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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
66
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 Earnings Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LRCX 68d from earnings, 100% beat rate, high IV but contango. Mixed flow with bearish puts and bullish calls.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.1% from MP; +1 VIX 17
Most important: 100% beat rate vs high IV and mixed flow creates uncertainty; watch term structure and gamma pin near $285.
✅100% beat rate over 5 quarters supports bullish historical edge
⚠️Heavy put flow at 275/265 suggests downside hedging
📊Term structure in contango; longer-dated options price higher moves

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$240.00 — Approx — based on put OI concentration of 13,237 (21.4% below spot)

Earnings Overview

Next earnings: 2026-07-29 (68 days)explicit

Expected moves:

  • 2026-05-29 (7d): ±$19.65 (6.4%)
  • 2026-06-05 (14d): ±$29.20 (9.6%)
  • 2026-06-12 (21d): ±$36.33 (11.9%)

IV Setup

Term structure: Upward sloping (contango): 7d ±6.4%, 14d ±9.6%, 21d ±11.9%

Crush estimate: Moderate post-earnings crush expected; current IV elevated but far out

Skew: Put OI heavy at lower strikes (160-240); call wall at 370-380; put/call ratio >1

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not provided; 5/5 beats historically

Directional bias: Bullish from consistent beats, but high IV and protective put flow suggest caution

Key Levels

1$240.00 gamma flip
2EM guardrails: 1w $285.70/$325.00
3Max pain pins: $285 (2026-05-22); $288 (2026-05-29); $280 (2026-06-05)

Flow Highlights

Unusual put buying at 275 (6/5 exp) and 265 (5/29 exp), both high vol/oi ratios

Bearish hedging or downside protection ahead of earnings

Call buying at 350 (5/29) and 380 (6/18) with elevated volume

Bullish bets on upside breakouts, but far OTM and low probability

Strategies

Short Strangle
Sell 2026-06-05 $285.00 put + sell $320.00 call
Credit: $13.30-$16.25
Max loss: Unlimited
Max gain: $16.25
BE: 268.75 / 336.25
Trigger: Close if stock approaches <$280 or >$310; adjust strikes as earnings nears.
Captures high IV and contango with 100% beat rate supporting pin near $285. Outranks long strangle due to lower cost basis and defined risk.
Outperforms: Sells premium at gamma pin zone; profits from time decay if stock stays near $285.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long Strangle
Buy 2026-08-21 $270.00 put + buy $390.00 call
Debit: $33.34-$40.76
Max loss: $40.76
Max gain: Unlimited
BE: 229.24 / 430.76
Trigger: Set stop-loss at 50% premium decay; let runner on big move.
Benefits from large move if beat rate continues, but expensive premium and contango reduce edge. Lower rank due to higher cost.
Outperforms: Buys OTM puts/calls for positive gamma; aims for large directional move.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!High implied volatility across durations
!Gamma pinning near $285 max pain
!Mixed flow with both put and call accumulation
!Long-dated options subject to time decay

What to Watch

?Earnings date: 2026-07-29
?Spot reaction to max pain zones ($285, $280)
?IV term structure changes as earnings approaches
?Further unusual activity at 370-380 call wall
How to Use These Reports
This earnings 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.