FORMFormFactor Inc.
FORM Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
FORM Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 90.4% — elevated vs history
IV/HV 1.04x — IV ≤ HV
Sector percentile 84% — above sector median
Front/Back 0.97x — contango
Put/Call IV 1.16x — elevated
ATM IV 78.2% — normal range
Effective IV 115.0% (ATM 78.2% + spread 18.4% + bias) — expensive
Total drag 23.54% (spread 18.42% + slippage 5.12%) — high friction
Vega efficiency 7.45 (vega 13.728 / spread 18.42%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -21% (bearish) — Raw: -31%
|OI skew| 11.5% — balanced
Vol skew +17.3%, OI skew +11.5% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -33%, ATM: -61%, OTM: -27% — strong bearish (ITM/ATM aligned)
Sector P/C percentile 55% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.4x avg — normal
Vol/OI 1.9% — normal turnover
1 day(s) elevated — may be one-day event
OI change +6.6% (5d) — building
Sector activity percentile 51% — neutral vs sector
Large trade volume 0% — mostly retail
Aggressive execution 30% — patient
Conviction -21 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 18.4% — wide
OI 22,215 — adequate
Volume 416/day — thin
$0.92 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 91% — much wider than sector
Depth 46.9 contracts (bid:17.2 ask:29.7) — thin
Avg slippage 5.12% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -3.3% — flat/unclear
IV percentile 90% — seller opportunity
IV kink 0.4pts — no clear event
θ/ν ratio 94.61 — favors income trades
3 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -21% @ 60% consistency — unclear
Score 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.