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SPHRSphere Entertainment Co.

Options Analysis Report•SERVICES-AMUSEMENT & RECREATION SERVICES
Market Cap $5.3B|NYSE
● 2026-08-28$147.34
BULLISH
Analysis: 2026-08-27 EOD data
1Y +223.8%YTD +56.2%7D -7.0%
726
30D
±13.0%
6%

SPHR Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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SPHR Gamma Walls

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Value

Is IV priced right?

6.7
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 75.6% — elevated vs history

<1.05x

IV/HV 0.87x — IV ≤ HV

Sector Relative≤50%

Sector percentile 59% — above sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 52.3% — normal range

<80%

Effective IV 87.6% (ATM 52.3% + spread 17.6% + bias) — expensive

<3.0%

Total drag 24.30% (spread 17.63% + slippage 6.67%) — high friction

≥5.0

Vega efficiency 20.08 (vega 35.405 / spread 17.63%) — efficient

Sentiment

Bullish or bearish?

7.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +42%, Raw: +37%)
|net sentiment| ≥25%

Conviction-weighted: +42% (strong bullish) — Raw: +37%

≥15%

|OI skew| 57.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +14.9%, OI skew +57.1% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +69%, ATM: +43%, OTM: +35% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 47% — neutral vs sector

Activity

Unusual activity?

3.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 2.8% — normal turnover

≥2 days

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

≥5%

OI change -13.6% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 69% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 22% — patient

≥30

Conviction +42 (bullish) — moderate

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 17.6% — wide

≥10,000

OI 25,865 — adequate

≥500

Volume 726/day — adequate

≤$0.50

$0.88 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

≥100 contracts

Depth 25.3 contracts (bid:11.0 ask:14.3) — thin

<1.0%

Avg slippage 6.67% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -15.2% — contango

<30 or >70

IV percentile 76% — seller opportunity

≥10pts kink

IV kink -7.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 463.42 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +42% @ 71% consistency — STRONG directional (bullish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV cheap, bullish flow
Long Puts4.9
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.