TXNTexas Instruments Incorporated
TXN Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
TXN Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 74.3% — elevated vs history
IV/HV 1.50x — IV premium over HV
Sector percentile 33% — below sector median
Front/Back 0.91x — contango
Put/Call IV 1.16x — elevated
ATM IV 41.2% — normal range
Effective IV 60.0% (ATM 41.2% + spread 9.4% + bias) — good value
Total drag 20.20% (spread 9.41% + slippage 10.79%) — high friction
Vega efficiency 15.48 (vega 14.563 / spread 9.41%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -43% (strong bearish) — Raw: -23%
|OI skew| 9.7% — balanced
Vol skew +3.2%, OI skew +9.7% — weak (same direction)
0-DTE 25%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +24%, ATM: -74%, OTM: -8% — bearish (ITM/ATM divergent)
Sector P/C percentile 61% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.9x avg — normal
Vol/OI 6.8% — normal turnover
1 day(s) elevated — may be one-day event
OI change -0.5% (5d) — stable
Sector activity percentile 67% — active vs sector
Large trade volume 20% — mixed
Aggressive execution 19% — patient
Conviction -43 (bearish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 9.4% — wide
OI 248,481 — deep
Volume 16,943/day — active
$0.47 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 35% — tighter than sector
Depth 102.8 contracts (bid:14.1 ask:88.7) — adequate
Avg slippage 10.79% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -9.5% — contango
IV percentile 74% — seller opportunity
IV kink -3.6pts — no clear event
θ/ν ratio 39.81 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -43% @ 72% consistency — STRONG directional (bearish)
Score 50 (ITM 20% + inst 20%) — moderate 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.