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ENVXEnovix Corporation Common Stock

Options Analysis Report•MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES
Market Cap $737M|NASDAQ
● 2026-08-31$3.36
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -64.2%YTD -57.4%7D +2.8%
5,076
30D
±8.6%
35%

ENVX Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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ENVX Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 28.9% (ATM 0.0% + spread 14.4% + bias) — excellent value

<3.0%

Total drag 19.92% (spread 14.44% + slippage 5.48%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 14.44%) — spread drag

Sentiment

Bullish or bearish?

5.6
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +2%, Raw: -1%)
|net sentiment| ≥25%

Conviction-weighted: +2% (neutral) — Raw: -1%

≥15%

|OI skew| 52.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +6.9%, OI skew +52.1% — weak (same direction)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +2%, ATM: +19%, OTM: -13% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 55% — neutral vs sector

Activity

Unusual activity?

3.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +3.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 48% — neutral vs sector

≥30%

Large trade volume 23% — mixed

≥60%

Aggressive execution 53% — patient

≥30

Conviction +2 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.0
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 14.4% — wide

≥10,000

OI 361,912 — deep

≥500

Volume 5,076/day — active

≤$0.50

$0.72 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 667.5999999999999 contracts (bid:412.9 ask:254.7) — deep

<1.0%

Avg slippage 5.48% — poor

Timing

Is now a good time?

5.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed
|slope| ≥5%

Slope +0.0% — flat/unclear

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +2% @ 51% consistency — unclear

≥40 composite score

Score 53 (ITM 20% + inst 23%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV cheap, mixed flow
Long Puts5.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow

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.

More on ENVX

ENVX gamma wallsENVX max painENVX IV rankENVX options flow