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LRCX

Lam Research CorporationClose $389.04EOD only
Max Pain
$347.50
Next expiry Jun 26, 2026
Expected Move
±$34.45
8.9% from close
Price Gap
-41.54
Distance to max pain
IV Rank
100
High premium
P/C OI
1.32
Slightly put-heavy
Consensus
7.0/10
Downside lean
Published snapshot: Jun 18, 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 18, 2026 close
LRCX Earnings Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

LRCX earnings in 37d; IV elevated, 100% beat rate, but spot above MP ($370) and put walls may cap upside.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.7% from MP; +1 VIX 17
Most important: 100% beat rate but $370 max pain suggests pinning risk.
⚠️High put OI ratio (1.09) indicates hedging pressure
📈100% beat rate and call buying at $420/$450
🎯Spot far from max pain ($370) may lead to pin action

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Above
Gamma flip: ~$340.00 — Approx — based on put OI concentration of 22,657 (17.0% below spot)

Earnings Overview

Next earnings: 2026-07-29 (37 days)explicit

Expected moves:

  • 2026-06-26 (4d): ±$32.22 (7.9%)
  • 2026-07-02 (10d): ±$44.97 (11.0%)
  • 2026-07-10 (18d): ±$56.30 (13.7%)

IV Setup

Term structure: Upward sloping: 4d ±7.9%, 10d ±11.0%, 18d ±13.7%

Crush estimate: ~4-5% post-event, but 37d out so time decay low

Skew: Put OI ratio 1.09, puts elevated; $380 put volume 3.7x OI

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Not provided; 100% beat rate (5/5 quarters)

Directional bias: Neutral to bullish given beat rate

Key Levels

1$340.00 gamma flip
2EM guardrails: 1w $364.57/$454.52
3Max pain pins: $370 (2026-06-26); $340 (2026-07-02); $345 (2026-07-10)

Flow Highlights

Unusual $380 put sweeps (593 vol, 3.7x OI) and $420 call buying (407 vol)

Hedging downside at $380; bullish bets at $420

Far OTM $71 put and $450 call orders

Longshot bearish hedge and upside speculation

Strategies

Call Calendar
Sell 2026-07-31 $400.00 call / buy 2026-08-21 $400.00 call
Debit: $8.80-$10.75
Max loss: $10.75
Max gain: Variable
BE: Path-dependent
Trigger: Close near-term short at expiry; roll or manage long.
Upward sloping term structure and IV crush tailwind; liquidity pass.
Outperforms: Sell near-term high IV, buy back-month for volatility expansion.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Iron Condor
Sell 2026-07-31 $390.00/$385.00 put wing and $410.00/$420.00 call wing
Credit: $5.80-$7.09
Max loss: $2.91
Max gain: $7.09
BE: 382.91 / 417.09
Trigger: Adjust wings if spot breaks support/resistance. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Open interest below 25.
100% beat rate supports neutral bias; IV high for premium sale.
Outperforms: Sell OTM put and call wings around key levels ($385-$410).
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Elevated IV and long vega; gamma flip at $340
!Spot 10.7% above MP; potential mean reversion
!Put wall at $370 may provide support but caps upside

What to Watch

?Earnings July 29; IV contraction as date nears
?Key levels: $370 support, $417.5 resistance
?FY2026 guidance for directional cues
How to Use These Reports
This earnings reflects the market close on June 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.