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FSMFortuna Mining Corp.

Options Analysis Report
Market Cap $3.6B|NYSE
● 2026-08-31$12.26
BULLISH
Analysis: 2026-08-28 EOD data
1Y +57.6%YTD +28.5%7D +0.6%
2,298
30D
±14.7%
0%

FSM Options Overview

IV is elevated with bullish flow and unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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FSM Gamma Walls

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Value

Is IV priced right?

5.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 80.6% — elevated vs history

<1.05x

IV/HV 0.96x — IV ≤ HV

Sector Relative≤50%

Sector percentile 73% — above sector median

<1.1x

Front/Back 0.91x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 55.4% — normal range

<80%

Effective IV 81.7% (ATM 55.4% + spread 13.2% + bias) — expensive

<3.0%

Total drag 17.82% (spread 13.17% + slippage 4.65%) — high friction

≥5.0

Vega efficiency 1.77 (vega 2.333 / spread 13.17%) — spread drag

Sentiment

Bullish or bearish?

5.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -40%, Raw: -32%)
|net sentiment| ≥25%

Conviction-weighted: -40% (strong bearish) — Raw: -32%

≥15%

|OI skew| 64.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +89.6%, OI skew +64.8% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -56%, ATM: +28%, OTM: -4% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 14% — very bullish vs sector

Activity

Unusual activity?

3.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 3.0% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +0.7% (5d) — stable

Sector Relative≥60%

Sector activity percentile 64% — active vs sector

≥30%

Large trade volume 15% — mostly retail

≥60%

Aggressive execution 30% — patient

≥30

Conviction -40 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.3
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 13.2% — wide

≥10,000

OI 76,949 — deep

≥500

Volume 2,298/day — adequate

≤$0.50

$0.66 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 85% — much wider than sector

≥100 contracts

Depth 1,203.9 contracts (bid:631.7 ask:572.2) — deep

<1.0%

Avg slippage 4.65% — poor

Timing

Is now a good time?

7.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed
|slope| ≥5%

Slope -9.2% — contango

<30 or >70

IV percentile 81% — seller opportunity

≥10pts kink

IV kink -3.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 262.16 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -40% @ 70% consistency — STRONG directional (bearish)

≥40 composite score

Score 45 (ITM 20% + inst 15%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls6.4
bullishIV fair, mixed flow
Long Puts5.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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