HLHecla Mining Company
Options Analysis Report•MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS)
Market Cap $13.1B|NYSE
● 2026-04-17$19.54
BULLISH
Analysis: 2026-04-16 EOD data
1Y +229.0%YTD +3.6%7D +0.4%
Options Vol
17,313
30D
Implied Move
±21.5%
IV Rank
42%
HL Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.3
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 82.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.40x — IV premium over HV
Sector Relative≤50%
Sector percentile 78% — above sector median
Term Structure
<1.1xFront/Back 0.93x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 74.0% — normal range
Spread-Adjusted Value
<80%Effective IV 95.7% (ATM 74.0% + spread 10.8% + bias) — expensive
Execution Efficiency
<3.0%Total drag 17.07% (spread 10.84% + slippage 6.23%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.36 (vega 0.393 / spread 10.84%) — spread drag
Sentiment
Bullish or bearish?
6.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -14%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -14% (bearish) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 36.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +51.3%, OI skew +36.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 32%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -34%, ATM: -15%, OTM: -8% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 40% — bullish vs sector
Activity
Unusual activity?
3.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 2.3% — 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 +4.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 51% — neutral vs sector
Trade Quality
≥30%Large trade volume 35% — institutional presence
Execution Urgency
≥60%Aggressive execution 41% — patient
Flow Conviction
≥30Conviction -14 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.8% — wide
Adequate OI
≥10,000OI 766,559 — deep
Active Volume
≥500Volume 17,313/day — active
Reasonable Cost
≤$0.50$0.54 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 88% — much wider than sector
Order Book Depth
≥100 contractsDepth 1,410.8000000000002 contracts (bid:715.2 ask:695.6) — deep
Execution Quality
<1.0%Avg slippage 6.23% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -6.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 82% — seller opportunity
Event Detection
≥10pts kinkIV kink -5.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2.62 — 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 -14% @ 57% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 65 (ITM 20% + inst 35%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV expensive, bullish flow
Long Puts4.3
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.3
bullishIV rich premium, bullish flow
Covered Call5.4
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.