FHNFirst Horizon Corporation
Options Analysis Report•NATIONAL COMMERCIAL BANKS
Market Cap $11.5B|NYSE
● 2026-06-09$24.27
BULLISH
Analysis: 2026-06-08 EOD data
1Y +19.8%YTD +0.6%7D +1.1%
Options Vol
414
30D
Implied Move
±8.6%
IV Rank
17%
FHN Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 34.8% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.37x — IV premium over HV
Sector Relative≤50%
Sector percentile 51% — above sector median
Term Structure
<1.1xFront/Back 0.97x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 31.4% — normal range
Spread-Adjusted Value
<80%Effective IV 58.4% (ATM 31.4% + spread 13.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 17.27% (spread 13.49% + slippage 3.78%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.17 (vega 4.272 / spread 13.49%) — spread drag
Sentiment
Bullish or bearish?
6.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +8%, Raw: +8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +8% (neutral) — Raw: +8%
OI Skew Magnitude
≥15%|OI skew| 22.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +81.6%, OI skew +22.1% — 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: +0%, ATM: -2%, OTM: +13% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 7% — very bullish vs sector
Activity
Unusual activity?
2.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 0.5% — 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 +0.5% (5d) — stable
Sector Relative≥60%
Sector activity percentile 18% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 12% — patient
Flow Conviction
≥30Conviction +8 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 13.5% — wide
Adequate OI
≥10,000OI 77,448 — deep
Active Volume
≥500Volume 414/day — thin
Reasonable Cost
≤$0.50$0.67 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 59% — neutral vs sector
Order Book Depth
≥100 contractsDepth 638.5 contracts (bid:368.2 ask:270.3) — deep
Execution Quality
<1.0%Avg slippage 3.78% — poor
Timing
Is now a good time?
6.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks3/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -3.2% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 35% — neutral
Event Detection
≥10pts kinkIV kink -1.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 414.76 — favors income trades
Expiration Distribution
≥3 expirations4 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 +8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV too cheap, bullish flow
Covered Call3.8
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.