IBBiShares Biotechnology ETF
IBB Options Overview
IV is low with bearish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
IBB Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 26.2% — cheap vs history
IV/HV 0.72x — IV ≤ HV
Sector percentile 43% — below sector median
Front/Back 0.84x — contango
Put/Call IV 1.16x — elevated
ATM IV 23.2% — normal range
Effective IV 51.4% (ATM 23.2% + spread 14.1% + bias) — good value
Total drag 17.15% (spread 14.11% + slippage 3.04%) — high friction
Vega efficiency 16.86 (vega 23.793 / spread 14.11%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -77% (strong bearish) — Raw: -68%
|OI skew| 0.6% — balanced
Vol skew -76.6%, OI skew +0.6% — divergent (opposite)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -8%, ATM: -74%, OTM: +35% — strong bearish (ITM/ATM aligned)
Sector P/C percentile 97% — very bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.6x avg — elevated
Vol/OI 5.2% — normal turnover
1 day(s) elevated — may be one-day event
OI change +2.7% (5d) — building
Sector activity percentile 70% — active vs sector
Large trade volume 67% — heavy institutional
Aggressive execution 23% — patient
Conviction -77 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
Evaluates
Spread 14.1% — wide
OI 48,682 — adequate
Volume 2,525/day — adequate
$0.71 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 57% — neutral vs sector
Depth 41.4 contracts (bid:22.4 ask:19.0) — thin
Avg slippage 3.04% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -16.0% — contango
IV percentile 26% — buyer opportunity
IV kink -2.9pts — no clear event
θ/ν ratio 281.24 — favors income trades
3 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -77% @ 88% consistency — STRONG directional (bearish)
Score 97 (ITM 20% + inst 67%) — HIGH 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.