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LRCX

Lam Research CorporationClose $292.09EOD only

Max Pain

$280.00

Next expiry May 22, 2026

Expected Move

±$14.82

5.1% from close

Price Gap

-12.09

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.07

Balanced positioning

Consensus

4/4

Partial coverage

Published snapshot: May 20, 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 20, 2026 close

LRCX Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +1.5 P/C vol 1.45 & net premium bearish; +1 GEX pinning & spot below MP; -0 VIX high but priced in

Watch next session: $205 Put 4/10 OI buildup; Spot reaction to $200 put wall (14,489 OI); Any call sweep into $220-$230 strikes

Flow Summary

Net premium: +$23.1M bearish (positive = put buyers paid premium)

P/C volume ratio: 1.45 — put-dominant volume

P/C OI ratio: 1.01 — balanced positioning

Flow shows clear institutional put buying for near-term downside protection, despite balanced open interest. The positive net premium indicates buyers are paying up for puts, a bearish signal. Spot is pinned below near-term max pain, reinforcing a negative near-term bias.

Notable Prints

LRCX 4/10 $205 Put

Vol: 4,220

OI: 379

Vol/OI: 11.1x

IV: 66.4%

Notional: ~$1.47M (based on ~$1,468,478 net premium flow)

Intent: Fresh directional put buying for near-term downside protection

Dual read: Bought to open (bearish) or sold as part of a spread (less bearish)

Read-through: High volume vs. OI and significant premium paid point to new bearish positioning. Strike is ~4% below spot, targeting a move toward the massive $200 put OI wall.

LRCX 4/10 $212.50 Put

Vol: 2,116

OI: 777

Vol/OI: 2.7x

IV: 64.7%

Notional: ~$1.16M (based on ~$1,159,508 net premium flow)

Intent: Near-the-money protective put buying

Dual read: Hedge for long stock or outright bearish bet

Read-through: Strike is just below spot, suggesting institutions are hedging immediate downside risk. The 2.7x vol/OI ratio indicates meaningful addition to existing positioning.

LRCX 1/15/27 $71 Put

Vol: 690

OI: 370

Vol/OI: 1.9x

IV: 82.6%

Notional: ~$48,300 (est. premium ~$0.70)

Intent: Long-dated, far OTM protective put or part of a complex structure

Dual read: Tail-risk hedge or financing leg for a bullish position (e.g., put sale to fund calls)

Read-through: Extremely low delta, high IV. Likely a cheap, long-dated disaster hedge rather than a direct directional bet on near-term price action. More noise than signal for the weekly view.

Institutional Positioning

Call additions: Minimal near-term call flow. Notable premium in deep OTM calls ($50, $108, $114) which are likely speculative or part of multi-leg strategies, not outright bullish bets.

Put additions: Concentrated in 4/10 expiration at $205 and $212.50 strikes. This is fresh, paid-for protection.

GEX/DEX consistency: Yes — Positive GEX (+$3.9M) suggests pinning pressure, which aligns with spot being trapped below near-term max pain ($225) and above the large $200 put OI wall.

OI clusters: Major Put Wall: $200 (14,489 OI). Major Call Walls: $230 (8,104 OI), $240 (5,401 OI). The $200 put cluster is a significant support/magnet, while call walls above spot create resistance.

Hedging evidence: Strong evidence in the 4/10 put flow. The $212.50 and $205 puts are classic protective put purchases, especially given the high IV environment.

Max pain context: Spot ($213.66) is below the 3/27 max pain ($225) and between the 4/2 ($212.50) and 4/10 ($215) MP levels. This suggests gravitational pull toward $212.50-$215 near-term, with the massive $200 put OI acting as a longer-term floor.

Signal vs Noise

~Deep OTM call premium (e.g., $50, $108, $114): Likely speculative lottery tickets or part of complex spreads (e.g., call backspreads), not indicative of institutional bullish conviction.

~Far-dated, deep OTM puts (e.g., 2027 $71 Put): Tail-risk hedges or financing legs, not a signal for near-term direction.

~The $370 Call with high OI (12,537) is a legacy position, as volume is negligible (1). It's noise for current flow.

Key Conclusions

🐻Flow is bearish: P/C ratio >1 and positive net premium show paid put buying for protection.

📍Spot is pinned below near-term max pain ($225), with GEX positive, reinforcing a capped rally view.

🛡️Institutions are actively hedging near-term downside via 4/10 $205 and $212.50 puts.

🧱The $200 put OI wall (14,489) is a major support level; a break below could trigger accelerated selling.

How to Use These Reports

This flow reflects the market close on March 31, 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.