RLAYRelay Therapeutics, Inc. Common Stock
Options Analysis Report•BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
Market Cap $3.4B|NASDAQ
● 2026-06-03$15.70
BULLISH
Analysis: 2026-06-02 EOD data
1Y +377.2%YTD +91.9%7D +8.8%
Options Vol
9,719
30D
Implied Move
±24.7%
IV Rank
16%
RLAY Options Overview
IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks2/9 checks passed
IV Rank
≤35%IV Rank 93.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.72x — IV premium over HV
Sector Relative≤50%
Sector percentile 87% — above sector median
Term Structure
<1.1xFront/Back 0.96x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 99.8% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 140.5% (ATM 99.8% + spread 20.4% + bias) — expensive
Execution Efficiency
<3.0%Total drag 25.44% (spread 20.35% + slippage 5.09%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.64 (vega 1.311 / spread 20.35%) — spread drag
Sentiment
Bullish or bearish?
8.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +61%, Raw: +46%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +61% (strong bullish) — Raw: +46%
OI Skew Magnitude
≥15%|OI skew| 12.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +58.7%, OI skew +12.8% — 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: +74%, ATM: +49%, OTM: -82% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 36% — bullish vs sector
Activity
Unusual activity?
7.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks7/9 checks passed
Volume Surge
≥1.5xVolume 2.8x avg — hot
Turnover Rate
≥15%Vol/OI 16.2% — high turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days2 day(s) elevated — sustained
OI Build
≥5%OI change +11.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 96% — very active vs sector
Trade Quality
≥30%Large trade volume 59% — heavy institutional
Execution Urgency
≥60%Aggressive execution 26% — patient
Flow Conviction
≥30Conviction +61 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
3.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 20.4% — wide
Adequate OI
≥10,000OI 59,835 — deep
Active Volume
≥500Volume 9,719/day — active
Reasonable Cost
≤$0.50$1.02 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 95% — much wider than sector
Order Book Depth
≥100 contractsDepth 108.1 contracts (bid:57.7 ask:50.4) — adequate
Execution Quality
<1.0%Avg slippage 5.09% — poor
Timing
Is now a good time?
8.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.4% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 93% — seller opportunity
Event Detection
≥10pts kinkIV kink -25.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 41.35 — favors income trades
Expiration Distribution
≥3 expirations3 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 +61% @ 80% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 89 (ITM 20% + inst 59%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV expensive, bullish flow
Long Puts3.2
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.9
bullishIV rich premium, bullish flow
Covered Call4.5
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.