ICEIntercontinental Exchange Inc.
Options Analysis Report•SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES
Market Cap $91.3B|NYSE
● 2026-04-17$161.24
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +4.0%YTD +0.8%7D +0.4%
Options Vol
1,275
30D
Implied Move
±8.4%
IV Rank
47%
ICE Options Overview
IV is low. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks8/9 checks passed
IV Rank
≤35%IV Rank 14.4% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.02x — IV ≤ HV
Sector Relative≤50%
Sector percentile 20% — below sector median
Term Structure
<1.1xFront/Back 0.94x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.1% — normal range
Spread-Adjusted Value
<80%Effective IV 46.8% (ATM 27.1% + spread 9.8% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 13.14% (spread 9.84% + slippage 3.30%) — high friction
Vega Efficiency
≥5.0Vega efficiency 53.55 (vega 52.694 / spread 9.84%) — efficient
Sentiment
Bullish or bearish?
5.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -17%, Raw: -19%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -17% (bearish) — Raw: -19%
OI Skew Magnitude
≥15%|OI skew| 7.2% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +7.5%, OI skew +7.2% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 5%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +60%, ATM: +19%, OTM: -52% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 54% — neutral vs sector
Activity
Unusual activity?
3.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 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 +7.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 41% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction -17 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.8% — wide
Adequate OI
≥10,000OI 33,046 — adequate
Active Volume
≥500Volume 1,275/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 24% — tighter than sector
Order Book Depth
≥100 contractsDepth 71.6 contracts (bid:34.9 ask:36.7) — thin
Execution Quality
<1.0%Avg slippage 3.30% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -5.8% — contango
IV Percentile Clarity
<30 or >70IV percentile 14% — buyer opportunity
Event Detection
≥10pts kinkIV kink -2.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1514.18 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 13d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -17% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.1
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.