NCLHNorwegian Cruise Line Holdings Ltd. Ordinary Shares
Options Analysis Report•WATER TRANSPORTATION
Market Cap $9.6B|NYSE
● 2026-04-17$20.99
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +30.8%YTD -7.9%7D +5.2%
Options Vol
29,819
30D
Implied Move
±19.6%
IV Rank
62%
NCLH Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
4.1
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 94.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.97x — IV ≤ HV
Sector Relative≤50%
Sector percentile 96% — above sector median
Term Structure
<1.1xFront/Back 1.00x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 61.8% — normal range
Spread-Adjusted Value
<80%Effective IV 82.3% (ATM 61.8% + spread 10.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.59% (spread 10.25% + slippage 6.34%) — high friction
Vega Efficiency
≥5.0Vega efficiency 6.12 (vega 6.270 / spread 10.25%) — acceptable
Sentiment
Bullish or bearish?
5.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -6%, Raw: +0%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -6% (neutral) — Raw: +0%
OI Skew Magnitude
≥15%|OI skew| 12.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +0.2%, OI skew +12.7% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 26%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -12%, ATM: +22%, OTM: +0% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 62% — bearish vs sector
Activity
Unusual activity?
4.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 5.4% — 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 +9.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 54% — neutral vs sector
Trade Quality
≥30%Large trade volume 48% — institutional presence
Execution Urgency
≥60%Aggressive execution 53% — patient
Flow Conviction
≥30Conviction -6 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.2% — wide
Adequate OI
≥10,000OI 554,996 — deep
Active Volume
≥500Volume 29,819/day — active
Reasonable Cost
≤$0.50$0.51 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 96% — much wider than sector
Order Book Depth
≥100 contractsDepth 466.70000000000005 contracts (bid:230.9 ask:235.8) — adequate
Execution Quality
<1.0%Avg slippage 6.34% — 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 -0.3% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 94% — seller opportunity
Event Detection
≥10pts kinkIV kink -4.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 737.68 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 78 (ITM 20% + inst 48%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.5
bullishIV fair, mixed flow
Covered Call5.4
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.