ON Options Chain, Open Interest, and Volatility Data

ON Options Open Interest & Strategy Insights

ON – Top 10 Strike Prices by Open Interest

Strike	Call OI	Put OI	Total OI
40	2670	27130	29800
50	10230	17701	27931
38	1028	24054	25082
35	1264	21642	22906
55	16449	6455	22904
60	13914	2825	16739
45	2770	13088	15858
47	1086	9105	10191
44	81	9482	9563
70	8022	896	8918

ON – Volatility Metrics & Put/Call Analysis

Put/Call OI Ratio	Put/Call Volume Ratio	Avg Call IV	Avg Put IV	IV Skew
1.90	1.07	63.50%	57.45%	-6.05%

Data Analysis

Symbol: ON Current Price: 50.08
Max Pain: 45.00 (above)

📌 Absolute OI Peak: 40.00 (29800 contracts)
🛡️ Short-term Key Levels: 50.00（27931 contracts，minor support） , 47.00（10191 contracts，major support） , 45.00（15858 contracts，major support）

📈 Put/Call OI Ratio: 1.90 (bearish, Put OI dominant)
Put/Call Volume Ratio: 1.07 (bearish, Put volume dominant)

📊 Avg Call IV: 63.50%
Avg Put IV: 57.45%
IV Skew: -6.05% (Call IV higher than Put IV by 6.05%, upward expectation slightly stronger)

⚠️ Unusual OI concentration at far OTM strike 40.00 (29800 contracts), sentiment: bearish (Put OI dominant). May reflect speculative bets or hedging demand.

Market Sentiment Based on Options by Expiration Date

Date	Call Volume	Put Volume	Open Interest	Put/Call Ratio	Sentiment
2025-11-07	861	1127	26839	1.309	Slight Bearish 📉 (40)
2025-11-14	354	249	22438	0.703	Slight Bullish 📈 (60)
2025-11-21	1522	385	41902	0.253	Moderate Bullish 📈 (70) ⚠️
2025-11-28	97	392	1697	4.041	Moderate Bearish 📉 (30) ⚠️
2025-12-05	80	41	383	0.512	Slight Bullish 📈 (60)
2025-12-12	2	2	121	1.000	Neutral ⚖️ (50)
2025-12-19	195	149	19105	0.764	Slight Bullish 📈 (60)
2026-01-16	775	1010	64326	1.303	Moderate Bearish 📉 (35)
2026-03-20	169	261	22596	1.544	Moderate Bearish 📉 (30)
2026-04-17	27	1192	5492	44.148	Moderate Bearish 📉 (30) ⚠️
2026-06-18	36	63	11653	1.750	Moderate Bearish 📉 (30)
2026-09-18	45	1069	7265	23.756	Moderate Bearish 📉 (30) ⚠️
2026-12-18	12	0	12	0.000	Moderate Bullish 📈 (70) ⚠️
2027-01-15	73	76	17568	1.041	Neutral ⚖️ (50)
2028-01-21	48	469	907	9.771	Moderate Bearish 📉 (30) ⚠️
How the Sentiment Algorithm Works This table evaluates market sentiment based on aggregated options data by expiration date. The key metrics are: Put/Call Ratio (PCR): Indicates the relative activity between put and call options. A high PCR suggests bearish sentiment, while a low PCR indicates bullish sentiment. Open Interest (OI): Represents the number of outstanding contracts. Higher values reflect strong market attention or hedging activity. Unusual activity ⚠️: Days with extremely high PCR or OI are flagged, signaling possible speculative bets or hedging pressures. The sentiment score is computed by combining PCR and OI, then classified into clear labels such as Strong Bullish, Moderate Bullish, Neutral, Moderate Bearish, Strong Bearish. Scores range from 0 to 100, where higher values indicate stronger bullish sentiment and lower values indicate stronger bearish sentiment.