APPNAppian Corporation Class A Common Stock
APPN Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
APPN Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 85.5% — elevated vs history
IV/HV 1.02x — IV ≤ HV
Sector percentile 66% — above sector median
Front/Back 0.90x — contango
Put/Call IV 1.16x — elevated
ATM IV 63.4% — normal range
Effective IV 98.3% (ATM 63.4% + spread 17.5% + bias) — expensive
Total drag 22.83% (spread 17.47% + slippage 5.36%) — high friction
Vega efficiency 4.57 (vega 7.992 / spread 17.47%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -52% (strong bearish) — Raw: -36%
|OI skew| 28.7% — put-heavy
Vol skew +8.1%, OI skew -28.7% — divergent (opposite)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -80%, ATM: +0%, OTM: -17% — strong bearish (ITM/ATM divergent)
Sector P/C percentile 63% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.2x avg — normal
Vol/OI 1.1% — normal turnover
1 day(s) elevated — may be one-day event
OI change +6.2% (5d) — building
Sector activity percentile 28% — below sector avg
Large trade volume 0% — mostly retail
Aggressive execution 31% — patient
Conviction -52 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
Evaluates
Spread 17.5% — wide
OI 11,577 — adequate
Volume 124/day — thin
$0.87 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 80% — wider than sector
Depth 90.7 contracts (bid:45.5 ask:45.2) — thin
Avg slippage 5.36% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -10.3% — contango
IV percentile 86% — seller opportunity
IV kink -4.7pts — no clear event
θ/ν ratio 234.37 — favors income trades
4 liquid expirations — flexible
safe window: No events detected
Spread ratio 1.00x — stable
Flow -52% @ 76% consistency — STRONG directional (bearish)
Score 30 (ITM 20% + inst 0%) — retail dominated
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 Aug 31, 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.