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LRCX

Lam Research CorporationClose $388.92EOD only
Max Pain
$270.00
Next expiry Jun 18, 2026
Expected Move
±$23.25
6.0% from close
Price Gap
-118.92
Distance to max pain
IV Rank
100
High premium
P/C OI
1.14
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 15, 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 15, 2026 close
LRCX Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Put Spreads
Invalidation: Spot breaks below gamma flip at $290
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 36.8% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
Avg IV 83.7% vs VIX 16.4 – extremely high premium
Favorable?
Yes

Term structure: Front-end skewed: 2d put IV 296% vs call 165%, decaying to ~70% by 10d

⚠️2d put IV 296% signals extreme tail risk, avoid short naked puts
📈Term structure normalizes after 10d, favorable for theta strategies

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+18.3M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 23,027 (21.5% below spot)

OI concentrations: 23K puts at $290 (21.5% below spot) – major pin target

Verdict: High pin risk at $290 due to heavy put OI and gamma flip level

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $360.00/$350.00 put spread
Sells OTM put spread to capture elevated volatility premium while capping downside.
Credit: $3.85-$4.70
Max loss: $5.30
BE: $355.30
Mgmt: Monitor spot near $325; roll or close if breached.
#2
Iron condor
Sell 2026-07-24 $350.00/$345.00 put wing and $385.00/$390.00 call wing
Sells OTM put and call wings to profit from range-bound move.
Credit: $3.47-$4.24
Max loss: $0.76
BE: 345.76 / 389.24
Mgmt: Adjust wings if volatility expands; exit before earnings. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Volume below 5.

Risk Alerts

!Extreme short-term put IV (296%) implies large downside tail risk
!Spot above max pain ($270) but gamma flip at $290 adds pin vulnerability
How to Use These Reports
This theta reflects the market close on June 16, 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.