FLGFlagstar Bank, National Association
Options Analysis Report•SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
Market Cap $5.7B|NYSE
● 2026-05-15$13.70
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +10.2%YTD +9.2%7D -4.1%
Options Vol
2,258
30D
Implied Move
±8.6%
IV Rank
6%
FLG Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.0
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 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 0.92x — contango
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 55.5% (ATM 0.0% + spread 27.8% + bias) — good value
Execution Efficiency
<3.0%Total drag 35.42% (spread 27.76% + slippage 7.66%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 27.76%) — spread drag
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +3%, Raw: -20%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +3% (neutral) — Raw: -20%
OI Skew Magnitude
≥15%|OI skew| 1.1% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +75.6%, OI skew +1.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 35%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -24%, ATM: -87%, OTM: +3% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 11% — very bullish vs sector
Activity
Unusual activity?
2.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.7% — 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 +2.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 17% — quiet vs sector
Trade Quality
≥30%Large trade volume 46% — institutional presence
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction +3 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 27.8% — wide
Adequate OI
≥10,000OI 316,644 — deep
Active Volume
≥500Volume 2,258/day — adequate
Reasonable Cost
≤$0.50$1.39 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 1,431.9 contracts (bid:720.4 ask:711.5) — deep
Execution Quality
<1.0%Avg slippage 7.66% — poor
Timing
Is now a good time?
6.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -8.2% — contango
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink -2.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
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 +3% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 76 (ITM 20% + inst 46%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.2
bullishIV cheap, bullish flow
Long Puts5.3
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, bullish flow
Covered Call4.0
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.