ONON Semiconductor Corp
Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES
Market Cap $32.7B|NASDAQ
● 2026-04-17$83.01
BULLISH
Analysis: 2026-04-16 EOD data
1Y +138.9%YTD +46.4%7D +20.9%
Options Vol
48,481
30D
Implied Move
±17.9%
IV Rank
41%
ON Options Overview
IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
4.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 91.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.91x — IV ≤ HV
Sector Relative≤50%
Sector percentile 76% — above sector median
Term Structure
<1.1xFront/Back 1.04x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 59.0% — normal range
Spread-Adjusted Value
<80%Effective IV 79.6% (ATM 59.0% + spread 10.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 15.32% (spread 10.30% + slippage 5.02%) — high friction
Vega Efficiency
≥5.0Vega efficiency 10.55 (vega 10.870 / spread 10.30%) — efficient
Sentiment
Bullish or bearish?
6.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: +5%, Raw: +5%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +5% (neutral) — Raw: +5%
OI Skew Magnitude
≥15%|OI skew| 7.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +67.9%, OI skew +7.6% — aligned
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: -13%, ATM: +11%, OTM: +8% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 8% — very bullish vs sector
Activity
Unusual activity?
7.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 3.7x avg — hot
Turnover Rate
≥15%Vol/OI 26.3% — high 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 +20.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 98% — very active vs sector
Trade Quality
≥30%Large trade volume 37% — institutional presence
Execution Urgency
≥60%Aggressive execution 45% — patient
Flow Conviction
≥30Conviction +5 (bullish) — 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 10.3% — wide
Adequate OI
≥10,000OI 184,052 — deep
Active Volume
≥500Volume 48,481/day — active
Reasonable Cost
≤$0.50$0.52 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 77% — wider than sector
Order Book Depth
≥100 contractsDepth 215.0 contracts (bid:123.1 ask:91.9) — adequate
Execution Quality
<1.0%Avg slippage 5.02% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +4.1% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 92% — seller opportunity
Event Detection
≥10pts kinkIV kink -0.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 140.98 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 17d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +5% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 67 (ITM 20% + inst 37%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, bullish flow
Covered Call4.7
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.