VIAVViavi Solutions Inc. Common Stock
VIAV Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
VIAV Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 90.0% — elevated vs history
IV/HV 1.01x — IV ≤ HV
Sector percentile 83% — above sector median
Front/Back 0.89x — contango
Put/Call IV 1.16x — elevated
ATM IV 76.8% — normal range
Effective IV 100.2% (ATM 76.8% + spread 11.7% + bias) — expensive
Total drag 20.45% (spread 11.70% + slippage 8.75%) — high friction
Vega efficiency 1.89 (vega 2.211 / spread 11.70%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -32% (strong bearish) — Raw: -39%
|OI skew| 50.7% — call-heavy
Vol skew +48.7%, OI skew +50.7% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +24%, ATM: +13%, OTM: -49% — bullish (ITM/ATM aligned)
Sector P/C percentile 31% — bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.2x avg — normal
Vol/OI 0.7% — normal turnover
1 day(s) elevated — may be one-day event
OI change +2.5% (5d) — building
Sector activity percentile 29% — below sector avg
Large trade volume 10% — mostly retail
Aggressive execution 42% — patient
Conviction -32 (bearish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 11.7% — wide
OI 142,714 — deep
Volume 998/day — adequate
$0.58 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 90% — much wider than sector
Depth 321.0 contracts (bid:178.8 ask:142.2) — adequate
Avg slippage 8.75% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -10.7% — contango
IV percentile 90% — seller opportunity
IV kink -6.0pts — no clear event
θ/ν ratio 21.22 — favors income trades
4 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -32% @ 66% consistency — moderate (bearish)
Score 40 (ITM 20% + inst 10%) — 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.