FORMFormFactor Inc.
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $10.9B|NASDAQ
● 2026-06-12$139.21
BULLISH
Analysis: 2026-06-11 EOD data
1Y +313.9%YTD +135.2%7D +19.3%
Options Vol
953
30D
Implied Move
±8.6%
IV Rank
80%
FORM Options Overview
IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 91.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.11x — IV premium over HV
Sector Relative≤50%
Sector percentile 79% — above sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 96.6% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 116.4% (ATM 96.6% + spread 9.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.70% (spread 9.88% + slippage 6.82%) — high friction
Vega Efficiency
≥5.0Vega efficiency 29.58 (vega 29.226 / spread 9.88%) — efficient
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: +38%, Raw: +26%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +38% (strong bullish) — Raw: +26%
OI Skew Magnitude
≥15%|OI skew| 36.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +32.6%, OI skew +36.7% — 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: +25%, ATM: +74%, OTM: +14% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 55% — bearish vs sector
Activity
Unusual activity?
4.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 3.9% — 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 +4.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 62% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 52% — patient
Flow Conviction
≥30Conviction +38 (bullish) — moderate
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 9.9% — wide
Adequate OI
≥10,000OI 24,292 — adequate
Active Volume
≥500Volume 953/day — adequate
Reasonable Cost
≤$0.50$0.49 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 87% — much wider than sector
Order Book Depth
≥100 contractsDepth 38.3 contracts (bid:24.9 ask:13.4) — thin
Execution Quality
<1.0%Avg slippage 6.82% — poor
Timing
Is now a good time?
7.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.4% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 92% — seller opportunity
Event Detection
≥10pts kinkIV kink 7.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 253.26 — favors income trades
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 +38% @ 69% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.5
bullishIV expensive, bullish flow
Long Puts3.5
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.8
bullishIV rich premium, bullish flow
Covered Call4.8
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.