IV is low with unusual activity. No clear edge detected.
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 23.2% — cheap vs history
IV/HV 0.96x — IV ≤ HV
Sector percentile 37% — below sector median
Front/Back 1.18x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 26.4% — normal range
Effective IV 37.6% (ATM 26.4% + spread 5.6% + bias) — excellent value
Total drag 10.03% (spread 5.59% + slippage 4.44%) — high friction
Vega efficiency 207.70 (vega 116.104 / spread 5.59%) — efficient
Bullish or bearish?
Analyzes
Conviction-weighted: +2% (neutral) — Raw: +6%
|OI skew| 26.8% — call-heavy
Vol skew -0.5%, OI skew +26.8% — divergent (opposite)
0-DTE 15%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +19%, ATM: -10%, OTM: +10% — neutral (ITM/ATM divergent)
Sector P/C percentile 87% — very bearish vs sector
Unusual activity?
Detects volume surges,
Volume 1.6x avg — elevated
Vol/OI 9.3% — normal turnover
Top 3 strikes = 50% — dispersed
2 day(s) elevated — sustained
OI change +4.5% (5d) — building
Sector activity percentile 86% — very active vs sector
Large trade volume 46% — institutional presence
Aggressive execution 32% — patient
Conviction +2 (bullish) — mixed
Can I trade efficiently?
Evaluates
Spread 5.6% — wide
OI 4,823,455 — deep
Volume 450,613/day — active
$0.28 to cross — cheap
9 liquid strikes — good coverage
Sector spread percentile 46% — neutral vs sector
Depth 242.89999999999998 contracts (bid:125.3 ask:117.6) — adequate
Avg slippage 4.44% — poor
Is now a good time?
Considers earnings proximity,
Slope +17.8% — backwardation
IV percentile 23% — buyer opportunity
IV kink 3.9pts — no clear event
θ/ν ratio 1378.90 — favors income trades
5 liquid expirations — flexible
acceptable: No earnings detected; FOMC in 5d
Spread ratio 1.00x — stable
Flow +2% @ 51% consistency — unclear
Score 76 (ITM 20% + inst 46%) — HIGH institutional
For educational purposes only. Not investment advice.