ENVXEnovix Corporation Common Stock
Options Analysis Report•MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES
Market Cap $1.5B|NASDAQ
● 2026-06-12$6.66
BULLISH
Analysis: 2026-06-11 EOD data
1Y -14.1%YTD -15.6%7D -9.0%
Options Vol
10,431
30D
Implied Move
±30.6%
IV Rank
42%
ENVX Options Overview
bullish flow with unusual activity. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 0.83x — contango
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 29.7% (ATM 0.0% + spread 14.9% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 22.79% (spread 14.86% + slippage 7.93%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 14.86%) — spread drag
Sentiment
Bullish or bearish?
6.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +13%, Raw: +8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +13% (bullish) — Raw: +8%
OI Skew Magnitude
≥15%|OI skew| 59.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +61.7%, OI skew +59.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 34%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -22%, ATM: +36%, OTM: +18% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 27% — very bullish vs sector
Activity
Unusual activity?
3.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 3.1% — 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 +3.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 64% — active vs sector
Trade Quality
≥30%Large trade volume 38% — institutional presence
Execution Urgency
≥60%Aggressive execution 41% — patient
Flow Conviction
≥30Conviction +13 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 14.9% — wide
Adequate OI
≥10,000OI 333,200 — deep
Active Volume
≥500Volume 10,431/day — active
Reasonable Cost
≤$0.50$0.74 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 838.7 contracts (bid:448.1 ask:390.6) — deep
Execution Quality
<1.0%Avg slippage 7.93% — poor
Timing
Is now a good time?
6.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -16.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink -12.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: No earnings detected; FOMC in 5d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +13% @ 56% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 68 (ITM 20% + inst 38%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.0
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.5
bullishIV fair, bullish flow
Covered Call4.2
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.