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LRCX

Lam Research CorporationClose $374.80EOD only

Max Pain

$370.00

Next expiry Jun 26, 2026

Expected Move

±$23.27

6.2% from close

Price Gap

-4.80

Distance to max pain

IV Rank

Low premium

P/C OI

1.07

Balanced positioning

Consensus

4.5/10

Range bias

Published snapshot: Jun 24, 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 24, 2026 close

LRCX Directional Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with pinning support at $370 (Jun26) and positive GEX, but spot 8.6% above MP limits upside near-term. Structure favors gentle drift toward max pain.

Confidence:

7.5 / 10

GEX/flow strongly aligned (+2), GEX positive pinning (+1), VIX 19 (+0.5), offset by spot 8.6% from MP (-1).

Supports: GEX/flow aligned, positive GEX pinning, VIX 19
Conflicts: Spot 8.6% above max pain, structural bear gamma flip at $340

⚠️Spot 8.6% above $370 pin – bullish flow but watch for reversion

🟢$+19.7M GEX and +20.1M DEX support upside drift

📉Gamma flip at $340 is ~15% below spot – tail risk

Regime Classification

Vol Regime

High

IV elevated vs VIX (19) – High vol regime reflecting sector uncertainty

Gamma Regime

Pinning

Pinning – $+19.7M GEX, key pin at $370 (Jun26) and $350 (Jul2/10)

Flow Regime

Bullish

Bullish – net premium inflow, calls favored

Spot vs Max Pain

Above

Above MP – spot ~$403 vs $370 pin, 8.6% gap

Thesis duration: Event-specific — Weekly max pain pins at $370 (Jun26) and $350 (Jul2) drive event-specific dynamics; vol High but gamma pinning supports short-term bias

Price Range Forecast

Next 2 days

$387.12$416.52

Up to $416.52 resistance, pin at $370 limits downside

Next 1 week

$365.20$438.45

Expiry pin at $350 (Jul2) provides support, upside to $438.45

Next 2 weeks

$350.32$453.32

Range $350-$453, but gamma flip at $340 is tail risk

Key Levels

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

EM guardrails: 2d $387.12/$416.52; 1w $365.20/$438.45

Support: $370.00 · $350.32

Resistance: $453.32

Gamma flip: ~$340.00 — Approx — based on put OI concentration of 22,678 (15.4% below spot)

Structural: Max pain $370 (Jun26), $350 (Jul2/10); support $350.32, resistance $453.32; gamma flip ~$340.

Dealer Positioning (GEX/DEX)

GEX: $+19.7M

DEX: +20.1M shares

Gamma flip: ~$340 (Approx — based on put OI concentration of 22,678 (15.4% below spot))

NTM gamma: Dealer net long gamma $+19.7M GEX, +20.1M DEX shares; gamma flip at ~$340 based on put OI concentration.

IV Analysis

IV vs VIX: Ticker IV elevated relative to VIX (~19), implying rich premium; high vol regime justifies but offers cheap tail hedges.

Term structure: Front-end elevated with event kinks at weekly expiries; longer-dated vol less impacted.

Skew: Put skew elevated at the $340 gamma flip level; selling far OTM puts or vertical spreads attractive.

Flow Analysis

Net premium: Net premium $77.4M positive, P/C volume ratio 0.76 calls favored, OI ratio 1.06 puts slight edge: net bullish flow.

Directional prints: 62.8 call 415 OTM 2026-06-26 — Vol/OI 4.3x OI 192, suggests aggressive call buying near ATM; preferred read bullish. 78 call 440 OTM 2026-07-17 — Vol/OI 3.1x OI 669, high volume relative to OI; likely bought, bullish sentiment. 63.2 call 410 OTM 2026-06-26 — Vol/OI 2.5x OI 482, moderate but notable; likely bought, bullish near-term.

Unusual: 79.5 put 360 OTM 2026-08-21 — Vol/OI 44.5x OI 115, massive relative volume; likely aggressive put buying or hedge; bearish read but high IV suggests hedging demand. 78.6 call 490 OTM 2026-07-17 — Vol/OI 3.8x OI 274, unusual volume in deep OTM call; likely speculative bullish buy.

Risks & Catalysts

!Reversal from 8.6% above max pain

!Gamma flip at $340 (~15% below spot)

!$350 support break

!Sector downside if QQQ weakens

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-07-31 $370.00/$365.00 put spread Why now: Positive GEX and call flow support gradual upside; put credit spread capitalizes on theta decay.	Limited profit if stock rallies strongly; downside protection at $377.5. Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
Bull call spread	Moderate-Weak	Buy 2026-07-31 $450.00/$460.00 call spread Why now: ETMiss buying at 415 strike validates upside; spread cheapens premium.	Max loss if stock stays below $400; theta decay hurts. Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.
Bullish risk reversal	Conditional	Buy 2026-08-21 $450.00 call / sell 2026-08-21 $370.00 put Why now: Earnings catalyst could drive momentum; risk reversal lowers cost vs outright call.	Short put exposes to downside if stock falls below $380; adjust on earnings miss.

Top Plays

Put Credit Spread

Sell 2026-07-31 $370.00/$365.00 put spread

Sell $370/$365 put spread to collect premium while support holds.

Why this play: Best aligns with bullish bias and pinning support at $370; theta decay profit from gentle drift.

Credit: $1.96-$2.39

Max loss: $2.61

BE: $367.61

Mgmt: Exit if spot closes below $370; target 50% of max gain. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Conservative bullish

Bullish Risk Reversal

Buy 2026-08-21 $450.00 call / sell 2026-08-21 $370.00 put

Buy $450 call, sell $370 put for near-zero cost; upside potential with risk at $370.

Why this play: Liquidity pass and low cost; leverages earnings catalyst without upfront premium.

Debit: $1.01-$1.24

Max loss: $370.00

BE: $370.00

Mgmt: Close if spot nears $370; take profits on call if >$450.

Aggressive catalyst-driven

Bull Call Spread

Buy 2026-07-31 $450.00/$460.00 call spread

Buy $450/$460 call spread for defined risk; requires strong upward move.

Why this play: Lower probability given limited near-term upside; highest risk-reward but less likely.

Debit: $2.41-$2.94

Max loss: $2.94

BE: $452.94

Mgmt: Exit at 50% loss or if spot fails to hold $415. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.; short_call: Open interest below 25.

High-risk bullish

Watchlist Triggers

Entry Triggers

IFIf spot holds above $370 for 2 consecutive days → Enter LRCX_01: sell $370/$365 put spread for 2.00 credit

Exit Triggers

EXITIf spot closes below $370 → Exit LRCX_01: buy back spread to limit loss to 2.61

Tactical Summary

Bullish bias and $370 support favor LRCX_01 put credit spread for theta decay. Enter if spot holds above $370; exit below. Aggressive plays (LRCX_03) if spot breaks $415.

How to Use These Reports

This directional 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.