CBOECboe Global Markets, Inc.
Options Analysis Report•SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
Market Cap $37.5B|BATS
● 2026-05-15$358.67
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +63.7%YTD +44.6%7D +2.9%
Options Vol
1,199
30D
Implied Move
±7.2%
IV Rank
8%
CBOE Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
8.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks8/9 checks passed
IV Rank
≤35%IV Rank 18.9% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.65x — IV ≤ HV
Sector Relative≤50%
Sector percentile 29% — below sector median
Term Structure
<1.1xFront/Back 0.70x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.3% — normal range
Spread-Adjusted Value
<80%Effective IV 46.0% (ATM 27.3% + spread 9.3% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 19.18% (spread 9.34% + slippage 9.84%) — high friction
Vega Efficiency
≥5.0Vega efficiency 206.23 (vega 192.616 / spread 9.34%) — efficient
Sentiment
Bullish or bearish?
4.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Moderate signal (Conviction: -31%, Raw: -13%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -31% (strong bearish) — Raw: -13%
OI Skew Magnitude
≥15%|OI skew| 13.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +4.4%, OI skew +13.7% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 28%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -60%, ATM: -30%, OTM: +25% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 66% — bearish vs sector
Activity
Unusual activity?
4.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 3.5% — 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 +8.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 60% — active vs sector
Trade Quality
≥30%Large trade volume 8% — mostly retail
Execution Urgency
≥60%Aggressive execution 50% — patient
Flow Conviction
≥30Conviction -31 (bearish) — moderate
Liquidity
Can I trade efficiently?
4.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.3% — wide
Adequate OI
≥10,000OI 33,739 — adequate
Active Volume
≥500Volume 1,199/day — adequate
Reasonable Cost
≤$0.50$0.47 to cross — cheap
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 32% — tighter than sector
Order Book Depth
≥100 contractsDepth 44.599999999999994 contracts (bid:26.2 ask:18.4) — thin
Execution Quality
<1.0%Avg slippage 9.84% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -29.6% — contango
IV Percentile Clarity
<30 or >70IV percentile 19% — buyer opportunity
Event Detection
≥10pts kinkIV kink -6.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 3697.05 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -31% @ 66% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 38 (ITM 20% + inst 8%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, mixed flow
Long Puts6.6
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.1
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.