SHOPShopify Inc. Class A subordinate voting shares
SHOP Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
SHOP Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 71.8% — elevated vs history
IV/HV 0.69x — IV ≤ HV
Sector percentile 34% — below sector median
Front/Back 0.79x — contango
Put/Call IV 1.16x — elevated
ATM IV 46.2% — normal range
Effective IV 62.7% (ATM 46.2% + spread 8.2% + bias) — good value
Total drag 14.02% (spread 8.24% + slippage 5.78%) — high friction
Vega efficiency 13.91 (vega 11.458 / spread 8.24%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -12% (bearish) — Raw: -17%
|OI skew| 33.0% — call-heavy
Vol skew +3.4%, OI skew +33.0% — weak (same direction)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +2%, ATM: +43%, OTM: -54% — bullish (ITM/ATM aligned)
Sector P/C percentile 66% — bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.7x avg — normal
Vol/OI 4.3% — normal turnover
1 day(s) elevated — may be one-day event
OI change +3.7% (5d) — building
Sector activity percentile 62% — active vs sector
Large trade volume 48% — institutional presence
Aggressive execution 23% — patient
Conviction -12 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 8.2% — wide
OI 793,442 — deep
Volume 33,831/day — active
$0.41 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 60% — wider than sector
Depth 194.9 contracts (bid:96.4 ask:98.5) — adequate
Avg slippage 5.78% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -21.2% — contango
IV percentile 72% — seller opportunity
IV kink -5.8pts — no clear event
θ/ν ratio 67.56 — favors income trades
5 liquid expirations — flexible
safe window: No events detected
Spread ratio 1.00x — stable
Flow -12% @ 56% consistency — unclear
Score 78 (ITM 20% + inst 48%) — HIGH institutional
Directional Strategy Fit
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.