FRFirst Industrial Realty Trust, Inc.
Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $8.1B|NYSE
● 2026-05-15$61.33
VERY BULLISH
Analysis: 2026-05-14 EOD data
1Y +20.5%YTD +5.9%7D -2.3%
Options Vol
--
30D
Implied Move
±8.6%
IV Rank
19%
FR Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.5
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 1.18x — backwardation
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 1.0% (ATM 0.0% + spread 0.5% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 0.50% (spread 0.50% + slippage 0.00%) — minimal drag
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 0.50%) — spread drag
Sentiment
Bullish or bearish?
5.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBalanced - Weak signal (P/C: 1.00)
P/C Ratio
<0.65 or >1.55P/C 1.00 — balanced (buy/sell unknown)
OI Skew Magnitude
≥15%|OI skew| 83.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +0.0%, OI skew +83.1% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Sector Relative≤40% or ≥60%
Sector P/C percentile 57% — bearish vs sector
Activity
Unusual activity?
2.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 0.0% — 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 +0.1% (5d) — stable
Sector Relative≥60%
Sector activity percentile 50% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 0% — patient
Flow Conviction
≥30Conviction +0 (neutral) — mixed
Liquidity
Can I trade efficiently?
5.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 0.5% — tight
Adequate OI
≥10,000OI 1,566 — thin
Active Volume
≥500Volume 0/day — thin
Reasonable Cost
≤$0.50$0.03 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 0 contracts (bid:0 ask:0) — thin
Execution Quality
<1.0%Avg slippage 0.00% — excellent
Timing
Is now a good time?
6.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +17.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink 4.8pts — 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 +0% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 60 (ITM 20% + inst 30%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.1
bullishIV cheap, mixed flow
Long Puts5.5
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put5.1
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.