AAOIApplied Optoelectronics, Inc.
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $13.0B|NASDAQ
● 2026-06-18$161.85
NEUTRAL
Analysis: 2026-06-17 EOD data
1Y +590.2%YTD +308.7%7D -4.3%
Options Vol
56,922
30D
Implied Move
±35.8%
IV Rank
50%
AAOI Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 95.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.87x — IV ≤ HV
Sector Relative≤50%
Sector percentile 96% — above sector median
Term Structure
<1.1xFront/Back 0.95x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 128.8% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 142.2% (ATM 128.8% + spread 6.7% + bias) — expensive
Execution Efficiency
<3.0%Total drag 11.12% (spread 6.69% + slippage 4.43%) — high friction
Vega Efficiency
≥5.0Vega efficiency 86.78 (vega 58.056 / spread 6.69%) — efficient
Sentiment
Bullish or bearish?
6.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -6%, Raw: -4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -6% (neutral) — Raw: -4%
OI Skew Magnitude
≥15%|OI skew| 3.2% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +46.2%, OI skew +3.2% — aligned
Conviction Quality
≥2/3 conditions0-DTE 62%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -12%, ATM: -1%, OTM: -4% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 40% — bullish vs sector
Activity
Unusual activity?
4.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 14.8% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +4.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 91% — very active vs sector
Trade Quality
≥30%Large trade volume 12% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction -6 (bearish) — mixed
Liquidity
Can I trade efficiently?
5.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 6.7% — wide
Adequate OI
≥10,000OI 383,721 — deep
Active Volume
≥500Volume 56,922/day — active
Reasonable Cost
≤$0.50$0.33 to cross — cheap
Strike Coverage
≥5 strikes16 liquid strikes — good coverage
Sector Relative≤40%
Sector spread percentile 98% — much wider than sector
Order Book Depth
≥100 contractsDepth 124.6 contracts (bid:60.3 ask:64.3) — adequate
Execution Quality
<1.0%Avg slippage 4.43% — poor
Timing
Is now a good time?
7.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.8% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 95% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 853.77 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 42 (ITM 20% + inst 12%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV expensive, mixed flow
Long Puts4.6
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.4
bullishIV rich premium, mixed flow
Covered Call5.7
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.