APPApplovin Corporation Class A Common Stock
Options Analysis Report•SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.
Market Cap $160.9B|NASDAQ
● 2026-04-17$477.20
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +109.2%YTD -22.8%7D +21.9%
Options Vol
63,732
30D
Implied Move
±24.5%
IV Rank
38%
APP Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 98.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.05x — IV ≤ HV
Sector Relative≤50%
Sector percentile 94% — above sector median
Term Structure
<1.1xFront/Back 0.94x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 77.8% — normal range
Spread-Adjusted Value
<80%Effective IV 93.8% (ATM 77.8% + spread 8.0% + bias) — expensive
Execution Efficiency
<3.0%Total drag 12.21% (spread 8.00% + slippage 4.21%) — high friction
Vega Efficiency
≥5.0Vega efficiency 300.33 (vega 240.261 / spread 8.00%) — efficient
Sentiment
Bullish or bearish?
6.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -4%, Raw: -3%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -4% (neutral) — Raw: -3%
OI Skew Magnitude
≥15%|OI skew| 17.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +48.9%, OI skew +17.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 60%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -0%, ATM: +13%, OTM: -8% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 20% — very bullish vs sector
Activity
Unusual activity?
5.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.4x avg — normal
Turnover Rate
≥15%Vol/OI 18.0% — high 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 +11.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 90% — very active vs sector
Trade Quality
≥30%Large trade volume 14% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction -4 (bearish) — mixed
Liquidity
Can I trade efficiently?
5.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 8.0% — wide
Adequate OI
≥10,000OI 353,692 — deep
Active Volume
≥500Volume 63,732/day — active
Reasonable Cost
≤$0.50$0.40 to cross — cheap
Strike Coverage
≥5 strikes2 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 94% — much wider than sector
Order Book Depth
≥100 contractsDepth 130.1 contracts (bid:65.1 ask:65.0) — adequate
Execution Quality
<1.0%Avg slippage 4.21% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -5.8% — contango
IV Percentile Clarity
<30 or >70IV percentile 99% — seller opportunity
Event Detection
≥10pts kinkIV kink -9.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2288.20 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 19d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -4% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 44 (ITM 20% + inst 14%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.6
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put6.1
bullishIV fair, bullish flow
Covered Call5.2
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.