FORMFormFactor Inc.
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $10.0B|NASDAQ
● 2026-05-15$127.99
BULLISH
Analysis: 2026-05-14 EOD data
1Y +290.0%YTD +116.2%7D -13.4%
Options Vol
1,816
30D
Implied Move
±8.6%
IV Rank
71%
FORM Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks2/9 checks passed
IV Rank
≤35%IV Rank 89.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.12x — IV premium over HV
Sector Relative≤50%
Sector percentile 81% — above sector median
Term Structure
<1.1xFront/Back 0.98x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 91.1% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 111.0% (ATM 91.1% + spread 9.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 14.87% (spread 9.93% + slippage 4.94%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.63 (vega 2.607 / spread 9.93%) — spread drag
Sentiment
Bullish or bearish?
6.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +2%, Raw: -2%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +2% (neutral) — Raw: -2%
OI Skew Magnitude
≥15%|OI skew| 31.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +56.6%, OI skew +31.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 60%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -11%, ATM: -20%, OTM: +5% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 43% — bullish vs sector
Activity
Unusual activity?
3.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 6.1% — 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 +43.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 62% — active vs sector
Trade Quality
≥30%Large trade volume 17% — mixed
Execution Urgency
≥60%Aggressive execution 28% — patient
Flow Conviction
≥30Conviction +2 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 9.9% — wide
Adequate OI
≥10,000OI 29,608 — adequate
Active Volume
≥500Volume 1,816/day — adequate
Reasonable Cost
≤$0.50$0.50 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 68.5 contracts (bid:44.8 ask:23.7) — thin
Execution Quality
<1.0%Avg slippage 4.94% — 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 -1.7% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 89% — seller opportunity
Event Detection
≥10pts kinkIV kink -0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.71 — 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 +2% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 47 (ITM 20% + inst 17%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.8
bullishIV expensive, bullish flow
Long Puts3.7
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.6
bullishIV rich premium, bullish flow
Covered Call5.1
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.