SBSWSibanye-Stillwater American Depositary Shares, each representing four ordinary shares
SBSW Options Overview
IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
SBSW Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 85.3% — elevated vs history
IV/HV 1.11x — IV premium over HV
Sector percentile 85% — above sector median
Front/Back 1.15x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 63.2% — normal range
Effective IV 94.7% (ATM 63.2% + spread 15.7% + bias) — expensive
Total drag 21.52% (spread 15.74% + slippage 5.78%) — high friction
Vega efficiency 2.18 (vega 3.438 / spread 15.74%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -36% (strong bearish) — Raw: -46%
|OI skew| 54.7% — call-heavy
Vol skew +58.1%, OI skew +54.7% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -34%, ATM: +34%, OTM: -76% — neutral (ITM/ATM divergent)
Sector P/C percentile 34% — bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.1x avg — normal
Vol/OI 3.2% — normal turnover
1 day(s) elevated — may be one-day event
OI change +7.6% (5d) — building
Sector activity percentile 66% — active vs sector
Large trade volume 43% — institutional presence
Aggressive execution 55% — patient
Conviction -36 (bearish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 15.7% — wide
OI 231,396 — deep
Volume 7,469/day — active
$0.79 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 92% — much wider than sector
Depth 1,209.8 contracts (bid:640.4 ask:569.4) — deep
Avg slippage 5.78% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +14.9% — backwardation
IV percentile 85% — seller opportunity
IV kink 10.5pts — event priced
θ/ν ratio 563.54 — favors income trades
3 liquid expirations — flexible
HIGH RISK: Earnings in 1d (HIGH RISK)
Spread ratio 1.00x — stable
Flow -36% @ 68% consistency — moderate (bearish)
Score 73 (ITM 20% + inst 43%) — HIGH institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Aug 31, 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.