Options/SID

SIDCompanhia Siderurgica Nacional S.A. (CSN)

Options Analysis Report

Market Cap $1.4B|NYSE

● 2026-08-31$1.02

VERY BULLISH

Analysis: 2026-08-28 EOD data

1Y -27.1%YTD -36.6%7D -1.0%

Options Vol

121

30D

Implied Move

±18.8%

IV Rank

90%

SID Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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SID Gamma Walls

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Value

Is IV priced right?

2.5

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 89.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 90% — above sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 70.8% — normal range

Spread-Adjusted Value

<80%

Effective IV 282.6% (ATM 70.8% + spread 105.9% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 123.85% (spread 105.88% + slippage 17.97%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.02 (vega 0.217 / spread 105.88%) — spread drag

Sentiment

Bullish or bearish?

9.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +87%, Raw: +90%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +87% (strong bullish) — Raw: +90%

OI Skew Magnitude

≥15%

|OI skew| 81.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +81.9% — aligned

Conviction Quality

≥2/3 conditions

0-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: +0%, ATM: +50%, OTM: +98% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

3.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 0.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.2% (5d) — stable

Sector Relative≥60%

Sector activity percentile 8% — quiet vs sector

Trade Quality

≥30%

Large trade volume 83% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 17% — patient

Flow Conviction

≥30

Conviction +87 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

2.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 105.9% — wide

Adequate OI

≥10,000

OI 41,663 — adequate

Active Volume

≥500

Volume 121/day — thin

Reasonable Cost

≤$0.50

$5.29 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 4,868.9 contracts (bid:2,627.7 ask:2,241.2) — deep

Execution Quality

<1.0%

Avg slippage 17.97% — poor

Timing

Is now a good time?

7.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -10.7% — contango

IV Percentile Clarity

<30 or >70

IV percentile 90% — seller opportunity

Event Detection

≥10pts kink

IV kink -5.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 309.86 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +87% @ 93% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 113 (ITM 20% + inst 83%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.8

bullishIV expensive, bullish flow

Long Puts2.6

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put7.2

bullishIV rich premium, bullish flow

Covered Call4.1

bearishIV rich premium, bullish flow

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.

More on SID

SID gamma walls SID max pain SID IV rank SID options flow