FSLRFirst Solar, Inc.
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $20.5B|NASDAQ
● 2026-04-17$190.44
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +55.5%YTD -30.6%7D -6.4%
Options Vol
15,636
30D
Implied Move
±18.1%
IV Rank
18%
FSLR Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.8
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 90.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.28x — IV premium over HV
Sector Relative≤50%
Sector percentile 95% — above sector median
Term Structure
<1.1xFront/Back 0.92x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 56.2% — normal range
Spread-Adjusted Value
<80%Effective IV 74.7% (ATM 56.2% + spread 9.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 16.09% (spread 9.26% + slippage 6.83%) — high friction
Vega Efficiency
≥5.0Vega efficiency 12.22 (vega 11.318 / spread 9.26%) — efficient
Sentiment
Bullish or bearish?
5.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -18%, Raw: -9%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -18% (bearish) — Raw: -9%
OI Skew Magnitude
≥15%|OI skew| 20.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +27.6%, OI skew +20.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 45%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -74%, ATM: -20%, OTM: +10% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 35% — bullish vs sector
Activity
Unusual activity?
3.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 1.1x avg — normal
Turnover Rate
≥15%Vol/OI 2.9% — 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 +6.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 30% — below sector avg
Trade Quality
≥30%Large trade volume 23% — mixed
Execution Urgency
≥60%Aggressive execution 39% — patient
Flow Conviction
≥30Conviction -18 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.3% — wide
Adequate OI
≥10,000OI 549,019 — deep
Active Volume
≥500Volume 15,636/day — active
Reasonable Cost
≤$0.50$0.46 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 96% — much wider than sector
Order Book Depth
≥100 contractsDepth 167.39999999999998 contracts (bid:78.3 ask:89.1) — adequate
Execution Quality
<1.0%Avg slippage 6.83% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -8.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 90% — seller opportunity
Event Detection
≥10pts kinkIV kink -8.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 32.08 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 18d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -18% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 53 (ITM 20% + inst 23%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.5
bullishIV fair, mixed flow
Long Puts5.0
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, mixed flow
Covered Call5.1
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.