FLGFlagstar Bank, National Association
Options Analysis Report•SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
Market Cap $5.9B|NYSE
● 2026-06-09$14.09
BULLISH
Analysis: 2026-06-08 EOD data
1Y +18.9%YTD +12.3%7D +0.0%
Options Vol
1,929
30D
Implied Move
±8.7%
IV Rank
10%
FLG Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 37.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.19x — IV premium over HV
Sector Relative≤50%
Sector percentile 54% — above sector median
Term Structure
<1.1xFront/Back 0.88x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 32.6% — normal range
Spread-Adjusted Value
<80%Effective IV 62.3% (ATM 32.6% + spread 14.9% + bias) — good value
Execution Efficiency
<3.0%Total drag 24.92% (spread 14.87% + slippage 10.05%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.86 (vega 4.248 / spread 14.87%) — spread drag
Sentiment
Bullish or bearish?
7.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +37%, Raw: +37%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +37% (strong bullish) — Raw: +37%
OI Skew Magnitude
≥15%|OI skew| 18.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +83.5%, OI skew +18.0% — 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: +44%, ATM: -52%, OTM: +76% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 6% — very bullish vs sector
Activity
Unusual activity?
3.5
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 0.8% — 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 +0.4% (5d) — stable
Sector Relative≥60%
Sector activity percentile 25% — below sector avg
Trade Quality
≥30%Large trade volume 55% — heavy institutional
Execution Urgency
≥60%Aggressive execution 54% — patient
Flow Conviction
≥30Conviction +37 (bullish) — moderate
Liquidity
Can I trade efficiently?
3.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 14.9% — wide
Adequate OI
≥10,000OI 245,294 — deep
Active Volume
≥500Volume 1,929/day — adequate
Reasonable Cost
≤$0.50$0.74 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 61% — wider than sector
Order Book Depth
≥100 contractsDepth 1,211.4 contracts (bid:568.7 ask:642.7) — deep
Execution Quality
<1.0%Avg slippage 10.05% — poor
Timing
Is now a good time?
6.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -12.4% — contango
IV Percentile Clarity
<30 or >70IV percentile 37% — neutral
Event Detection
≥10pts kinkIV kink -2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1036.17 — 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 +37% @ 68% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 85 (ITM 20% + inst 55%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls7.3
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV too cheap, bullish flow
Covered Call3.4
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.