AFRMAffirm Holdings, Inc. Class A Common Stock
AFRM Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
AFRM Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 77.4% — elevated vs history
IV/HV 0.93x — IV ≤ HV
Sector percentile 48% — below sector median
Front/Back 0.94x — contango
Put/Call IV 1.16x — elevated
ATM IV 54.8% — normal range
Effective IV 72.5% (ATM 54.8% + spread 8.9% + bias) — fair
Total drag 14.10% (spread 8.86% + slippage 5.24%) — high friction
Vega efficiency 6.40 (vega 5.670 / spread 8.86%) — acceptable
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +5% (neutral) — Raw: -2%
|OI skew| 9.8% — balanced
Vol skew +2.4%, OI skew -9.8% — divergent (opposite)
0-DTE 19%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -6%, ATM: -35%, OTM: +2% — bearish (ITM/ATM aligned)
Sector P/C percentile 64% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.1x avg — normal
Vol/OI 10.9% — normal turnover
1 day(s) elevated — may be one-day event
OI change -0.5% (5d) — stable
Sector activity percentile 90% — very active vs sector
Large trade volume 42% — institutional presence
Aggressive execution 34% — patient
Conviction +5 (bullish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 8.9% — wide
OI 245,280 — deep
Volume 26,702/day — active
$0.44 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 70% — wider than sector
Depth 252.8 contracts (bid:122.9 ask:129.9) — adequate
Avg slippage 5.24% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -6.4% — contango
IV percentile 77% — seller opportunity
IV kink -0.8pts — no clear event
θ/ν ratio 55.53 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 6d; CPI in 1d (HIGH)
Spread ratio 1.00x — stable
Flow +5% @ 52% consistency — unclear
Score 72 (ITM 20% + inst 42%) — HIGH institutional
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.