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FUTUFutu Holdings Limited American Depositary Shares

Options Analysis Report
Market Cap $17.4B|NASDAQ
● 2026-08-31$124.26
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -33.5%YTD -30.4%7D +7.3%
4,355
30D
±13.9%
7%

FUTU Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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FUTU Gamma Walls

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Value

Is IV priced right?

6.6
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 75.6% — elevated vs history

<1.05x

IV/HV 0.82x — IV ≤ HV

Sector Relative≤50%

Sector percentile 86% — above sector median

<1.1x

Front/Back 0.91x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 49.6% — normal range

<80%

Effective IV 77.6% (ATM 49.6% + spread 14.0% + bias) — fair

<3.0%

Total drag 24.48% (spread 14.02% + slippage 10.46%) — high friction

≥5.0

Vega efficiency 8.45 (vega 11.840 / spread 14.02%) — efficient

Sentiment

Bullish or bearish?

5.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +0%, Raw: -4%)
|net sentiment| ≥25%

Conviction-weighted: +0% (neutral) — Raw: -4%

≥15%

|OI skew| 6.8% — balanced

Same sign, |vol skew| ≥10%

Vol skew +14.2%, OI skew -6.8% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +13%, ATM: +4%, OTM: -11% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 24% — very bullish vs sector

Activity

Unusual activity?

3.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 4.0% — normal turnover

≥2 days

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

≥5%

OI change +9.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 64% — active vs sector

≥30%

Large trade volume 2% — mostly retail

≥60%

Aggressive execution 29% — patient

≥30

Conviction +0 (bullish) — mixed

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 14.0% — wide

≥10,000

OI 108,812 — deep

≥500

Volume 4,355/day — adequate

≤$0.50

$0.70 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 90% — much wider than sector

≥100 contracts

Depth 127.80000000000001 contracts (bid:65.4 ask:62.4) — adequate

<1.0%

Avg slippage 10.46% — poor

Timing

Is now a good time?

6.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -9.3% — contango

<30 or >70

IV percentile 76% — seller opportunity

≥10pts kink

IV kink -3.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 82.40 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +0% @ 50% consistency — unclear

≥40 composite score

Score 32 (ITM 20% + inst 2%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, 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.

More on FUTU

FUTU gamma wallsFUTU max painFUTU IV rankFUTU options flow