Options/SPYD

SPYDState Street SPDR Portfolio S&P 500 High Dividend ETF

Options Analysis Report

AUM $7.2B|ARCX

● 2026-04-17$46.40

VERY BULLISH

Analysis: 2026-04-16 EOD data

1Y +14.5%YTD +6.4%7D +1.4%

Options Vol

163

30D

Implied Move

±3.5%

IV Rank

20%

SPYD Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

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Value

Is IV priced right?

7.1

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 3.7% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.92x — IV premium over HV

Sector Relative≤50%

Sector percentile 6% — below sector median

Term Structure

<1.1x

Front/Back 0.83x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 17.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 80.0% (ATM 17.5% + spread 31.2% + bias) — fair

Execution Efficiency

<3.0%

Total drag 60.57% (spread 31.23% + slippage 29.34%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 4.30 (vega 13.440 / spread 31.23%) — spread drag

Sentiment

Bullish or bearish?

9.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +70%, Raw: +78%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +70% (strong bullish) — Raw: +78%

OI Skew Magnitude

≥15%

|OI skew| 54.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +95.1%, OI skew +54.4% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 40%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +33%, ATM: +76%, OTM: +100% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 2% — very bullish vs sector

Activity

Unusual activity?

6.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks5/9 checks passed

Volume Surge

≥1.5x

Volume 2.1x avg — hot

Turnover Rate

≥15%

Vol/OI 6.1% — normal turnover

Strike Concentration

≥60%

Top 3 strikes = 50% — dispersed

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +14.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 69% — active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 46% — patient

Flow Conviction

≥30

Conviction +70 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 31.2% — wide

Adequate OI

≥10,000

OI 2,682 — thin

Active Volume

≥500

Volume 163/day — thin

Reasonable Cost

≤$0.50

$1.56 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 22% — tighter than sector

Order Book Depth

≥100 contracts

Depth 66.7 contracts (bid:49.0 ask:17.7) — thin

Execution Quality

<1.0%

Avg slippage 29.34% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -17.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 4% — buyer opportunity

Event Detection

≥10pts kink

IV kink -1.5pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 2687.98 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +70% @ 86% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls7.8

bullishIV cheap, bullish flow

Long Puts4.4

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.8

bullishIV too cheap, bullish flow

Covered Call3.0

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.