Options/ICE

ICEIntercontinental Exchange Inc.

Options Analysis Report•SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES

Market Cap $91.1B|NYSE

● 2026-08-31$162.33

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -7.3%YTD +1.5%7D -0.4%

Options Vol

1,485

30D

Implied Move

±6.6%

IV Rank

ICE Options Overview

IV is low. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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ICE Gamma Walls

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ICE Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where ICE sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.2) — downside puts carry 0.5 IV points more than at-the-money, and implied vol sits in the 6th percentile of its own past year, measured against this name's own rolling 22-trading-day realized moves (482 overlapping windows). Fragility reads resilient (1): it is trading 12% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is contracting.

Protection cost

3.20/ 10cheap

Basis: cross_sectional

Fragility

1.00/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

7.2

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 24.9% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.68x — IV premium over HV

Sector Relative≤50%

Sector percentile 45% — below sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 24.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 41.3% (ATM 24.6% + spread 8.4% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 13.98% (spread 8.36% + slippage 5.62%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 20.69 (vega 17.293 / spread 8.36%) — efficient

Sentiment

Bullish or bearish?

6.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -9%, Raw: -7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -9% (neutral) — Raw: -7%

OI Skew Magnitude

≥15%

|OI skew| 44.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +24.6%, OI skew +44.4% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +62%, ATM: -10%, OTM: -9% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 45% — bullish vs sector

Activity

Unusual activity?

2.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 2.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +4.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 51% — neutral vs sector

Trade Quality

≥30%

Large trade volume 8% — mostly retail

Execution Urgency

≥60%

Aggressive execution 43% — patient

Flow Conviction

≥30

Conviction -9 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 8.4% — wide

Adequate OI

≥10,000

OI 65,268 — deep

Active Volume

≥500

Volume 1,485/day — adequate

Reasonable Cost

≤$0.50

$0.42 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 46% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 85.4 contracts (bid:51.4 ask:34.0) — thin

Execution Quality

<1.0%

Avg slippage 5.62% — poor

Timing

Is now a good time?

7.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -14.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 25% — buyer opportunity

Event Detection

≥10pts kink

IV kink -1.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 226.65 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -9% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 38 (ITM 20% + inst 8%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls6.3

bullishIV cheap, mixed flow

Long Puts5.7

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.9

bullishIV too cheap, mixed flow

Covered Call4.2

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 ICE

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