ONON Semiconductor Corp
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $47.0B|NASDAQ
● 2026-06-09$120.90
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y +130.8%YTD +113.2%7D -6.0%
Options Vol
7,290
30D
Implied Move
±22.9%
IV Rank
90%
ON Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.5
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 98.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.99x — IV ≤ HV
Sector Relative≤50%
Sector percentile 89% — above sector median
Term Structure
<1.1xFront/Back 1.32x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 81.3% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 105.4% (ATM 81.3% + spread 12.0% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.94% (spread 12.03% + slippage 4.91%) — high friction
Vega Efficiency
≥5.0Vega efficiency 6.63 (vega 7.978 / spread 12.03%) — acceptable
Sentiment
Bullish or bearish?
5.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -19%, Raw: -8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -19% (bearish) — Raw: -8%
OI Skew Magnitude
≥15%|OI skew| 10.9% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +21.3%, OI skew +10.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -3%, ATM: -22%, OTM: -6% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 59% — bearish 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 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 2.9% — 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 -1.6% (5d) — stable
Sector Relative≥60%
Sector activity percentile 24% — below sector avg
Trade Quality
≥30%Large trade volume 12% — mostly retail
Execution Urgency
≥60%Aggressive execution 30% — patient
Flow Conviction
≥30Conviction -19 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 12.0% — wide
Adequate OI
≥10,000OI 249,811 — deep
Active Volume
≥500Volume 7,290/day — active
Reasonable Cost
≤$0.50$0.60 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 134.6 contracts (bid:85.2 ask:49.4) — adequate
Execution Quality
<1.0%Avg slippage 4.91% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +32.1% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 98% — seller opportunity
Event Detection
≥10pts kinkIV kink 22.8pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 22.19 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -19% @ 60% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 42 (ITM 20% + inst 12%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.6
bullishIV expensive, mixed flow
Long Puts4.1
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.1
bullishIV rich premium, mixed flow
Covered Call5.7
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.