AEHRAehr Test Systems
Options Analysis Report•INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS
Market Cap $3.3B|NASDAQ
● 2026-05-15$106.34
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +1044.7%YTD +379.9%7D +9.4%
Options Vol
9,479
30D
Implied Move
±40.5%
IV Rank
99%
AEHR Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
1.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks2/9 checks passed
IV Rank
≤35%IV Rank 97.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.50x — IV premium over HV
Sector Relative≤50%
Sector percentile 97% — above sector median
Term Structure
<1.1xFront/Back 1.17x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 141.7% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 162.7% (ATM 141.7% + spread 10.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.25% (spread 10.49% + slippage 5.76%) — high friction
Vega Efficiency
≥5.0Vega efficiency 9.70 (vega 10.177 / spread 10.49%) — efficient
Sentiment
Bullish or bearish?
6.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -8%, Raw: -8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -8% (neutral) — Raw: -8%
OI Skew Magnitude
≥15%|OI skew| 14.9% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +29.1%, OI skew +14.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 46%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +8%, ATM: -32%, OTM: -6% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 64% — bearish vs sector
Activity
Unusual activity?
4.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 7.8% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +12.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 71% — active vs sector
Trade Quality
≥30%Large trade volume 14% — mostly retail
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction -8 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.5% — wide
Adequate OI
≥10,000OI 121,152 — deep
Active Volume
≥500Volume 9,479/day — active
Reasonable Cost
≤$0.50$0.52 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 98% — much wider than sector
Order Book Depth
≥100 contractsDepth 265.5 contracts (bid:155.1 ask:110.4) — adequate
Execution Quality
<1.0%Avg slippage 5.76% — poor
Timing
Is now a good time?
8.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +16.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 97% — seller opportunity
Event Detection
≥10pts kinkIV kink 17.6pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 30.99 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 44 (ITM 20% + inst 14%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.6
bullishIV expensive, bullish flow
Long Puts3.8
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.8
bullishIV rich premium, bullish flow
Covered Call6.0
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.