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LRCX

Lam Research CorporationClose $409.54EOD only

Max Pain

$370.00

Next expiry Jun 26, 2026

Expected Move

±$32.23

7.9% from close

Price Gap

-39.54

Distance to max pain

IV Rank

Low premium

P/C OI

1.09

Balanced positioning

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 22, 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

Jun 22, 2026 close

LRCX Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish pinning thesis: spot ($371) near max pain ($370) with strong dealer gamma positive ($+1.7M) and delta long (+18.4M shares). High vol reflects event risk but VIX at 19 not extreme. Near-term bias higher to $370 pin, with support at $340 gamma flip.

Confidence:

9 / 10

Base 5 +2 GEX/flow aligned +1 GEX positive (pinning) +1 spot 0.4% from MP +0.5 VIX 19 = 9

Supports: GEX +$1.7M, DEX +18.4M, spot at MP, gamma flip $340 below
Conflicts: QQQ -3.3% selloff, mixed flow, high vol regime

📌Spot $371 near 6/26 max pain $370; strong pinning setup

🛡️Dealer gamma positive ($+1.7M) and delta long (18.4M shares), buffers downside

⚠️QQQ -3.3% creates headwind; watch for breakdown below $340 flip

Regime Classification

Vol Regime

High

High vol regime: IV elevated vs VIX 19.49, driven by event risk and tech selloff

Gamma Regime

Pinning

Pinning: GEX +$1.7M positive, spot at $371 vs max pain $370, gamma flip at ~$340

Flow Regime

Mixed

Mixed flow: put OI concentration at 340 suggests hedging but overall dealer delta positive

Spot vs Max Pain

At: spot $371 within 0.4% of 6/26 max pain $370, strong magnetic effect

Thesis duration: Event-specific — Near-term pin to 6/26 expiry is primary driver; gamma flips and support levels define multi-day range

Price Range Forecast

Next 2 days

$344.08$398.58

Max pain pin at $370, dealer gamma positive

Next 1 week

$330.60$412.05

Support at $350, gamma flip at $340 provides downside buffer

Next 2 weeks

$319.43$423.23

Structural dealer delta positive; resistance at $423

Key Levels

Max pain pins: $370 (2026-06-26); $350 (2026-07-02); $350 (2026-07-10)

EM guardrails: 2d $344.08/$398.58; 1w $330.60/$412.05

Support: $370.00 · $340.00 · $319.43

Resistance: $423.23

Gamma flip: ~$340.00 — Approx — based on put OI concentration of 22,657 (8.4% below spot)

Structural: Support: $370 (max pain), $340 (gamma flip), $319 (2w low). Resistance: $423 (2w high). Near-term pin at $370.

Dealer Positioning (GEX/DEX)

GEX: $+1.7M

DEX: +18.4M shares

Gamma flip: ~$340 (Approx — based on put OI concentration of 22,657 (8.4% below spot))

NTM gamma: GEX +$1.7M (positive), DEX +18.4M shares (long), gamma flip at ~$340. Strong dealer support near-term.

IV Analysis

IV vs VIX: IV elevated relative to VIX 19.49, implying stock-specific event premium or sector fear

Term structure: Steep near-term due to 6/26 expiry; back months less impacted

Skew: Put skew elevated; consider short put spreads below $340 flip to capture premium with gamma support

Flow Analysis

Net premium: Net premium $48.5M positive, P/C volume 0.89 (call-heavy) but OI ratio 1.09 (put-heavy), indicating short-term call buying amidst longer-term put positioning.

Directional prints: 88.5 call 400 OTM 2026-06-26 — Vol 8.8k vs OI 608 (14.6x). Likely bought calls: bulk opening for bullish bet or hedge. Alternative less likely. 92.3 put 340 OTM 2026-06-26 — Vol 1.4k vs OI 340 (4.1x). Likely bought puts: hedging or bearish. Supply/demand favors purchases.

Unusual: 116.7 put 71 OTM 2027-01-15 — Deep OTM put (strike $71). Vol 690 vs OI 370 (1.9x), IV 117%. Speculative long-shot put buying for crash hedge. 79.6 call 480 OTM 2026-12-18 — Long-dated OTM call (Dec '26). Vol 444 vs OI 185 (2.4x), IV 80%. Bullish back-month call buying or covering. Premium $48. 76.1 put 380 ITM 2026-10-16 — ITM put (strike $380). Vol 288 vs OI 118 (2.4x), IV 76%. Likely profit-taking or hedging; high premium suggests ITM.

Risks & Catalysts

!Market selloff accelerates, breaking gamma flip at $340

!IV contraction post-expiry reduces option premiums

!Negative flow shift or large put buying

!Earnings or macro event disrupts pinning

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-31 $385.00/$445.00 call spread Why now: Dealer gamma positive, max pain $370, bullish tail but defined risk.	Upside capped if rally above 385; time decay if flat. Liquidity constraints: short_call: Open interest below 25.
Put credit spread	Moderate	Sell 2026-07-31 $325.00/$290.00 put spread Why now: High IV for premium, defined risk, gamma flip support.	Selloff below 340 breaks support; tail risk. Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.
Long call	Moderate	Buy 2026-08-21 $360.00 call Why now: Call flow bullish, high vol offers leveraged upside.	IV crush post-earnings; time decay; market selloff.

Top Plays

Long Call $360

Buy 2026-08-21 $360.00 call

Leveraged bet on upward move to $370+ using high IV.

Why this play: Best liquidity and direct bullish exposure with unlimited upside; call flow supports.

Debit: $49.39-$60.36

Max loss: $60.36

BE: $420.36

Mgmt: Monitor delta; exit if price breaks below $340 gamma flip.

Aggressive traders seeking asymmetric upside near pin.

Bull Call Spread $385/$445

Buy 2026-07-31 $385.00/$445.00 call spread

Captures upside with limited capital at risk; spreads cheaper than outright calls.

Why this play: Defined risk with moderate cost; benefits from pinning to $370.

Debit: $16.22-$19.83

Max loss: $19.83

BE: $404.83

Mgmt: Close near expiry if near strikes; manage max loss. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Traders wanting capped risk but bullish outcome.

Put Credit Spread $325/$290

Sell 2026-07-31 $325.00/$290.00 put spread

Selling puts to collect premium with defined risk below support.

Why this play: Earns premium from high IV with gamma support at $340.

Credit: $8.59-$10.50

Max loss: $24.50

BE: $314.50

Mgmt: Roll or close if price nears $340; watch for vol crush. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Volume below 5.

Income-focused traders with bullish view but room for error.

Watchlist Triggers

Entry Triggers

IFif LRCX holds above $370 max pain with bullish flow → Buy 2026-08-21 $360 call

IFif LRCX stays above $340 gamma flip support → Sell 2026-07-31 $325/$290 put spread

IFif LRCX consolidates near $370 with bullish bias → Buy 2026-07-31 $385/$445 call spread

Exit Triggers

EXITif LRCX breaks below $340 gamma flip → Close long call and put spread; manage call spread

Tactical Summary

Bullish pinning to $370 max pain with dealer gamma support. Favor long call $360 for upside; put credit spread $325/$290 for income. Exit below $340 gamma flip.

How to Use These Reports

This directional 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.