AQSTAquestive Therapeutics, Inc. Common Stock
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $527M|NASDAQ
● 2026-04-17$4.32
VERY BULLISH
Analysis: 2026-04-16 EOD data
1Y +67.4%YTD -33.0%7D +5.9%
Options Vol
1,667
30D
Implied Move
±8.6%
IV Rank
20%
AQST Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 1.00x — flat
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 98.7% (ATM 0.0% + spread 49.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 58.18% (spread 49.34% + slippage 8.84%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 49.34%) — spread drag
Sentiment
Bullish or bearish?
9.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +88%, Raw: +86%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +88% (strong bullish) — Raw: +86%
OI Skew Magnitude
≥15%|OI skew| 64.2% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +83.8%, OI skew +64.2% — aligned
Conviction Quality
≥2/3 conditions0-DTE 71%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +99%, ATM: +0%, OTM: +11% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 20% — very bullish vs sector
Activity
Unusual activity?
4.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 2.9% — 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 +0.9% (5d) — stable
Sector Relative≥60%
Sector activity percentile 64% — active vs sector
Trade Quality
≥30%Large trade volume 58% — heavy institutional
Execution Urgency
≥60%Aggressive execution 24% — patient
Flow Conviction
≥30Conviction +88 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 49.3% — wide
Adequate OI
≥10,000OI 57,243 — deep
Active Volume
≥500Volume 1,667/day — adequate
Reasonable Cost
≤$0.50$2.47 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 624.1 contracts (bid:416.7 ask:207.4) — deep
Execution Quality
<1.0%Avg slippage 8.84% — poor
Timing
Is now a good time?
6.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +0.0% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink 0.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 24d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +88% @ 94% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 88 (ITM 20% + inst 58%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.9
bullishIV fair, bullish flow
Long Puts3.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put6.3
bullishIV fair, bullish flow
Covered Call3.1
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.