SHOPShopify Inc. Class A subordinate voting shares
Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $158.8B|NASDAQ
● 2026-04-29$121.26
NEUTRAL
Analysis: 2026-04-28 EOD data
1Y +27.6%YTD -22.9%7D -2.4%
Options Vol
20,200
30D
Implied Move
±23.9%
IV Rank
64%
SHOP Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.4
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 85.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.32x — IV premium over HV
Sector Relative≤50%
Sector percentile 62% — above sector median
Term Structure
<1.1xFront/Back 1.16x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 74.5% — normal range
Spread-Adjusted Value
<80%Effective IV 91.6% (ATM 74.5% + spread 8.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 12.41% (spread 8.53% + slippage 3.88%) — high friction
Vega Efficiency
≥5.0Vega efficiency 43.17 (vega 36.823 / spread 8.53%) — efficient
Sentiment
Bullish or bearish?
4.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -37%, Raw: -26%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -37% (strong bearish) — Raw: -26%
OI Skew Magnitude
≥15%|OI skew| 18.6% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +16.6%, OI skew +18.6% — 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: -11%, ATM: -52%, OTM: -23% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 60% — bearish vs sector
Activity
Unusual activity?
3.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 3.1% — 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 +2.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 51% — neutral vs sector
Trade Quality
≥30%Large trade volume 20% — mixed
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction -37 (bearish) — moderate
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 8.5% — wide
Adequate OI
≥10,000OI 654,656 — deep
Active Volume
≥500Volume 20,200/day — active
Reasonable Cost
≤$0.50$0.43 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 78% — wider than sector
Order Book Depth
≥100 contractsDepth 284.7 contracts (bid:158.2 ask:126.5) — adequate
Execution Quality
<1.0%Avg slippage 3.88% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +15.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 85% — seller opportunity
Event Detection
≥10pts kinkIV kink 2.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 656.39 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)HIGH RISK: No earnings detected; FOMC in 0d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -37% @ 69% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 50 (ITM 20% + inst 20%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.6
bullishIV expensive, mixed flow
Long Puts4.7
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.7
bullishIV rich premium, mixed flow
Covered Call5.8
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.