SHOPShopify Inc. Class A subordinate voting shares
SHOP Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
SHOP Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 74.7% — elevated vs history
IV/HV 1.01x — IV ≤ HV
Sector percentile 40% — below sector median
Front/Back 0.82x — contango
Put/Call IV 1.16x — elevated
ATM IV 52.5% — normal range
Effective IV 68.7% (ATM 52.5% + spread 8.1% + bias) — fair
Total drag 14.33% (spread 8.09% + slippage 6.24%) — high friction
Vega efficiency 81.39 (vega 65.843 / spread 8.09%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +2% (neutral) — Raw: -2%
|OI skew| 31.7% — call-heavy
Vol skew -8.2%, OI skew +31.7% — divergent (opposite)
0-DTE 44%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +4%, ATM: -2%, OTM: -4% — neutral (ITM/ATM divergent)
Sector P/C percentile 79% — very bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.1x avg — normal
Vol/OI 4.9% — normal turnover
1 day(s) elevated — may be one-day event
OI change +6.4% (5d) — building
Sector activity percentile 73% — active vs sector
Large trade volume 32% — institutional presence
Aggressive execution 33% — patient
Conviction +2 (bullish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 8.1% — wide
OI 848,402 — deep
Volume 41,849/day — active
$0.40 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 64% — wider than sector
Depth 204.6 contracts (bid:112.6 ask:92.0) — adequate
Avg slippage 6.24% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -17.8% — contango
IV percentile 75% — seller opportunity
IV kink -7.9pts — no clear event
θ/ν ratio 2209.48 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow +2% @ 51% consistency — unclear
Score 62 (ITM 20% + inst 32%) — 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 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.