ACADAcadia Pharmaceuticals Inc.
ACAD Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
ACAD Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 92.3% — elevated vs history
IV/HV 2.36x — IV premium over HV
Sector percentile 80% — above sector median
Front/Back 1.39x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 84.1% — crisis-level IV
Effective IV 145.1% (ATM 84.1% + spread 30.5% + bias) — expensive
Total drag 36.00% (spread 30.50% + slippage 5.50%) — high friction
Vega efficiency 1.85 (vega 5.631 / spread 30.50%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -25% (bearish) — Raw: -18%
|OI skew| 41.4% — call-heavy
Vol skew +1.2%, OI skew +41.4% — weak (same direction)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -47%, ATM: +3%, OTM: -30% — strong bearish (ITM/ATM divergent)
Sector P/C percentile 58% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.1x avg — normal
Vol/OI 0.3% — normal turnover
1 day(s) elevated — may be one-day event
OI change +7.2% (5d) — building
Sector activity percentile 21% — below sector avg
Large trade volume 0% — mostly retail
Aggressive execution 19% — patient
Conviction -25 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 30.5% — wide
OI 24,905 — adequate
Volume 85/day — thin
$1.52 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 92% — much wider than sector
Depth 55.5 contracts (bid:27.6 ask:27.9) — thin
Avg slippage 5.50% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +39.0% — backwardation
IV percentile 92% — seller opportunity
IV kink 11.4pts — event priced
θ/ν ratio 248.04 — favors income trades
3 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -25% @ 62% consistency — unclear
Score 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.