Options/FNV

FNVFranco-Nevada Corporation

Options Analysis Report

Market Cap $51.3B|NYSE

● 2026-08-31$266.16

BEARISH

Analysis: 2026-08-28 EOD data

1Y +39.8%YTD +27.6%7D -1.5%

Options Vol

778

30D

Implied Move

±11.5%

IV Rank

21%

FNV Options Overview

bearish flow with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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FNV Gamma Walls

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Value

Is IV priced right?

6.6

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 65.4% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.09x — IV premium over HV

Sector Relative≤50%

Sector percentile 45% — below sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 41.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 63.0% (ATM 41.3% + spread 10.9% + bias) — good value

Execution Efficiency

<3.0%

Total drag 30.95% (spread 10.86% + slippage 20.09%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 23.32 (vega 25.325 / spread 10.86%) — efficient

Sentiment

Bullish or bearish?

1.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -74%, Raw: -72%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -74% (strong bearish) — Raw: -72%

OI Skew Magnitude

≥15%

|OI skew| 8.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -27.2%, OI skew -8.4% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -5%, ATM: -44%, OTM: -77% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 89% — very bearish vs sector

Activity

Unusual activity?

4.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 4.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 74% — active vs sector

Trade Quality

≥30%

Large trade volume 16% — mixed

Execution Urgency

≥60%

Aggressive execution 39% — patient

Flow Conviction

≥30

Conviction -74 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

3.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.9% — wide

Adequate OI

≥10,000

OI 18,677 — adequate

Active Volume

≥500

Volume 778/day — adequate

Reasonable Cost

≤$0.50

$0.54 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 70% — wider than sector

Order Book Depth

≥100 contracts

Depth 39.2 contracts (bid:21.7 ask:17.5) — thin

Execution Quality

<1.0%

Avg slippage 20.09% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -3.4% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 65% — neutral

Event Detection

≥10pts kink

IV kink -1.4pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 102.41 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -74% @ 87% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 46 (ITM 20% + inst 16%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.2

bullishIV cheap, bearish flow

Long Puts7.9

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.1

bullishIV too cheap, bearish flow

Covered Call5.9

bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, 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.

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