AInvestOption Pilot Program
Options/CIBR
C

CIBRFirst Trust Exchange-Traded Fund II First Trust NASDAQ Cybersecurity ETF

Options Analysis Report
AUM $15.9B|NASDAQ
● 2026-08-31$98.56
BULLISH
Analysis: 2026-08-28 EOD data
1Y +36.3%YTD +39.4%7D +5.7%
590
30D
±8.8%
36%

CIBR Options Overview

unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CIBR Gamma Walls

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Value

Is IV priced right?

6.2
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 49.7% — elevated vs history

<1.05x

IV/HV 0.80x — IV ≤ HV

Sector Relative≤50%

Sector percentile 70% — above sector median

<1.1x

Front/Back 0.96x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 32.0% — normal range

<80%

Effective IV 59.6% (ATM 32.0% + spread 13.8% + bias) — good value

<3.0%

Total drag 19.97% (spread 13.81% + slippage 6.16%) — high friction

≥5.0

Vega efficiency 19.57 (vega 27.027 / spread 13.81%) — efficient

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -20%, Raw: -12%)
|net sentiment| ≥25%

Conviction-weighted: -20% (bearish) — Raw: -12%

≥15%

|OI skew| 60.0% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +34.6%, OI skew +60.0% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -43%, ATM: -27%, OTM: +3% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 19% — very bullish vs sector

Activity

Unusual activity?

4.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 5.9% — normal turnover

≥2 days

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

≥5%

OI change +17.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 74% — active vs sector

≥30%

Large trade volume 17% — mixed

≥60%

Aggressive execution 32% — patient

≥30

Conviction -20 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 13.8% — wide

≥10,000

OI 10,023 — adequate

≥500

Volume 590/day — adequate

≤$0.50

$0.69 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 77% — wider than sector

≥100 contracts

Depth 96.9 contracts (bid:40.6 ask:56.3) — thin

<1.0%

Avg slippage 6.16% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -4.4% — flat/unclear

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink -1.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 866.26 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -20% @ 60% consistency — unclear

≥40 composite score

Score 47 (ITM 20% + inst 17%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts5.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.2
bearishIV too cheap, 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 Aug 31, 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 CIBR

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