FHNFirst Horizon Corporation
Options Analysis Report•NATIONAL COMMERCIAL BANKS
Market Cap $11.3B|NYSE
● 2026-05-15$23.72
BULLISH
Analysis: 2026-05-14 EOD data
1Y +17.1%YTD -1.7%7D -3.6%
Options Vol
618
30D
Implied Move
±8.6%
IV Rank
18%
FHN Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
6.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 28.8% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.39x — IV premium over HV
Sector Relative≤50%
Sector percentile 40% — below sector median
Term Structure
<1.1xFront/Back 0.93x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 31.8% — normal range
Spread-Adjusted Value
<80%Effective IV 66.7% (ATM 31.8% + spread 17.5% + bias) — fair
Execution Efficiency
<3.0%Total drag 24.68% (spread 17.46% + slippage 7.22%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.82 (vega 4.917 / spread 17.46%) — spread drag
Sentiment
Bullish or bearish?
5.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -27%, Raw: -28%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -27% (bearish) — Raw: -28%
OI Skew Magnitude
≥15%|OI skew| 71.6% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +60.2%, OI skew +71.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 9%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -61%, ATM: +20%, OTM: -33% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 16% — very bullish vs sector
Activity
Unusual activity?
2.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.2% — 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 +0.2% (5d) — stable
Sector Relative≥60%
Sector activity percentile 7% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 45% — patient
Flow Conviction
≥30Conviction -27 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 17.5% — wide
Adequate OI
≥10,000OI 245,737 — deep
Active Volume
≥500Volume 618/day — adequate
Reasonable Cost
≤$0.50$0.87 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 50% — neutral vs sector
Order Book Depth
≥100 contractsDepth 608.4 contracts (bid:356.8 ask:251.6) — deep
Execution Quality
<1.0%Avg slippage 7.22% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -7.2% — contango
IV Percentile Clarity
<30 or >70IV percentile 29% — buyer opportunity
Event Detection
≥10pts kinkIV kink -1.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 565.15 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -27% @ 64% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.