Options/ON

ONON Semiconductor Corp

Options Analysis Report•SEMICONDUCTORS & RELATED DEVICES

Market Cap $28.8B|NASDAQ

● 2026-08-31$74.09

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +51.4%YTD +30.7%7D +2.2%

Options Vol

16,096

30D

Implied Move

±14.5%

IV Rank

10%

ON Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ON Gamma Walls

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ON Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where ON sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.22) — near-dated vol is priced 12% below far-dated, and downside puts carry 0.9 IV points more than at-the-money, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads neutral (4.67): its realized-vol regime is contracting, and it is trading 5% below its hedge wall on a wall graded HIGH for reliability.

Protection cost

2.22/ 10cheap

Basis: cross_sectional

Fragility

4.67/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.0

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 91.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.19x — IV premium over HV

Sector Relative≤50%

Sector percentile 68% — above sector median

Term Structure

<1.1x

Front/Back 0.88x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 48.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 68.1% (ATM 48.1% + spread 10.0% + bias) — fair

Execution Efficiency

<3.0%

Total drag 16.45% (spread 9.98% + slippage 6.47%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 6.88 (vega 6.871 / spread 9.98%) — acceptable

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +26%, Raw: +23%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +26% (bullish) — Raw: +23%

OI Skew Magnitude

≥15%

|OI skew| 15.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +9.9%, OI skew +15.6% — weak (same direction)

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: -37%, ATM: -19%, OTM: +30% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 60% — bearish vs sector

Activity

Unusual activity?

4.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 5.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 37% — below sector avg

Trade Quality

≥30%

Large trade volume 26% — mixed

Execution Urgency

≥60%

Aggressive execution 34% — patient

Flow Conviction

≥30

Conviction +26 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.4

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.0% — wide

Adequate OI

≥10,000

OI 305,876 — deep

Active Volume

≥500

Volume 16,096/day — active

Reasonable Cost

≤$0.50

$0.50 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 69% — wider than sector

Order Book Depth

≥100 contracts

Depth 213.5 contracts (bid:119.5 ask:94.0) — adequate

Execution Quality

<1.0%

Avg slippage 6.47% — poor

Timing

Is now a good time?

7.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -12.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 92% — seller opportunity

Event Detection

≥10pts kink

IV kink -5.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 75.92 — favors income trades

Expiration Distribution

≥3 expirations

3 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 +26% @ 63% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 56 (ITM 20% + inst 26%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.2

bullishIV cheap, bullish flow

Long Puts5.2

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.5

bullishIV too cheap, bullish flow

Covered Call4.6

bearishIV too cheap, bullish 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.

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