IV is low with unusual activity. No clear edge detected.
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 10.9% — cheap vs history
IV/HV 1.31x — IV premium over HV
Sector percentile 16% — below sector median
Front/Back 1.12x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 23.6% — normal range
Effective IV 55.8% (ATM 23.6% + spread 16.1% + bias) — good value
Total drag 22.86% (spread 16.09% + slippage 6.77%) — high friction
Vega efficiency 0.40 (vega 0.644 / spread 16.09%) — spread drag
Bullish or bearish?
Analyzes
Conviction-weighted: -45% (strong bearish) — Raw: -26%
|OI skew| 22.4% — call-heavy
Vol skew +27.9%, OI skew +22.4% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +27%, ATM: +30%, OTM: -28% — strong bullish (ITM/ATM aligned)
Sector P/C percentile 27% — very bullish vs sector
Unusual activity?
Detects volume surges,
Volume 1.6x avg — elevated
Vol/OI 6.6% — normal turnover
Top 3 strikes = 50% — dispersed
1 day(s) elevated — may be one-day event
OI change +8.9% (5d) — building
Sector activity percentile 72% — active vs sector
Large trade volume 78% — heavy institutional
Aggressive execution 53% — patient
Conviction -45 (bearish) — moderate
Can I trade efficiently?
Evaluates
Spread 16.1% — wide
OI 932,260 — deep
Volume 61,713/day — active
$0.80 to cross — expensive
1 liquid strikes — limited options
Sector spread percentile 30% — tighter than sector
Depth 559.0 contracts (bid:196.9 ask:362.1) — deep
Avg slippage 6.77% — poor
Is now a good time?
Considers earnings proximity,
Slope +11.5% — backwardation
IV percentile 11% — buyer opportunity
IV kink 3.2pts — no clear event
θ/ν ratio 6.04 — favors income trades
5 liquid expirations — flexible
safe window: No earnings detected
Spread ratio 1.00x — stable
Flow -45% @ 73% consistency — STRONG directional (bearish)
Score 108 (ITM 20% + inst 78%) — HIGH institutional
For educational purposes only. Not investment advice.