Options/ONON

ONONOn Holding AG

Options Analysis Report

Market Cap $9.0B|NYSE

● 2026-09-11$27.41

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -36.1%YTD -41.6%7D -2.1%

Options Vol

16,527

30D

Implied Move

±14.1%

IV Rank

22%

ONON Options Overview

unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ONON Gamma Walls

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ONON Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where ONON sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.81) — near-dated vol is priced 18% below far-dated, and downside puts carry 1.7 IV points more than at-the-money, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.12): it is trading 12% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is contracting.

Protection cost

3.81/ 10cheap

Basis: cross_sectional

Fragility

5.12/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

4.7

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 68.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.64x — IV premium over HV

Sector Relative≤50%

Sector percentile 63% — above sector median

Term Structure

<1.1x

Front/Back 0.82x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 47.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 66.2% (ATM 47.1% + spread 9.6% + bias) — fair

Execution Efficiency

<3.0%

Total drag 12.28% (spread 9.56% + slippage 2.72%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 3.16 (vega 3.021 / spread 9.56%) — spread drag

Sentiment

Bullish or bearish?

3.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -19%, Raw: -13%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -19% (bearish) — Raw: -13%

OI Skew Magnitude

≥15%

|OI skew| 5.2% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -27.5%, OI skew +5.2% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 20%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -21%, ATM: -11%, OTM: +2% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 73% — very bearish vs sector

Activity

Unusual activity?

4.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 4.2% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +2.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 66% — active vs sector

Trade Quality

≥30%

Large trade volume 45% — institutional presence

Execution Urgency

≥60%

Aggressive execution 42% — patient

Flow Conviction

≥30

Conviction -19 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.6% — wide

Adequate OI

≥10,000

OI 397,810 — deep

Active Volume

≥500

Volume 16,527/day — active

Reasonable Cost

≤$0.50

$0.48 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 79% — wider than sector

Order Book Depth

≥100 contracts

Depth 214.9 contracts (bid:115.4 ask:99.5) — adequate

Execution Quality

<1.0%

Avg slippage 2.72% — poor

Timing

Is now a good time?

6.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -17.5% — contango

IV Percentile Clarity

<30 or >70

IV percentile 69% — neutral

Event Detection

≥10pts kink

IV kink -7.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 121.31 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -19% @ 60% consistency — unclear

Smart Money Timing

≥40 composite score

Score 75 (ITM 20% + inst 45%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.5

bullishIV fair, bearish flow

Long Puts5.5

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put4.6

bullishIV fair, bearish flow

Covered Call5.7

bearishIV fair, bearish flow

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.

More on ONON

ONON gamma walls ONON option chain ONON max pain ONON expected move ONON IV rank ONON put/call ratio ONON options flow