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THS

Options Analysis Report
Market Cap: --
● 2026-02-19$24.43
VERY BEARISH
Analysis: 2026-02-18 EOD data
1Y +35.9%YTD +4.0%7D +0.0%
861
30D
±11.4%
35%

THS Options Overview

bearish flow with unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

4.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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THS Gamma Walls

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Value

Is IV priced right?

4.4
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 58.6% — elevated vs history

<1.05x

IV/HV 9.98x — IV premium over HV

Sector Relative≤50%

Sector percentile 64% — above sector median

<1.1x

Front/Back 2.02x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 52.9% — normal range

<80%

Effective IV 56.0% (ATM 52.9% + spread 1.6% + bias) — good value

<3.0%

Total drag 1.56% (spread 1.56% + slippage 0.00%) — minimal drag

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 1.56%) — spread drag

Sentiment

Bullish or bearish?

0.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksPut-heavy - Strong signal (P/C: 2.59)
<0.65 or >1.55

P/C 2.59 — put-heavy (buy/sell unknown)

≥15%

|OI skew| 81.9% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -44.3%, OI skew -81.9% — aligned

≥2/3 conditions

0-DTE 26%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

4.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/9 checks passed
≥1.5x

Volume 1.8x avg — elevated

≥15%

Vol/OI 6.2% — normal turnover

≥60%

Top 3 strikes = 50% — dispersed

≥2 days

4 day(s) elevated — sustained

≥5%

OI change -9.0% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 79% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +0 (neutral) — mixed

Liquidity

Can I trade efficiently?

5.9
IlliquidLiquid

Evaluates

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

Risk Checks6/8 checks passed
≤5.0%

Spread 1.6% — tight

≥10,000

OI 13,965 — adequate

≥500

Volume 861/day — adequate

≤$0.50

$0.08 to cross — cheap

≥5 strikes

10 liquid strikes — good coverage

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

≥100 contracts

Depth 0 contracts (bid:0 ask:0) — thin

<1.0%

Avg slippage 0.00% — excellent

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +101.6% — backwardation

<30 or >70

IV percentile 59% — neutral

≥10pts kink

IV kink 32.5pts — event priced

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +0% @ 50% consistency — unclear

≥40 composite score

Score 60 (ITM 20% + inst 30%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls3.5
bullishIV fair, bearish flow
Long Puts7.0
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put3.9
bullishIV fair, bearish flow
Covered Call7.4
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 THS

THS gamma wallsTHS max painTHS IV rankTHS options flow