SPHRSphere Entertainment Co.
Options Analysis Report•SERVICES-AMUSEMENT & RECREATION SERVICES
Market Cap $4.9B|NYSE
● 2026-06-09$137.50
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y +258.6%YTD +45.8%7D -3.1%
Options Vol
258
30D
Implied Move
±17.0%
IV Rank
51%
SPHR Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 77.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.25x — IV premium over HV
Sector Relative≤50%
Sector percentile 68% — above sector median
Term Structure
<1.1xFront/Back 0.97x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 60.5% — normal range
Spread-Adjusted Value
<80%Effective IV 96.8% (ATM 60.5% + spread 18.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 27.59% (spread 18.14% + slippage 9.45%) — high friction
Vega Efficiency
≥5.0Vega efficiency 19.91 (vega 36.111 / spread 18.14%) — efficient
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -1%, Raw: -4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -1% (neutral) — Raw: -4%
OI Skew Magnitude
≥15%|OI skew| 36.8% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +24.0%, OI skew +36.8% — aligned
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: -100%, ATM: -16%, OTM: +15% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 53% — neutral vs sector
Activity
Unusual activity?
3.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 1.1x avg — normal
Turnover Rate
≥15%Vol/OI 1.5% — 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 +0.8% (5d) — stable
Sector Relative≥60%
Sector activity percentile 48% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction -1 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 18.1% — wide
Adequate OI
≥10,000OI 17,752 — adequate
Active Volume
≥500Volume 258/day — thin
Reasonable Cost
≤$0.50$0.91 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 86% — much wider than sector
Order Book Depth
≥100 contractsDepth 56.3 contracts (bid:20.8 ask:35.5) — thin
Execution Quality
<1.0%Avg slippage 9.45% — poor
Timing
Is now a good time?
5.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -2.8% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 78% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 489.31 — 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 -1% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, bullish flow
Long Puts4.1
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, bullish flow
Covered Call4.4
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.