HLHecla Mining Company
Options Analysis Report•MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS)
Market Cap $13.0B|NYSE
● 2026-05-15$19.45
BULLISH
Analysis: 2026-05-14 EOD data
1Y +302.7%YTD +3.1%7D +4.5%
Options Vol
30,494
30D
Implied Move
±19.9%
IV Rank
41%
HL Options Overview
IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 81.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.06x — IV premium over HV
Sector Relative≤50%
Sector percentile 74% — above sector median
Term Structure
<1.1xFront/Back 1.04x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 73.1% — normal range
Spread-Adjusted Value
<80%Effective IV 99.2% (ATM 73.1% + spread 13.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 18.73% (spread 13.06% + slippage 5.67%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.20 (vega 1.570 / spread 13.06%) — 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: -1%, Raw: +4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -1% (neutral) — Raw: +4%
OI Skew Magnitude
≥15%|OI skew| 30.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +59.1%, OI skew +30.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 21%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -50%, ATM: +34%, OTM: +7% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 38% — bullish vs sector
Activity
Unusual activity?
4.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 3.6% — 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 +7.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 68% — active vs sector
Trade Quality
≥30%Large trade volume 41% — institutional presence
Execution Urgency
≥60%Aggressive execution 36% — patient
Flow Conviction
≥30Conviction -1 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.1% — wide
Adequate OI
≥10,000OI 838,969 — deep
Active Volume
≥500Volume 30,494/day — active
Reasonable Cost
≤$0.50$0.65 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 85% — much wider than sector
Order Book Depth
≥100 contractsDepth 1,327.8 contracts (bid:651.4 ask:676.4) — deep
Execution Quality
<1.0%Avg slippage 5.67% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +3.8% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 81% — seller opportunity
Event Detection
≥10pts kinkIV kink 2.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 45.13 — favors income trades
Expiration Distribution
≥3 expirations5 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 -1% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 71 (ITM 20% + inst 41%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.5
bullishIV fair, bullish flow
Long Puts4.5
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.8
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.