SHOPShopify Inc. Class A subordinate voting shares
Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $140.5B|NASDAQ
● 2026-06-12$108.24
BULLISH
Analysis: 2026-06-11 EOD data
1Y -0.1%YTD -31.1%7D -1.2%
Options Vol
31,740
30D
Implied Move
±17.2%
IV Rank
41%
SHOP Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 77.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.15x — IV premium over HV
Sector Relative≤50%
Sector percentile 43% — below sector median
Term Structure
<1.1xFront/Back 0.94x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 62.0% — normal range
Spread-Adjusted Value
<80%Effective IV 83.8% (ATM 62.0% + spread 10.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 15.16% (spread 10.89% + slippage 4.27%) — high friction
Vega Efficiency
≥5.0Vega efficiency 44.59 (vega 48.562 / spread 10.89%) — efficient
Sentiment
Bullish or bearish?
7.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +18%, Raw: +8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +18% (bullish) — Raw: +8%
OI Skew Magnitude
≥15%|OI skew| 31.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +29.6%, OI skew +31.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 27%, 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: +2%, OTM: +5% — bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 57% — bearish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 3.3% — 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 +2.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 54% — neutral vs sector
Trade Quality
≥30%Large trade volume 17% — mixed
Execution Urgency
≥60%Aggressive execution 38% — patient
Flow Conviction
≥30Conviction +18 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.9% — wide
Adequate OI
≥10,000OI 972,735 — deep
Active Volume
≥500Volume 31,740/day — active
Reasonable Cost
≤$0.50$0.54 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 65% — wider than sector
Order Book Depth
≥100 contractsDepth 258.7 contracts (bid:118.6 ask:140.1) — adequate
Execution Quality
<1.0%Avg slippage 4.27% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -5.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 77% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1508.13 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: No earnings detected; FOMC in 5d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +18% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 47 (ITM 20% + inst 17%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV fair, bullish flow
Long Puts4.9
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, bullish flow
Covered Call4.2
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.