IV is elevated with bullish flow and unusual activity. No clear edge detected.
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 72.8% — elevated vs history
IV/HV 0.93x — IV ≤ HV
Sector percentile 84% — above sector median
Front/Back 0.88x — contango
Put/Call IV 1.16x — elevated
ATM IV 56.8% — normal range
Effective IV 164.3% (ATM 56.8% + spread 53.8% + bias) — expensive
Total drag 67.13% (spread 53.75% + slippage 13.38%) — high friction
Vega efficiency 0.88 (vega 4.727 / spread 53.75%) — spread drag
Bullish or bearish?
Analyzes
Conviction-weighted: +97% (strong bullish) — Raw: +92%
|OI skew| 58.2% — call-heavy
Vol skew +34.1%, OI skew +58.2% — aligned
0-DTE 34%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -13%, ATM: +99%, OTM: +28% — strong bullish (ITM/ATM divergent)
Sector P/C percentile 23% — very bullish vs sector
Unusual activity?
Detects volume surges,
Volume 2.9x avg — hot
Vol/OI 21.5% — high turnover
Top 3 strikes = 50% — dispersed
1 day(s) elevated — may be one-day event
OI change -9.9% (5d) — unwinding
Sector activity percentile 95% — very active vs sector
Large trade volume 88% — heavy institutional
Aggressive execution 18% — patient
Conviction +97 (bullish) — strong conviction
Can I trade efficiently?
Evaluates
Spread 53.8% — wide
OI 36,123 — adequate
Volume 7,756/day — active
$2.69 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 86% — much wider than sector
Depth 2,845.7 contracts (bid:1,416.7 ask:1,429.0) — deep
Avg slippage 13.38% — poor
Is now a good time?
Considers earnings proximity,
Slope -12.0% — contango
IV percentile 73% — seller opportunity
IV kink -3.8pts — no clear event
θ/ν ratio 630.23 — favors income trades
4 liquid expirations — flexible
acceptable: No earnings detected; FOMC in 5d
Spread ratio 1.00x — stable
Flow +97% @ 99% consistency — STRONG directional (bullish)
Score 118 (ITM 20% + inst 88%) — HIGH institutional
For educational purposes only. Not investment advice.