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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
54
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 Theta Report
Analysis based on market close March 31, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8.5 / 10
Sizing: Moderate (due to liquidity)
Primary: Sell put spreads below spot, targeting OI support and high IV
Invalidation: Close below $200 gamma flip / OI support
Confidence:
6 / 10
base 5; +2 extremely high IV; +1 strong pinning regime; -2 moderate liquidity

IV Environment

IV Regime
Extremely High
IV vs VIX
IV 69% — exceptionally elevated
Favorable?
Yes

Term structure: Humped in April/May (72-73%), then gradually declining

💰IV >65% is a premium seller's dream
⚠️IV crush risk post-earnings (4/22)

Pin Risk Assessment

Spot vs MP: Below max pain by 5.0% ($213.66 vs $225)

GEX regime: Strong Pinning (GEX +$3.9M)

Gamma flip: ~$200.00 — Massive put OI at $200 (14,489 contracts) creates strong support and gamma flip level

OI concentrations: Put: $200 (14.5K), $160 (5.2K). Call: $230 (8.1K), $240 (5.4K)

Verdict: Highly favorable — strong positive GEX and OI support at $200 should pin price higher

Premium Opportunities

#1
put spread
Sell $200/$195 put spread 2026-04-17 (17 DTE)
Targets massive $200 OI support in high IV. 17 DTE captures elevated IV hump. Below spot but above gamma flip.
Credit: $1.10-$1.40
Max loss: $3.90
BE: $198.60
Mgmt: Close at 65% profit. Exit if price closes below $202. Roll down/out if $200 tested but gamma flip ($200) holds.
#2
cash-secured put
Sell $200 put 2026-04-24 (24 DTE)
Directly sell into the largest OI strike with 24 DTE at peak IV (72.3%). High credit provides wide breakeven buffer.
Credit: $6.50-$7.50
Max loss: $193.50
BE: $193.50
Mgmt: Close at 50% profit. Manage assignment risk if price approaches $200. Roll down/out for credit if tested.
#3
iron condor
Sell $200/$195P x $230/$235C 2026-04-17 (17 DTE)
Plays the pin between major OI walls ($200P, $230C) in high IV. Positive GEX supports range-bound price action.
Credit: $1.80-$2.20
Max loss: $3.20
BE: 197.20/232.80
Mgmt: Close at 50% profit. Exit one side if tested, turning into a spread. Close entire position if price breaches $197 or $233.
#4
put calendar spread
Sell $205 put 2026-04-02 (2 DTE) / Buy $205 put 2026-04-10 (10 DTE)
Capitalizes on steep IV term structure (67% → 66.6%) and high volatility. Targets pinning near $212.50 max pain for 4/2.
Credit: $0.40-$0.70
Max loss: $4.60
BE: Varies with volatility
Mgmt: Close short leg at 80% profit or at expiration. Exit if price moves decisively away from $205. Roll short leg if challenged.

Risk Alerts

!Earnings on 2026-04-22 — close all short premium positions before announcement to avoid IV crush.
!Moderate liquidity — expect wider bid-ask spreads, especially on multi-leg strategies. Use limit orders.
!Gamma flip at $200 — a break below could lead to accelerated selling as dealer hedging flips.
!High net premium ($23.1M) suggests significant directional bets in the market; monitor flow.
!Unusual put activity at $205 (4/10) — indicates institutional bearish hedging near-term.
!Max pain for 4/2 is $212.50, very close to spot — expect pinning volatility this week.
How to Use These Reports
This theta 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.