FTNTFortinet, Inc.
Options Analysis Report•COMPUTER PERIPHERAL EQUIPMENT, NEC
Market Cap $89.3B|NASDAQ
● 2026-05-15$121.86
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +18.8%YTD +56.5%7D +6.8%
Options Vol
40,013
30D
Implied Move
±11.7%
IV Rank
21%
FTNT Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 71.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.60x — IV ≤ HV
Sector Relative≤50%
Sector percentile 30% — below sector median
Term Structure
<1.1xFront/Back 0.93x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 42.8% — normal range
Spread-Adjusted Value
<80%Effective IV 64.8% (ATM 42.8% + spread 11.0% + bias) — good value
Execution Efficiency
<3.0%Total drag 17.86% (spread 11.00% + slippage 6.86%) — high friction
Vega Efficiency
≥5.0Vega efficiency 38.66 (vega 42.525 / spread 11.00%) — efficient
Sentiment
Bullish or bearish?
5.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +17%, Raw: +16%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +17% (bullish) — Raw: +16%
OI Skew Magnitude
≥15%|OI skew| 12.9% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +8.8%, OI skew -12.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 38%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +65%, ATM: -4%, OTM: +8% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 74% — very bearish vs sector
Activity
Unusual activity?
6.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 1.7x avg — elevated
Turnover Rate
≥15%Vol/OI 16.5% — high 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 +14.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 86% — very active vs sector
Trade Quality
≥30%Large trade volume 58% — heavy institutional
Execution Urgency
≥60%Aggressive execution 50% — patient
Flow Conviction
≥30Conviction +17 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 11.0% — wide
Adequate OI
≥10,000OI 242,423 — deep
Active Volume
≥500Volume 40,013/day — active
Reasonable Cost
≤$0.50$0.55 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 32% — tighter than sector
Order Book Depth
≥100 contractsDepth 118.2 contracts (bid:63.2 ask:55.0) — adequate
Execution Quality
<1.0%Avg slippage 6.86% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -7.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 72% — seller opportunity
Event Detection
≥10pts kinkIV kink 0.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1171.48 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +17% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 88 (ITM 20% + inst 58%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.