UMCUnited Microelectronic Corp.
UMC Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
UMC Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 84.9% — elevated vs history
IV/HV 1.43x — IV premium over HV
Sector percentile 67% — above sector median
Front/Back 1.04x — flat
Put/Call IV 1.16x — elevated
ATM IV 66.2% — normal range
Effective IV 81.3% (ATM 66.2% + spread 7.6% + bias) — expensive
Total drag 11.34% (spread 7.56% + slippage 3.78%) — high friction
Vega efficiency 1.71 (vega 1.295 / spread 7.56%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +36% (strong bullish) — Raw: +34%
|OI skew| 35.7% — call-heavy
Vol skew -5.9%, OI skew +35.7% — divergent (opposite)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -37%, ATM: +16%, OTM: +42% — bearish (ITM/ATM divergent)
Sector P/C percentile 78% — very bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.0x avg — normal
Vol/OI 2.2% — normal turnover
1 day(s) elevated — may be one-day event
OI change +2.5% (5d) — building
Sector activity percentile 55% — neutral vs sector
Large trade volume 31% — institutional presence
Aggressive execution 69% — urgent
Conviction +36 (bullish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 7.6% — wide
OI 221,961 — deep
Volume 4,944/day — adequate
$0.38 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 80% — much wider than sector
Depth 324.4 contracts (bid:118.6 ask:205.8) — adequate
Avg slippage 3.78% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +4.5% — flat/unclear
IV percentile 85% — seller opportunity
IV kink 7.1pts — no clear event
θ/ν ratio 19.15 — favors income trades
3 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow +36% @ 68% consistency — moderate (bullish)
Score 61 (ITM 20% + inst 31%) — HIGH 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.