Options/AXON

AXONAxon Enterprise, Inc. Common Stock

Options Analysis Report•ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES)

Market Cap $38.9B|NASDAQ

● 2026-09-11$478.85

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -36.2%YTD -15.0%7D -7.1%

Options Vol

1,970

30D

Implied Move

±16.3%

IV Rank

10%

AXON Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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AXON Gamma Walls

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Value

Is IV priced right?

5.2

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 95.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.02x — IV ≤ HV

Sector Relative≤50%

Sector percentile 99% — above sector median

Term Structure

<1.1x

Front/Back 0.88x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 60.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 86.1% (ATM 60.5% + spread 12.8% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 19.40% (spread 12.81% + slippage 6.59%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 45.75 (vega 58.609 / spread 12.81%) — efficient

Sentiment

Bullish or bearish?

5.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +10%, Raw: -3%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +10% (neutral) — Raw: -3%

OI Skew Magnitude

≥15%

|OI skew| 0.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +10.5%, OI skew -0.4% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 18%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +65%, ATM: +10%, OTM: -18% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 48% — neutral vs sector

Activity

Unusual activity?

2.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 3.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -1.4% (5d) — stable

Sector Relative≥60%

Sector activity percentile 55% — neutral vs sector

Trade Quality

≥30%

Large trade volume 5% — mostly retail

Execution Urgency

≥60%

Aggressive execution 24% — patient

Flow Conviction

≥30

Conviction +10 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.8% — wide

Adequate OI

≥10,000

OI 59,656 — deep

Active Volume

≥500

Volume 1,970/day — adequate

Reasonable Cost

≤$0.50

$0.64 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 99% — much wider than sector

Order Book Depth

≥100 contracts

Depth 38.8 contracts (bid:18.5 ask:20.3) — thin

Execution Quality

<1.0%

Avg slippage 6.59% — poor

Timing

Is now a good time?

6.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -12.0% — contango

IV Percentile Clarity

<30 or >70

IV percentile 96% — seller opportunity

Event Detection

≥10pts kink

IV kink -2.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 116.66 — favors income trades

Expiration Distribution

≥3 expirations

4 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 +10% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 35 (ITM 20% + inst 5%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.3

bullishIV fair, mixed flow

Long Puts4.9

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.0

bullishIV fair, mixed flow

Covered Call4.6

bearishIV fair, mixed 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 AXON

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