CTRA
CTRA Options Overview
bullish flow with unusual activity. No clear edge detected.
REWARDS
RISK ANALYSIS
CTRA Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 60.5% — elevated vs history
IV/HV 0.94x — IV ≤ HV
Sector percentile 52% — above sector median
Front/Back 1.71x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 42.5% — normal range
Effective IV 136.2% (ATM 42.5% + spread 46.8% + bias) — expensive
Total drag 58.95% (spread 46.83% + slippage 12.12%) — high friction
Vega efficiency 0.58 (vega 2.706 / spread 46.83%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +72% (strong bullish) — Raw: +64%
|OI skew| 76.4% — call-heavy
Vol skew +94.1%, OI skew +76.4% — aligned
0-DTE 1%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +27%, ATM: +24%, OTM: +64% — strong bullish (ITM/ATM aligned)
Sector P/C percentile 6% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 3.1x avg — hot
Vol/OI 19.8% — high turnover
Top 3 strikes = 50% — dispersed
1 day(s) elevated — may be one-day event
OI change +25.1% (5d) — building
Sector activity percentile 97% — very active vs sector
Large trade volume 95% — heavy institutional
Aggressive execution 22% — patient
Conviction +72 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
Evaluates
Spread 46.8% — wide
OI 160,932 — deep
Volume 31,804/day — active
$2.34 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 72% — wider than sector
Depth 417.29999999999995 contracts (bid:247.2 ask:170.1) — adequate
Avg slippage 12.12% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +70.8% — backwardation
IV percentile 60% — neutral
IV kink 25.8pts — event priced
θ/ν ratio 77.75 — favors income trades
5 liquid expirations — flexible
acceptable: No earnings detected; CPI in 5d
Spread ratio 1.00x — stable
Flow +72% @ 86% consistency — STRONG directional (bullish)
Score 125 (ITM 20% + inst 95%) — 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 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.