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AAAlcoa Corporation

Options Analysis Report•PRIMARY PRODUCTION OF ALUMINUM
Market Cap $13.5B|NYSE
● 2026-08-28$51.19
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +60.4%YTD -9.5%7D -1.3%
9,526
30D
±13.8%
9%

AA Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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AA Gamma Walls

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Value

Is IV priced right?

6.7
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 72.8% — elevated vs history

<1.05x

IV/HV 0.93x — IV ≤ HV

Sector Relative≤50%

Sector percentile 57% — above sector median

<1.1x

Front/Back 0.89x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 49.4% — normal range

<80%

Effective IV 67.9% (ATM 49.4% + spread 9.3% + bias) — fair

<3.0%

Total drag 14.34% (spread 9.27% + slippage 5.07%) — high friction

≥5.0

Vega efficiency 4.44 (vega 4.115 / spread 9.27%) — spread drag

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -10%, Raw: -15%)
|net sentiment| ≥25%

Conviction-weighted: -10% (neutral) — Raw: -15%

≥15%

|OI skew| 2.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +44.4%, OI skew +2.0% — aligned

≥2/3 conditions

0-DTE 21%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +5%, ATM: -23%, OTM: -16% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 49% — neutral vs sector

Activity

Unusual activity?

2.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 3.6% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -8.7% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 80% — very active vs sector

≥30%

Large trade volume 8% — mostly retail

≥60%

Aggressive execution 36% — patient

≥30

Conviction -10 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.5
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 9.3% — wide

≥10,000

OI 264,781 — deep

≥500

Volume 9,526/day — active

≤$0.50

$0.46 to cross — cheap

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 75% — wider than sector

≥100 contracts

Depth 177.3 contracts (bid:74.7 ask:102.6) — adequate

<1.0%

Avg slippage 5.07% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -10.6% — contango

<30 or >70

IV percentile 73% — seller opportunity

≥10pts kink

IV kink -2.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 57.00 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -10% @ 55% consistency — unclear

≥40 composite score

Score 38 (ITM 20% + inst 8%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.2
bullishIV cheap, mixed flow
Long Puts5.6
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.