ONONOn Holding AG
Options Analysis Report
Market Cap $12.3B|NYSE
● 2026-05-15$36.84
BULLISH
Analysis: 2026-05-14 EOD data
1Y -38.9%YTD -21.5%7D +4.5%
Options Vol
21,095
30D
Implied Move
±14.2%
IV Rank
30%
ONON Options Overview
bullish flow with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.3
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 65.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.45x — IV premium over HV
Sector Relative≤50%
Sector percentile 62% — 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 53.7% — normal range
Spread-Adjusted Value
<80%Effective IV 83.8% (ATM 53.7% + spread 15.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 22.20% (spread 15.07% + slippage 7.13%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.95 (vega 2.942 / spread 15.07%) — spread drag
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -4%, Raw: -21%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -4% (neutral) — Raw: -21%
OI Skew Magnitude
≥15%|OI skew| 5.5% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +79.0%, OI skew +5.5% — aligned
Conviction Quality
≥2/3 conditions0-DTE 30%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -6%, ATM: -12%, OTM: -27% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 17% — very bullish vs sector
Activity
Unusual activity?
5.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 1.5x avg — elevated
Turnover Rate
≥15%Vol/OI 6.2% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days4 day(s) elevated — sustained
OI Build
≥5%OI change +23.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 75% — active vs sector
Trade Quality
≥30%Large trade volume 37% — institutional presence
Execution Urgency
≥60%Aggressive execution 48% — patient
Flow Conviction
≥30Conviction -4 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 15.1% — wide
Adequate OI
≥10,000OI 337,734 — deep
Active Volume
≥500Volume 21,095/day — active
Reasonable Cost
≤$0.50$0.75 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 79% — wider than sector
Order Book Depth
≥100 contractsDepth 474.0 contracts (bid:268.7 ask:205.3) — adequate
Execution Quality
<1.0%Avg slippage 7.13% — 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 -7.2% — contango
IV Percentile Clarity
<30 or >70IV percentile 66% — neutral
Event Detection
≥10pts kinkIV kink -0.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 60.04 — 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 -4% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 67 (ITM 20% + inst 37%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV fair, bullish flow
Long Puts4.5
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call4.9
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.