Options/DHI

DHID.R. Horton Inc.

Options Analysis Report•OPERATIVE BUILDERS

Market Cap $37.9B|NYSE

● 2026-09-11$135.57

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -25.1%YTD -7.0%7D -5.0%

Options Vol

3,824

30D

Implied Move

±11.4%

IV Rank

36%

DHI Options Overview

IV is elevated with bearish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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DHI Gamma Walls

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DHI Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where DHI sits on protection cost vs. fragility today.

Protection is priced in the fair band (4.8) — downside puts carry 3.1 IV points more than at-the-money, and options are pricing vol 40% above what the stock has actually been realizing, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads fragile (6.92): it is trading 8% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

4.80/ 10fair

Basis: cross_sectional

Fragility

6.92/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

3.2

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 80.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.40x — IV premium over HV

Sector Relative≤50%

Sector percentile 90% — above sector median

Term Structure

<1.1x

Front/Back 1.24x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 44.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 76.1% (ATM 44.5% + spread 15.8% + bias) — fair

Execution Efficiency

<3.0%

Total drag 22.81% (spread 15.82% + slippage 6.99%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.53 (vega 2.425 / spread 15.82%) — spread drag

Sentiment

Bullish or bearish?

4.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +12%, Raw: +7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +12% (bullish) — Raw: +7%

OI Skew Magnitude

≥15%

|OI skew| 9.3% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -49.8%, OI skew +9.3% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 14%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +91%, ATM: -23%, OTM: -21% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 80% — very bearish vs sector

Activity

Unusual activity?

4.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 2.4x avg — hot

Turnover Rate

≥15%

Vol/OI 8.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.7% (5d) — stable

Sector Relative≥60%

Sector activity percentile 70% — active vs sector

Trade Quality

≥30%

Large trade volume 15% — mixed

Execution Urgency

≥60%

Aggressive execution 23% — patient

Flow Conviction

≥30

Conviction +12 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 15.8% — wide

Adequate OI

≥10,000

OI 44,724 — adequate

Active Volume

≥500

Volume 3,824/day — adequate

Reasonable Cost

≤$0.50

$0.79 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 90% — much wider than sector

Order Book Depth

≥100 contracts

Depth 82.1 contracts (bid:41.1 ask:41.0) — thin

Execution Quality

<1.0%

Avg slippage 6.99% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +23.6% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 80% — seller opportunity

Event Detection

≥10pts kink

IV kink 7.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 2.90 — favors income trades

Expiration Distribution

≥3 expirations

5 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 +12% @ 56% consistency — unclear

Smart Money Timing

≥40 composite score

Score 45 (ITM 20% + inst 15%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.2

bullishIV expensive, mixed flow

Long Puts4.4

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.3

bullishIV rich premium, mixed flow

Covered Call5.5

bearishIV rich premium, 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 DHI

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