ENPHEnphase Energy, Inc.
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $7.5B|NASDAQ
● 2026-06-09$56.88
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y +31.5%YTD +68.5%7D -21.4%
Options Vol
26,565
30D
Implied Move
±27.5%
IV Rank
61%
ENPH Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 93.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.70x — IV ≤ HV
Sector Relative≤50%
Sector percentile 95% — above sector median
Term Structure
<1.1xFront/Back 1.09x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 98.3% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 117.1% (ATM 98.3% + spread 9.4% + bias) — expensive
Execution Efficiency
<3.0%Total drag 14.14% (spread 9.39% + slippage 4.75%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.97 (vega 3.725 / spread 9.39%) — spread drag
Sentiment
Bullish or bearish?
6.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -14%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -14% (bearish) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 15.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +45.9%, OI skew +15.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -21%, ATM: -14%, OTM: -7% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 48% — neutral vs sector
Activity
Unusual activity?
3.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 5.4% — 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 +1.9% (5d) — stable
Sector Relative≥60%
Sector activity percentile 88% — very active vs sector
Trade Quality
≥30%Large trade volume 15% — mixed
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction -14 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.4% — wide
Adequate OI
≥10,000OI 494,805 — deep
Active Volume
≥500Volume 26,565/day — active
Reasonable Cost
≤$0.50$0.47 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 97% — much wider than sector
Order Book Depth
≥100 contractsDepth 283.5 contracts (bid:147.1 ask:136.4) — adequate
Execution Quality
<1.0%Avg slippage 4.75% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.5% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 93% — seller opportunity
Event Detection
≥10pts kinkIV kink 11.1pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 20.58 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -14% @ 57% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 45 (ITM 20% + inst 15%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV expensive, bullish flow
Long Puts4.4
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.1
bullishIV rich premium, bullish flow
Covered Call5.4
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.