Options/ONON

ONONOn Holding AG

Options Analysis Report

Market Cap $9.6B|NYSE

● 2026-08-31$28.85

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -35.6%YTD -38.6%7D -2.2%

Options Vol

9,555

30D

Implied Move

±10.6%

IV Rank

ONON Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

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ONON Gamma Walls

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ONON Hedge Radar

Hedge window open

Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where ONON sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.45) — implied vol sits in the 0th percentile of its own past year, and options are pricing vol 60% below what the stock has actually been realizing, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads fragile (8.12): it is trading 16% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is expanding.

Protection cost

1.45/ 10cheap

Basis: cross_sectional

Fragility

8.12/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

7.8

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 55.9% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.40x — IV ≤ HV

Sector Relative≤50%

Sector percentile 34% — below sector median

Term Structure

<1.1x

Front/Back 0.80x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 35.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 60.5% (ATM 35.2% + spread 12.7% + bias) — good value

Execution Efficiency

<3.0%

Total drag 16.23% (spread 12.67% + slippage 3.56%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 3.08 (vega 3.896 / spread 12.67%) — spread drag

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +29%, Raw: +27%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +29% (bullish) — Raw: +27%

OI Skew Magnitude

≥15%

|OI skew| 1.0% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +3.7%, OI skew +1.0% — 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: +28%, ATM: +53%, OTM: +12% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 53% — neutral vs sector

Activity

Unusual activity?

3.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 2.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 58% — neutral vs sector

Trade Quality

≥30%

Large trade volume 12% — mostly retail

Execution Urgency

≥60%

Aggressive execution 39% — patient

Flow Conviction

≥30

Conviction +29 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.8

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.7% — wide

Adequate OI

≥10,000

OI 371,338 — deep

Active Volume

≥500

Volume 9,555/day — active

Reasonable Cost

≤$0.50

$0.63 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 64% — wider than sector

Order Book Depth

≥100 contracts

Depth 280.2 contracts (bid:131.0 ask:149.2) — adequate

Execution Quality

<1.0%

Avg slippage 3.56% — poor

Timing

Is now a good time?

7.0

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -19.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 56% — neutral

Event Detection

≥10pts kink

IV kink -5.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 122.13 — 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 +29% @ 64% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 42 (ITM 20% + inst 12%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.4

bullishIV cheap, mixed flow

Long Puts5.8

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.5

bullishIV too cheap, mixed flow

Covered Call4.0

bearishIV too cheap, mixed 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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