ONONOn Holding AG
Options Analysis Report
Market Cap $12.4B|NYSE
● 2026-06-09$37.11
BEARISH
Analysis: 2026-06-08 EOD data
1Y -34.3%YTD -21.0%7D -3.2%
Options Vol
23,649
30D
Implied Move
±13.3%
IV Rank
23%
ONON Options Overview
bearish flow with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 65.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.26x — IV premium over HV
Sector Relative≤50%
Sector percentile 57% — 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 48.4% — normal range
Spread-Adjusted Value
<80%Effective IV 81.5% (ATM 48.4% + spread 16.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 24.16% (spread 16.54% + slippage 7.62%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.93 (vega 1.533 / spread 16.54%) — spread drag
Sentiment
Bullish or bearish?
4.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +24%, Raw: +16%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +24% (bullish) — Raw: +16%
OI Skew Magnitude
≥15%|OI skew| 2.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -78.6%, OI skew +2.7% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-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: +56%, ATM: +28%, OTM: -6% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 96% — very bearish vs sector
Activity
Unusual activity?
5.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.4x avg — normal
Turnover Rate
≥15%Vol/OI 7.5% — 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 +0.6% (5d) — stable
Sector Relative≥60%
Sector activity percentile 88% — very active vs sector
Trade Quality
≥30%Large trade volume 89% — heavy institutional
Execution Urgency
≥60%Aggressive execution 37% — patient
Flow Conviction
≥30Conviction +24 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 16.5% — wide
Adequate OI
≥10,000OI 314,091 — deep
Active Volume
≥500Volume 23,649/day — active
Reasonable Cost
≤$0.50$0.83 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 76% — wider than sector
Order Book Depth
≥100 contractsDepth 284.29999999999995 contracts (bid:158.2 ask:126.1) — adequate
Execution Quality
<1.0%Avg slippage 7.62% — poor
Timing
Is now a good time?
6.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +4.4% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 66% — neutral
Event Detection
≥10pts kinkIV kink 4.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 14.38 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +24% @ 62% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 119 (ITM 20% + inst 89%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.