HLHecla Mining Company
HL Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
HL Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 85.4% — elevated vs history
IV/HV 0.93x — IV ≤ HV
Sector percentile 83% — above sector median
Front/Back 0.94x — contango
Put/Call IV 1.16x — elevated
ATM IV 67.1% — normal range
Effective IV 83.5% (ATM 67.1% + spread 8.2% + bias) — expensive
Total drag 13.66% (spread 8.18% + slippage 5.48%) — high friction
Vega efficiency 2.73 (vega 2.237 / spread 8.18%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -16% (bearish) — Raw: -14%
|OI skew| 11.0% — balanced
Vol skew +50.6%, OI skew +11.0% — aligned
0-DTE 28%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -30%, ATM: +3%, OTM: -16% — bearish (ITM/ATM divergent)
Sector P/C percentile 39% — bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.4x avg — normal
Vol/OI 1.8% — normal turnover
1 day(s) elevated — may be one-day event
OI change +2.9% (5d) — building
Sector activity percentile 54% — neutral vs sector
Large trade volume 16% — mixed
Aggressive execution 32% — patient
Conviction -16 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 8.2% — wide
OI 882,308 — deep
Volume 15,476/day — active
$0.41 to cross — cheap
1 liquid strikes — limited options
Sector spread percentile 91% — much wider than sector
Depth 1,071.5 contracts (bid:583.9 ask:487.6) — deep
Avg slippage 5.48% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -5.6% — contango
IV percentile 85% — seller opportunity
IV kink -1.3pts — no clear event
θ/ν ratio 89.84 — favors income trades
4 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -16% @ 58% consistency — unclear
Score 46 (ITM 20% + inst 16%) — moderate institutional
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.