Options/SPOT

SPOTSpotify Technology S.A.

Options Analysis Report

Market Cap $107.3B|NYSE

● 2026-09-11$521.73

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -24.4%YTD -9.3%7D -3.8%

Options Vol

6,212

30D

Implied Move

±11.4%

IV Rank

10%

SPOT Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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SPOT Gamma Walls

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SPOT Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where SPOT sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.26) — near-dated vol is priced 10% below far-dated, and implied vol sits in the 10th percentile of its own past year, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.34): it is trading 2% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.26/ 10cheap

Basis: cross_sectional

Fragility

5.34/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

7.2

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 62.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.03x — IV ≤ HV

Sector Relative≤50%

Sector percentile 49% — below sector median

Term Structure

<1.1x

Front/Back 0.90x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 41.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 64.1% (ATM 41.9% + spread 11.1% + bias) — good value

Execution Efficiency

<3.0%

Total drag 23.39% (spread 11.11% + slippage 12.28%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 37.83 (vega 42.033 / spread 11.11%) — efficient

Sentiment

Bullish or bearish?

4.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +10%, Raw: +8%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +10% (neutral) — Raw: +8%

OI Skew Magnitude

≥15%

|OI skew| 1.2% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -18.3%, OI skew +1.2% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 36%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +52%, ATM: -5%, OTM: +4% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 80% — very bearish vs sector

Activity

Unusual activity?

3.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 5.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -2.4% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

Trade Quality

≥30%

Large trade volume 18% — mixed

Execution Urgency

≥60%

Aggressive execution 28% — patient

Flow Conviction

≥30

Conviction +10 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.8

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.1% — wide

Adequate OI

≥10,000

OI 118,804 — deep

Active Volume

≥500

Volume 6,212/day — active

Reasonable Cost

≤$0.50

$0.56 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

Order Book Depth

≥100 contracts

Depth 66.7 contracts (bid:28.0 ask:38.7) — thin

Execution Quality

<1.0%

Avg slippage 12.28% — poor

Timing

Is now a good time?

6.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -10.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 62% — neutral

Event Detection

≥10pts kink

IV kink -2.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 69.78 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +10% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 48 (ITM 20% + inst 18%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.6

bullishIV cheap, mixed flow

Long Puts6.0

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.1

bullishIV too cheap, mixed flow

Covered Call4.5

bearishIV too cheap, mixed flow

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.

More on SPOT

SPOT gamma walls SPOT option chain SPOT max pain SPOT expected move SPOT IV rank SPOT put/call ratio SPOT options flow