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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 Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Selling put credit spreads near $370 support
Invalidation: Break below $340 gamma flip or IV spike above 100%
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV at 83% is 4.8x VIX, extremely elevated premium.
Favorable?
Yes

Term structure: Backwardated from 84% (4DTE) to 73% (360DTE), but put skew remains high across all expirations.

🌩️IV at 83% vs VIX 17 – extreme premium, but near-term pin risk from heavy put OI at $370 and $340.
📈Term structure backwardated; front-end IV offers rich premium for sellers willing to manage pin risk.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+7.4M)

Gamma flip: ~$340.00 — Approx — based on put OI concentration of 22,657 (17.0% below spot)

OI concentrations: Put OI 22,657 at $370 (17% below spot), additional put walls at $340-$370. Call OI wall at $460-$460.

Verdict: High pin risk near $370 (max pain) and $340; gamma flip at $340 may accelerate move if breached.

Premium Opportunities

#1
Put credit spread
Sell 2026-08-21 $370.00/$330.00 put spread
Sell $370 put, buy $330 put; profit if LRCX stays above $370 at expiry.
Credit: $12.62-$15.43
Max loss: $24.57
BE: $354.57
Mgmt: Monitor pin risk near $370; consider early close if spot approaches strike. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#2
Iron condor
Sell 2026-08-21 $370.00/$330.00 put wing and $510.00/$570.00 call wing
Sell $370 put and $510 call, buy wings; profits in $370-$510 range.
Credit: $21.15-$25.85
Max loss: $34.15
BE: 344.15 / 535.85
Mgmt: Manage wings; close if IV collapses or spot breaches range. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_call: Open interest below 25.

Risk Alerts

!Gamma pin risk near $370 and $340 expirations
!Extreme IV relative to VIX (83% vs 17)
!Put OI concentration creates potential for sharp downside if spot falls below $340
How to Use These Reports
This theta 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.