Options/FCEL

FCELFuelCell Energy Inc NEW (DE)

Options Analysis Report•ELECTRICAL INDUSTRIAL APPARATUS

Market Cap $1.4B|NASDAQ

● 2026-08-28$17.76

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +322.9%YTD +117.4%7D -9.1%

Options Vol

11,182

30D

Implied Move

±33.4%

IV Rank

29%

FCEL Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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FCEL Gamma Walls

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Value

Is IV priced right?

3.0

ExpensiveCheap

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

levels.

Risk Checks1/9 checks passed

IV Rank

≤35%

IV Rank 97.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.24x — IV premium over HV

Sector Relative≤50%

Sector percentile 100% — above sector median

Term Structure

<1.1x

Front/Back 1.10x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 116.5% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 143.9% (ATM 116.5% + spread 13.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 19.65% (spread 13.72% + slippage 5.93%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.71 (vega 2.351 / spread 13.72%) — spread drag

Sentiment

Bullish or bearish?

5.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +4%, Raw: +9%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +4% (neutral) — Raw: +9%

OI Skew Magnitude

≥15%

|OI skew| 37.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +7.2%, OI skew +37.9% — weak (same direction)

Conviction Quality

≥2/3 conditions

0-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: -7%, ATM: -16%, OTM: +18% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 55% — bearish vs sector

Activity

Unusual activity?

3.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 7.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -15.2% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 88% — very active vs sector

Trade Quality

≥30%

Large trade volume 21% — mixed

Execution Urgency

≥60%

Aggressive execution 22% — patient

Flow Conviction

≥30

Conviction +4 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.6

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.7% — wide

Adequate OI

≥10,000

OI 153,883 — deep

Active Volume

≥500

Volume 11,182/day — active

Reasonable Cost

≤$0.50

$0.69 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 100% — much wider than sector

Order Book Depth

≥100 contracts

Depth 269.6 contracts (bid:119.9 ask:149.7) — adequate

Execution Quality

<1.0%

Avg slippage 5.93% — poor

Timing

Is now a good time?

7.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +10.3% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 97% — seller opportunity

Event Detection

≥10pts kink

IV kink 10.9pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 63.03 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +4% @ 52% consistency — unclear

Smart Money Timing

≥40 composite score

Score 51 (ITM 20% + inst 21%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.7

bullishIV expensive, mixed flow

Long Puts4.3

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put6.0

bullishIV rich premium, mixed flow

Covered Call5.6

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

Earnings · week of Aug 31

Options price a ±15.6% move into FCEL's Sep 2 earnings

FCEL reports on Wednesday, September 2 after the close. The at-the-money straddle covering that report prices a ±15.6% move — roughly $14.99 to $20.53 from $17.76. FCEL has averaged ±13.5% on its last 7 earnings reactions (biggest: 24%), so this print is priced at 1.2× its own history.

1.2× RICHimplied ±15.6%history ±13.5%Sep 4 expiry

See the implied move for every US stock reporting the week of Aug 31

Implied move = the live at-the-money straddle for the expiry covering the report (Sep 4); it shifts intraday. Historical move = the average of FCEL’s own 1-day earnings reactions over its last reported quarters — a reference, not a forecast.