Options/TER

TERTeradyne, Inc. Common Stock

Options Analysis Report•INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS

Market Cap $55.5B|NASDAQ

● 2026-08-31$354.97

BEARISH

Analysis: 2026-08-28 EOD data

1Y +194.3%YTD +71.0%7D -2.7%

Options Vol

4,803

30D

Implied Move

±17.3%

IV Rank

13%

TER Options Overview

IV is elevated with bearish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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TER Gamma Walls

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TER Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where TER sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.34) — near-dated vol is priced 16% below far-dated, and downside puts carry 1.6 IV points more than at-the-money, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads neutral (4.17): it is trading 5% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.34/ 10cheap

Basis: cross_sectional

Fragility

4.17/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

5.3

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 98.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.85x — IV ≤ HV

Sector Relative≤50%

Sector percentile 94% — above sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 60.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 90.4% (ATM 60.9% + spread 14.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 24.98% (spread 14.74% + slippage 10.24%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 23.17 (vega 34.150 / spread 14.74%) — efficient

Sentiment

Bullish or bearish?

3.2

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -29%, Raw: -28%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -29% (bearish) — Raw: -28%

OI Skew Magnitude

≥15%

|OI skew| 7.7% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -14.2%, OI skew -7.7% — aligned

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: -2%, ATM: -22%, OTM: -31% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 85% — very bearish vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 6.4% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 49% — neutral vs sector

Trade Quality

≥30%

Large trade volume 11% — mostly retail

Execution Urgency

≥60%

Aggressive execution 22% — patient

Flow Conviction

≥30

Conviction -29 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 14.7% — wide

Adequate OI

≥10,000

OI 74,760 — deep

Active Volume

≥500

Volume 4,803/day — adequate

Reasonable Cost

≤$0.50

$0.74 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 79.0 contracts (bid:37.8 ask:41.2) — thin

Execution Quality

<1.0%

Avg slippage 10.24% — poor

Timing

Is now a good time?

8.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -14.6% — contango

IV Percentile Clarity

<30 or >70

IV percentile 98% — seller opportunity

Event Detection

≥10pts kink

IV kink -6.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 59.36 — favors income trades

Expiration Distribution

≥3 expirations

5 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 (bearish)

Smart Money Timing

≥40 composite score

Score 41 (ITM 20% + inst 11%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV fair, bearish flow

Long Puts6.8

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put4.4

bullishIV fair, bearish flow

Covered Call5.6

bearishIV fair, 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.

More on TER

TER gamma walls TER max pain TER IV rank TER options flow