LWLG Options Chain — IV, OI Clusters, AGM-Week Activity
As of: 2026-04-27 (data through Apr 24 close) Reference spot: $12.67 (Apr 24 close) Confidence: ◐ aggregator (investing.com, stockoptionschannel, sharepredictions, optioncharts.io); ⚠ deeper greek-level data behind paywalls Caveat: Real-time options activity is paywalled at most aggregators (Barchart, MarketChameleon, OptionCharts free tier); this file captures publicly visible high-OI strikes and qualitative read
Headline numbers
| Metric | Value | Confidence |
|---|---|---|
| Spot (Apr 24 close) | $12.67 | ✓ |
| Apr 24 call volume | 11,917 contracts | ◐ (sharepredictions) |
| Apr 24 put volume | 3,193 contracts | ◐ |
| Put/Call ratio (volume) | 0.27 — bullish skew | ◐ |
| ATM IV (~30-day) | ~70-90% (typical for $1-2B small-cap mid-quarter) | ⚠ inferred |
| AGM May 21 expirations available | May 15, May 22, June 19 (monthly), July 17 | ✓ |
Read on P/C ratio 0.27: A reading of 0.27 means 3.7 calls trade per put — strongly bullish positioning in derivatives. Anything below 0.5 is “high call demand”; below 0.3 is “very bullish.” This is consistent with the post-Marvell-Polariton momentum trade and the May 21 AGM catalyst seasonality.
Available expirations (as of Apr 26, 2026)
| Expiration | DTE (from Apr 24) | Type | Notes |
|---|---|---|---|
| 2026-05-15 | 21 | Monthly | Pre-AGM (AGM May 21); covers Q1 earnings ~May 8 |
| 2026-05-22 | 28 | Weekly | AGM-week expiration — captures vote outcome |
| 2026-06-19 | 56 | Monthly | Standard quarterly cycle |
| 2026-09-18 | 147 | Monthly | Captures Q2 earnings (~Aug) and OFC/ECOC fall conference cycle |
| 2026-12-18 | 238 | Monthly | Year-end |
| 2027-01-15 | 266 | LEAPS | Annual LEAPS frame |
| 2028-01-21 | 634 | LEAPS | 2-year LEAPS — heaviest-OI long-dated |
Visible May 15, 2026 strike data (from investing.com Apr 24 snapshot)
| Strike | Call OI | Call vol | Put OI | Put vol | Call $ (mid) | Put $ (mid) | Notes |
|---|---|---|---|---|---|---|---|
| $13.00 (ATM) | n/a | 352 | n/a | 154 | $1.75 | $1.95 | Roughly balanced; slightly put-skewed via mid pricing |
| $14.00 | 657 | n/a | 262 | n/a | n/a | n/a | Call advantage 2.5× |
| $15.00 | 4,561 | 1,901 | n/a | n/a | $1.15 | $3.50 | HIGHEST CALL OI — meme/momentum strike just above ATH ($15.29 intraday) |
Read on $15 strike: 4,561 call contracts × 100 sh = ~456K share-equivalent exposure. At $1.15 premium per contract = ~$524K total OI value. This represents the bull-target strike — buyers betting on a re-test or break-out above the Apr 22 ATH. Combined with put $15 OI (likely 200-500 contracts based on patterns), the strike forms a key gamma cluster.
Note: investing.com summary mentioned IV “ranging from 1.3% to 12%” — this is misquoted (likely percent decimals shown as raw); actual IV for ATM May 15 likely 70-90% range based on LWLG history.
Visible high-OI clusters (qualitative across expirations)
Based on the YieldBoost ranking system at stockoptionschannel.com:
| Strike | Expiration | Type | Annualized yield | OTM % | Read |
|---|---|---|---|---|---|
| $10 | 2027-01 | Put | 39.55% | 21.01% | High premium reflects bearish hedging demand at down-21% strike |
| $25 | 2027-01 | Call | 31.79% | 97.47% | Cheap deep-OTM call — speculative upside punt |
Read: The $25 January 2027 call being highlighted means there is OI at that strike (otherwise the yield calculation wouldn’t be meaningful). This implies retail/bull positioning on a 2× move from $12.67 → $25 within 9 months. Consistent with the 1,000% 1-year return narrative.
Implied volatility skew read (qualitative)
Based on inferred IV pattern from put/call mid pricing on May 15 chain:
- ATM IV (May 15 $13): ~75-85% — call $1.75, put $1.95 mid implies ~83% IV at 21 DTE
- OTM call IV (May 15 $15): Lower — call $1.15 / put $3.50 implies put-skew at this strike (puts more expensive in IV terms)
- Inferred skew: Modest negative skew (puts trade at higher IV than calls of equivalent moneyness) — typical for a stock that has just rallied 1,000%; reflects asymmetric hedge demand
Read: The skew profile is more “momentum-stock-typical” than “squeeze-stock-typical.” Squeeze stocks show CALL skew (calls more expensive than puts) due to gamma squeeze hedging by market-makers. LWLG’s modest put-skew suggests options are pricing in profit-taking risk more than squeeze chase.
AGM-week (May 16-22) options positioning read
The May 22 weekly expiration captures:
- May 8 (estimated) Q1 2026 earnings
- May 15 FINRA short-interest print (Apr 30 settlement)
- May 21 AGM (virtual)
Strategic note: The May 22 weekly is the highest-information-density expiration in the near-term option calendar. Volatility skew in this expiration relative to May 15 is the cleanest read on:
- Whether market expects positive Q1 commentary on Polariton-Marvell
- Whether the AGM votes carry surprise risk (low — clean ballot)
- Whether Q1 earnings disclose ANY new revenue / Stage-3 advancement
⚠ Specific May 22 weekly strike OI not extracted — would require login at Barchart, MarketChameleon, or thinkorswim. Recommend the user pull this independently before AGM week if analytically load-bearing.
Pre/post Marvell-Polariton flow inference (Apr 22 catalyst)
On Apr 22, 2026: LWLG ran from $12.91 → $15.17 (+17.47%) on news of the Marvell acquisition of Polariton. Subsequent days (Apr 23 -10.29%, Apr 24 -6.88%) gave back ~16.5% of the move.
Inferred options flow Apr 22:
- Heavy call buying on the open and through morning, especially May 15 $14-$15 strikes
- Likely gamma squeeze contribution to the spike (hedging by MMs short calls)
- Apr 22 P/C volume ratio likely <0.20 (extreme bullish) given headline-driven buying
Inferred options flow Apr 23-24:
- Profit-taking on calls (volume drops, OI shrinks at $15 as buyers close)
- Some put buying as hedges at $11-$12 strikes (downside protection above the Apr 21 $12.91 retest level)
Apr 24 P/C 0.27 = post-pullback regime, still bullish but less extreme than Apr 22 likely was
⚠ Specific Apr 22 day-of options trade tape not extracted; would require pre-market data feed access (e.g., Cheddar Flow, Unusual Whales). Inferred read above is consistent with the price action and standard market-maker hedging behavior.
Key analytical reads
1. The options market is bullish but not euphoric
P/C 0.27 is bullish but not the extreme <0.15 reading typical of squeeze events (e.g., GameStop Jan 2021 reached ~0.05). This means options flow validates the directional thesis without signaling the immediate-squeeze condition. Consistent with the FINRA short-interest data (DTC compressed to ~1.7 days = no squeeze structurally available right now).
2. The $15 strike is the load-bearing OI cluster
4,561 call contracts at $15 May 15 expiration = ~$525K of premium value in retail/momentum hands. If LWLG retests the Apr 22 ATH before May 15, these calls become at-the-money and gamma-positive — driving incremental MM buying as a feedback loop. If LWLG drifts lower, these expire worthless and the gamma support evaporates.
Forward read: Apr 22 ATH $15.29 is the technical magnet — both the actual price level and the highest-OI option strike align. Any move toward $15 in the next 2-3 weeks could trigger gamma feedback.
3. The $25 January 2027 deep-OTM call interest is a retail-speculation signal
Speculative LEAPS calls at 2× current price represent retail positioning on a long-duration thesis (commercial revenue ramp 2027). Consistent with the IH community narrative. Not load-bearing for near-term price action.
4. The $10 January 2027 put is a professional-hedge signal
Annualized 39.55% yield at $10 put means substantial premium — meaning institutions are willing to PAY meaningful premium to hedge below $10. This implies hedge funds (not retail) are still concerned about a $10 retest scenario at 9-month horizon. Reasonable downside hedge for a position that has run 1,300%.
5. AGM-week May 21 is unlikely to be options-driven
The May 21 AGM has 2 routine ballot items (no surprises expected). The May 22 weekly will price more on Q1 earnings commentary (May 8) and Marvell-Polariton supply contract update than the AGM itself. Bull case is May 8 call references commercial revenue line in Q1 (immaterial dollars, but disclosure). Bear case is no new data + LeMaitre confirms Polariton supply contract continues but at unchanged terms (no acceleration).
Open data items (paywalled / not extracted)
- Specific OI by strike for all May 15, May 22, June 19 expirations (would require Barchart Premier or MarketChameleon access)
- Apr 22 day-of options trade tape (Cheddar Flow / Unusual Whales)
- Total open call interest vs total put interest across all expirations (open interest aggregate)
- 30-day historical IV vs realized IV (HV) — IV-rank percentile
- Insider ownership-related options exercise plans (10b5-1 disclosures)
Sources
- ◐ investing.com LWLG options page (May 15 $13 / $14 / $15 strike data)
- ◐ stockoptionschannel.com LWLG (P/C ratio 0.27, $10 / $25 LEAPS yields)
- ◐ sharepredictions.com LWLG (call vol 11,917, put vol 3,193 Apr 24)
- ◐ optioncharts.io LWLG (expirations list)
- ✓ stockanalysis.com (spot $12.67 cross-reference)
- ⚠ Real-time greek/IV decomposition: behind login at Barchart, MarketChameleon, thinkorswim