AInvestOption Pilot Program
Options/SMH
S

SMHVanEck Semiconductor ETF

Options Analysis Report
AUM $67.6B|NASDAQ
● 2026-08-28$553.11
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +90.5%YTD +48.2%7D -1.3%
208,700
30D
±9.1%
8%

SMH Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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SMH Gamma Walls

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Value

Is IV priced right?

6.5
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 51.0% — elevated vs history

<1.05x

IV/HV 1.02x — IV ≤ HV

Sector Relative≤50%

Sector percentile 71% — above sector median

<1.1x

Front/Back 0.78x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 33.9% — normal range

<80%

Effective IV 44.2% (ATM 33.9% + spread 5.1% + bias) — excellent value

<3.0%

Total drag 9.97% (spread 5.13% + slippage 4.84%) — high friction

≥5.0

Vega efficiency 86.97 (vega 44.614 / spread 5.13%) — efficient

Sentiment

Bullish or bearish?

3.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +7%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: +7% (neutral) — Raw: +0%

≥15%

|OI skew| 25.5% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -24.6%, OI skew -25.5% — aligned

≥2/3 conditions

0-DTE 22%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +2%, ATM: -5%, OTM: +2% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

4.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 10.6% — normal turnover

≥2 days

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

≥5%

OI change -16.7% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 83% — very active vs sector

≥30%

Large trade volume 44% — institutional presence

≥60%

Aggressive execution 25% — patient

≥30

Conviction +7 (bullish) — mixed

Liquidity

Can I trade efficiently?

6.5
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 5.1% — wide

≥10,000

OI 1,965,017 — deep

≥500

Volume 208,700/day — active

≤$0.50

$0.26 to cross — cheap

≥5 strikes

2 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

≥100 contracts

Depth 157.0 contracts (bid:78.2 ask:78.8) — adequate

<1.0%

Avg slippage 4.84% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -21.8% — contango

<30 or >70

IV percentile 51% — neutral

≥10pts kink

IV kink -5.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 94.20 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +7% @ 54% consistency — unclear

≥40 composite score

Score 74 (ITM 20% + inst 44%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, bearish flow
Long Puts6.5
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, bearish flow
Covered Call5.5
bearishIV too cheap, bearish 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.