NTRSNorthern Trust Corp
Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $29.5B|NASDAQ
● 2026-04-17$159.16
BEARISH
Analysis: 2026-04-16 EOD data
1Y +83.4%YTD +14.3%7D +4.6%
Options Vol
666
30D
Implied Move
±9.1%
IV Rank
15%
NTRS Options Overview
bearish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 37.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.53x — IV premium over HV
Sector Relative≤50%
Sector percentile 62% — above sector median
Term Structure
<1.1xFront/Back 1.05x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 32.7% — normal range
Spread-Adjusted Value
<80%Effective IV 117.3% (ATM 32.7% + spread 42.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 67.26% (spread 42.29% + slippage 24.97%) — high friction
Vega Efficiency
≥5.0Vega efficiency 11.70 (vega 49.470 / spread 42.29%) — efficient
Sentiment
Bullish or bearish?
1.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Moderate signal (Conviction: -95%, Raw: -95%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -95% (strong bearish) — Raw: -95%
OI Skew Magnitude
≥15%|OI skew| 25.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -90.4%, OI skew +25.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 99%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -96%, OTM: -20% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 99% — very bearish vs sector
Activity
Unusual activity?
5.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 2.0x avg — hot
Turnover Rate
≥15%Vol/OI 7.6% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days2 day(s) elevated — sustained
OI Build
≥5%OI change +4.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 74% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction -95 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 42.3% — wide
Adequate OI
≥10,000OI 8,733 — thin
Active Volume
≥500Volume 666/day — adequate
Reasonable Cost
≤$0.50$2.11 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 63% — wider than sector
Order Book Depth
≥100 contractsDepth 37.0 contracts (bid:13.2 ask:23.8) — thin
Execution Quality
<1.0%Avg slippage 24.97% — poor
Timing
Is now a good time?
6.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +4.6% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 38% — neutral
Event Detection
≥10pts kinkIV kink 2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1355.35 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 4d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -95% @ 98% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls3.5
bullishIV fair, bearish flow
Long Puts7.0
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put3.3
bullishIV fair, bearish flow
Covered Call6.1
bearishIV fair, bearish flow
For educational purposes only. Not investment advice.