

IFIf spot trades $285-$310 with stable IV → Sell iron condor: sell 2026-06-26 $265/$240 put and $370/$400 call for $7.17-$8.77 credit

IFIf spot breaks below $285 support → Buy 2026-06-26 $285/$265 put spread for $5.58-$6.82

Exit Triggers

EXITIf spot closes above $310 or below $285 → Close iron condor to limit loss

Tactical Summary

LRCX slightly bearish, support $285, resistance $310. Top play: iron condor for premium harvest; downside hedge via bear put spread on support break. Manage exits at range boundaries.

How to Use These Reports

This directional reflects the market close on May 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.