IV is elevated with bearish flow and 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 74.7% — elevated vs history
IV/HV 1.04x — IV ≤ HV
Sector percentile 83% — above sector median
Front/Back 1.24x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 63.1% — normal range
Effective IV 72.4% (ATM 63.1% + spread 4.6% + bias) — fair
Total drag 7.13% (spread 4.64% + slippage 2.49%) — high friction
Vega efficiency 32.56 (vega 15.110 / spread 4.64%) — efficient
Bullish or bearish?
Analyzes
Conviction-weighted: -28% (bearish) — Raw: -37%
|OI skew| 23.5% — put-heavy
Vol skew -45.2%, OI skew -23.5% — aligned
0-DTE 15%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -22%, ATM: +56%, OTM: -51% — neutral (ITM/ATM divergent)
Sector P/C percentile 94% — very bearish vs sector
Unusual activity?
Detects volume surges,
Volume 1.3x avg — normal
Vol/OI 11.1% — normal turnover
Top 3 strikes = 50% — dispersed
1 day(s) elevated — may be one-day event
OI change +40.9% (5d) — building
Sector activity percentile 85% — very active vs sector
Large trade volume 66% — heavy institutional
Aggressive execution 18% — patient
Conviction -28 (bearish) — mixed
Can I trade efficiently?
Evaluates
Spread 4.6% — acceptable
OI 926,824 — deep
Volume 102,822/day — active
$0.23 to cross — cheap
1 liquid strikes — limited options
Sector spread percentile 86% — much wider than sector
Depth 812.6 contracts (bid:484.1 ask:328.5) — deep
Avg slippage 2.49% — poor
Is now a good time?
Considers earnings proximity,
Slope +24.0% — backwardation
IV percentile 75% — seller opportunity
IV kink 8.1pts — no clear event
θ/ν ratio 44.41 — favors income trades
5 liquid expirations — flexible
safe window: No earnings detected
Spread ratio 1.00x — stable
Flow -28% @ 64% consistency — moderate (bearish)
Score 96 (ITM 20% + inst 66%) — HIGH institutional
For educational purposes only. Not investment advice.