MKTXMarketAxess Holdings Inc.
Options Analysis Report•SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
Market Cap $4.9B|NASDAQ
● 2026-05-15$138.45
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -35.9%YTD -22.5%7D -6.2%
Options Vol
32
30D
Implied Move
±8.6%
IV Rank
23%
MKTX Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 36.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.36x — IV premium over HV
Sector Relative≤50%
Sector percentile 49% — 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 35.9% — normal range
Spread-Adjusted Value
<80%Effective IV 103.7% (ATM 35.9% + spread 33.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 52.87% (spread 33.88% + slippage 18.99%) — high friction
Vega Efficiency
≥5.0Vega efficiency 8.50 (vega 28.803 / spread 33.88%) — efficient
Sentiment
Bullish or bearish?
4.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -45%, Raw: -40%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -45% (strong bearish) — Raw: -40%
OI Skew Magnitude
≥15%|OI skew| 53.6% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +31.2%, OI skew +53.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 22%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +100%, ATM: +14%, OTM: -71% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 26% — very bullish vs sector
Activity
Unusual activity?
2.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.2x avg — normal
Turnover Rate
≥15%Vol/OI 0.6% — 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 -3.1% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 15% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 43% — patient
Flow Conviction
≥30Conviction -45 (bearish) — moderate
Liquidity
Can I trade efficiently?
2.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 33.9% — wide
Adequate OI
≥10,000OI 5,485 — thin
Active Volume
≥500Volume 32/day — thin
Reasonable Cost
≤$0.50$1.69 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 57% — neutral vs sector
Order Book Depth
≥100 contractsDepth 31.2 contracts (bid:18.7 ask:12.5) — thin
Execution Quality
<1.0%Avg slippage 18.99% — 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 -6.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 36% — neutral
Event Detection
≥10pts kinkIV kink -0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 513.43 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -45% @ 72% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV fair, mixed flow
Covered Call4.6
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.