Options/ALK

ALKAlaska Air Group, Inc.

Options Analysis Report•AIR TRANSPORTATION, SCHEDULED

Market Cap $4.5B|NYSE

● 2026-09-11$40.11

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -37.2%YTD -22.1%7D -4.6%

Options Vol

1,885

30D

Implied Move

±8.6%

IV Rank

35%

ALK Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ALK Gamma Walls

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Value

Is IV priced right?

4.6

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 73.4% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.41x — IV premium over HV

Sector Relative≤50%

Sector percentile 72% — above sector median

Term Structure

<1.1x

Front/Back 0.91x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 51.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 69.9% (ATM 51.6% + spread 9.2% + bias) — fair

Execution Efficiency

<3.0%

Total drag 13.15% (spread 9.16% + slippage 3.99%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 5.45 (vega 4.990 / spread 9.16%) — acceptable

Sentiment

Bullish or bearish?

6.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +14%, Raw: +11%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +14% (bullish) — Raw: +11%

OI Skew Magnitude

≥15%

|OI skew| 28.8% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +9.9%, OI skew +28.8% — weak (same direction)

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +22%, ATM: -9%, OTM: +12% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 47% — neutral vs sector

Activity

Unusual activity?

2.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 1.9% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +1.2% (5d) — stable

Sector Relative≥60%

Sector activity percentile 60% — neutral vs sector

Trade Quality

≥30%

Large trade volume 14% — mostly retail

Execution Urgency

≥60%

Aggressive execution 36% — patient

Flow Conviction

≥30

Conviction +14 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.2% — wide

Adequate OI

≥10,000

OI 100,899 — deep

Active Volume

≥500

Volume 1,885/day — adequate

Reasonable Cost

≤$0.50

$0.46 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 83% — much wider than sector

Order Book Depth

≥100 contracts

Depth 184.7 contracts (bid:95.6 ask:89.1) — adequate

Execution Quality

<1.0%

Avg slippage 3.99% — poor

Timing

Is now a good time?

6.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -8.7% — contango

IV Percentile Clarity

<30 or >70

IV percentile 73% — seller opportunity

Event Detection

≥10pts kink

IV kink -4.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 134.13 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +14% @ 57% consistency — unclear

Smart Money Timing

≥40 composite score

Score 44 (ITM 20% + inst 14%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.2

bullishIV fair, bullish flow

Long Puts4.5

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put5.5

bullishIV fair, bullish flow

Covered Call4.8

bearishIV fair, bullish flow

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.

More on ALK

ALK gamma walls ALK option chain ALK max pain ALK expected move ALK IV rank ALK put/call ratio ALK options flow