NTRSNorthern Trust Corp
Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $30.4B|NASDAQ
● 2026-05-15$164.30
BULLISH
Analysis: 2026-05-14 EOD data
1Y +52.9%YTD +18.0%7D +2.4%
Options Vol
104
30D
Implied Move
±8.6%
IV Rank
15%
NTRS Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 31.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.89x — IV ≤ HV
Sector Relative≤50%
Sector percentile 52% — above sector median
Term Structure
<1.1xFront/Back 0.91x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 30.4% — normal range
Spread-Adjusted Value
<80%Effective IV 77.0% (ATM 30.4% + spread 23.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 28.25% (spread 23.31% + slippage 4.94%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.44 (vega 3.355 / spread 23.31%) — spread drag
Sentiment
Bullish or bearish?
5.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -25%, Raw: -24%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -25% (bearish) — Raw: -24%
OI Skew Magnitude
≥15%|OI skew| 39.5% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +67.3%, OI skew +39.5% — aligned
Conviction Quality
≥2/3 conditions0-DTE 54%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +33%, ATM: -56%, OTM: +46% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 16% — very bullish vs sector
Activity
Unusual activity?
2.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.2x avg — normal
Turnover Rate
≥15%Vol/OI 1.1% — 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 +0.6% (5d) — stable
Sector Relative≥60%
Sector activity percentile 13% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 16% — patient
Flow Conviction
≥30Conviction -25 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 23.3% — wide
Adequate OI
≥10,000OI 9,082 — thin
Active Volume
≥500Volume 104/day — thin
Reasonable Cost
≤$0.50$1.17 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 54% — neutral vs sector
Order Book Depth
≥100 contractsDepth 54.900000000000006 contracts (bid:25.1 ask:29.8) — thin
Execution Quality
<1.0%Avg slippage 4.94% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -9.0% — contango
IV Percentile Clarity
<30 or >70IV percentile 31% — neutral
Event Detection
≥10pts kinkIV kink -1.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 5.52 — favors income trades
Expiration Distribution
≥3 expirations3 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 -25% @ 63% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.1
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.