NVR
NVR, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Sell
-38/100
Last price
6,046.60
▲ 76.39 (1.28%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
5,996.10
Prev close
5,970.21
Day high
6,062.00
Day low
5,919.95
Volume
32.39K
Market cap
$16.19B
P/E (TTM)
15.71
52W range
5,501.01 – 8,200.00
Day trading desk
Gap from prior close
+0.43%
Prior close 5,970.21
VWAP
6,034.80
+0.20% from price
Relative volume
1.58×
Unusually busy
Session range
2.40%
5,919.95 – 6,062.00
Position in range
89%
Near session high
ATR (14D)
139.92
2.31% of price
Prior day high
6,000.00
PDH
Prior day low
5,880.00
PDL
Bid / ask spread
—
Quote not published
Session volume
57.10K
Avg 36.06K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-3.02%
-5.0%
1M
-4.00%
-5.2%
3M
-5.95%
-10.5%
6M
-6.86%
-25.0%
YTD
-17.09%
-31.3%
1Y
-26.06%
-42.5%
3Y
+1.40%
-80.9%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on NVR open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
147.93K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 7, 26 | OLIVER GEORGE R SR Director |
BUY | 63 | $405.19K | Direct |
| Jul 30, 26 | MARTINEZ MELQUIADES R Director |
STOCK | 29 | $0 | Direct |
| May 29, 26 | ROSS SUSAN WILLIAMSON Director |
CONVERSION | 238 | $404.60K | Direct |
| Apr 24, 26 | DEVITO MICHAEL J. Director |
BUY | 11 | $73.69K | Direct |
| Feb 20, 26 | ANDREWS CHARLES ELLIOTT JR Director |
STOCK | 5 | $0 | Direct |
| Feb 13, 26 | ROSS SUSAN WILLIAMSON Director |
SELL | 200 | $1.58M | Direct |
| Feb 13, 26 | ROSS SUSAN WILLIAMSON Director |
CONVERSION | 200 | $340.00K | Direct |
| Feb 10, 26 | KELPY MATTHEW B. Officer |
SELL | 500 | $4.05M | Direct |
| Feb 10, 26 | KELPY MATTHEW B. Officer |
CONVERSION | 500 | $2.24M | Direct |
| Feb 5, 26 | ROSS SUSAN WILLIAMSON Director |
SELL | 200 | $1.62M | Direct |
| Feb 5, 26 | ROSS SUSAN WILLIAMSON Director |
CONVERSION | 200 | $340.00K | Direct |
| Feb 4, 26 | ROSS SUSAN WILLIAMSON Director |
SELL | 220 | $1.76M | Direct |
| Feb 4, 26 | ROSS SUSAN WILLIAMSON Director |
CONVERSION | 220 | $374.00K | Direct |
| Dec 16, 25 | ANDREWS CHARLES ELLIOTT JR Director |
STOCK | 50 | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ANDREWS CHARLES ELLIOTT JR |
Director | 774 | Stock Gift |
ECKERT THOMAS D |
Director | 550 | Sale |
JUNG ALEXANDRA A |
Director | 75 | Sale |
KELPY MATTHEW B. |
Officer | 267 | Sale |
MALZAHN DANIEL DAVID |
Chief Financial Officer | 15.20K | Stock Gift |
MARTINEZ MELQUIADES R |
Director | 162 | Stock Gift |
OLIVER GEORGE R SR |
Director | 63 | Purchase |
PREISER DAVID A |
Director | 204 | Stock Gift |
ROSIER WILLIAM GRADY |
Director | 1.59K | Stock Gift |
ROSS SUSAN WILLIAMSON |
Director | 624 | Conversion of Exercise of derivative security |
Fundamentals
Market cap$16.19B
Enterprise value$16.11B
Revenue (TTM)$9.63B
Gross profit$2.10B
EBITDA$1.54B
Net income$1.14B
EPS (TTM)$384.93
Free cash flow$918.31M
Total cash$1.09B
Total debt$1.09B
Book value / share$1,266.24
Shares outstanding2.68M
Float2.62M
Short % of float7.47%
Dividend yield0.00%
Beta (5Y)0.90
Valuation & profitability ratios
Trailing P/E15.71
Forward P/E15.31
PEG ratio4.97
Price / sales—
Price / book4.78
EV / revenue1.67
EV / EBITDA10.48
Gross margin21.84%
Operating margin13.89%
Profit margin11.85%
Return on equity31.54%
Return on assets16.55%
Debt / equity32.15
Current ratio5.67
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $10.34B | $10.54B | $9.53B | $10.54B | -1.9% |
| Operating revenue | $10.34B | $10.54B | $9.53B | $10.54B | -1.9% |
| Cost of revenue | $7.95B | $7.85B | $7.05B | $7.66B | +1.3% |
| Gross profit | $2.39B | $2.69B | $2.48B | $2.88B | -11.3% |
| Selling, general & admin | $699.13M | $699.10M | $680.04M | $625.30M | +0.0% |
| Total operating expense | $699.13M | $699.10M | $680.04M | $625.30M | +0.0% |
| Operating income | $1.69B | $1.99B | $1.80B | $2.25B | -15.3% |
| Net interest income | -$28.84M | -$27.78M | -$27.74M | -$39.52M | -3.8% |
| Pre-tax income | $1.76B | $2.12B | $1.93B | $2.25B | -16.7% |
| Tax provision | $422.12M | $433.58M | $336.76M | $527.62M | -2.6% |
| Net income | $1.34B | $1.68B | $1.59B | $1.73B | -20.3% |
| Net income to common | $1.34B | $1.68B | $1.59B | $1.73B | -20.3% |
| Basic EPS | 462.00 | 540.88 | 491.52 | 525.20 | -14.6% |
| Diluted EPS | 436.55 | 506.69 | 463.31 | 491.82 | -13.8% |
| EBIT | $1.79B | $2.14B | $1.96B | $2.29B | -16.4% |
| EBITDA | $1.82B | $2.16B | $1.97B | $2.31B | -16.0% |
| Basic shares | 2.90M | 3.11M | 3.24M | 3.29M | -6.8% |
| Diluted shares | 3.07M | 3.32M | 3.44M | 3.51M | -7.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $1.92B | $2.61B | $3.16B | $2.52B | -26.6% |
| Cash & short-term investments | $1.92B | $2.61B | $3.16B | $2.52B | -26.6% |
| Accounts receivable | $32.74M | $32.62M | $29.00M | $20.84M | +0.4% |
| Inventory | $1.72B | $2.06B | $1.95B | $1.79B | -16.3% |
| Total current assets | $5.14B | $5.84B | $5.99B | $5.20B | -12.0% |
| Property, plant & equipment | $142.22M | $109.19M | $100.27M | $90.65M | +30.2% |
| Total assets | $5.86B | $6.38B | $6.60B | $5.66B | -8.2% |
| Total current liabilities | $939.17M | $1.15B | $1.22B | $1.15B | -18.4% |
| Long-term debt | $909.16M | $911.12M | $913.03M | $914.89M | -0.2% |
| Total debt | $1.05B | $1.02B | $1.01B | $1.01B | +3.2% |
| Total liabilities | $1.99B | $2.17B | $2.24B | $2.15B | -8.2% |
| Retained earnings | $16.39B | $15.05B | $13.37B | $11.77B | +8.9% |
| Shareholder equity | $3.86B | $4.21B | $4.36B | $3.51B | -8.2% |
| Working capital | $4.20B | $4.69B | $4.77B | $4.05B | -10.5% |
| Net tangible assets | $3.86B | $4.21B | $4.36B | $3.51B | -8.2% |
| Shares issued | 20.56M | 20.56M | 20.56M | 20.56M | 0.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $1.34B | $1.68B | $1.59B | $1.73B | -20.3% |
| Depreciation & amortisation | $24.51M | $18.38M | $16.92M | $17.40M | +33.4% |
| Stock-based compensation | $69.21M | $73.92M | $99.51M | $82.54M | -6.4% |
| Change in working capital | -$138.86M | -$297.91M | -$229.35M | -$12.14M | +53.4% |
| Operating cash flow | $1.12B | $1.37B | $1.50B | $1.87B | -18.4% |
| Capital expenditure | -$24.51M | -$29.21M | -$24.88M | -$18.43M | +16.1% |
| Investing cash flow | -$71.21M | -$26.55M | -$24.10M | -$27.43M | -168.2% |
| Share buybacks | -$1.83B | -$2.06B | -$1.08B | -$1.50B | +10.9% |
| Financing cash flow | -$1.76B | -$1.90B | -$832.97M | -$1.91B | +7.4% |
| Free cash flow | $1.10B | $1.35B | $1.47B | $1.85B | -18.5% |
| End cash position | $1.96B | $2.66B | $3.22B | $2.57B | -26.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $2.33B | $1.88B | $2.72B | $2.61B | $2.60B | +23.6% |
| Operating revenue | $2.33B | $1.88B | $2.72B | $2.61B | $2.60B | +23.6% |
| Cost of revenue | $1.84B | $1.47B | $2.10B | $2.02B | $2.00B | +24.9% |
| Gross profit | $489.12M | $410.15M | $620.67M | $592.99M | $603.32M | +19.3% |
| Selling, general & admin | $176.87M | $180.10M | $168.59M | $165.13M | $175.59M | -1.8% |
| Total operating expense | $176.87M | $180.10M | $168.59M | $165.13M | $175.59M | -1.8% |
| Operating income | $312.25M | $230.06M | $452.08M | $427.86M | $427.73M | +35.7% |
| Net interest income | -$6.99M | -$7.19M | -$7.21M | -$7.18M | -$6.99M | +2.7% |
| Pre-tax income | $318.64M | $251.69M | $468.72M | $444.07M | $447.13M | +26.6% |
| Tax provision | $82.18M | $53.34M | $104.91M | $101.39M | $113.40M | +54.1% |
| Net income | $236.46M | $198.36M | $363.81M | $342.69M | $333.74M | +19.2% |
| Net income to common | $236.46M | $198.36M | $363.81M | $342.69M | $333.74M | +19.2% |
| Basic EPS | 87.65 | 71.33 | 128.52 | 119.26 | 114.52 | +22.9% |
| Diluted EPS | 83.96 | 67.76 | 121.54 | 112.33 | 108.54 | +23.9% |
| EBIT | $325.63M | $258.88M | $475.94M | $451.25M | $454.12M | +25.8% |
| EBITDA | $332.07M | $265.62M | $482.88M | $457.35M | $459.81M | +25.0% |
| Basic shares | 2.70M | 2.78M | 2.83M | 2.87M | 2.91M | -3.0% |
| Diluted shares | 2.82M | 2.93M | 2.99M | 3.05M | 3.08M | -3.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $1.14B | $1.68B | $1.92B | $1.97B | $1.77B | -31.9% |
| Cash & short-term investments | $1.14B | $1.68B | $1.92B | $1.97B | $1.77B | -31.9% |
| Accounts receivable | $49.64M | $35.42M | $32.74M | $41.38M | $41.50M | +40.1% |
| Inventory | $2.24B | $1.94B | $1.72B | $2.13B | $2.17B | +15.3% |
| Total current assets | $4.81B | $4.93B | $5.14B | $5.41B | $5.30B | -2.5% |
| Property, plant & equipment | $141.15M | $139.91M | $142.22M | $120.45M | $118.77M | +0.9% |
| Goodwill & intangibles | — | — | — | $41.58M | — | — |
| Total assets | $5.47B | $5.59B | $5.86B | $6.04B | $5.94B | -2.1% |
| Total current liabilities | $1.03B | $1.04B | $939.17M | $1.04B | $1.07B | -1.3% |
| Long-term debt | $908.16M | $908.66M | $909.16M | $909.65M | $910.14M | -0.1% |
| Total debt | $1.05B | $1.05B | $1.05B | $1.03B | $1.03B | +0.1% |
| Total liabilities | $2.08B | $2.09B | $1.99B | $2.07B | $2.09B | -0.6% |
| Retained earnings | $16.82B | $16.59B | $16.39B | $16.02B | $15.68B | +1.4% |
| Shareholder equity | $3.39B | $3.49B | $3.86B | $3.97B | $3.85B | -2.9% |
| Working capital | $3.78B | $3.89B | $4.20B | $4.37B | $4.23B | -2.8% |
| Net tangible assets | $3.39B | $3.49B | $3.86B | $3.93B | $3.85B | -2.9% |
| Shares issued | 2.68M | 20.56M | 20.56M | 20.56M | 20.56M | -87.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $236.46M | $198.36M | $363.81M | $342.69M | $333.74M | +19.2% |
| Depreciation & amortisation | $6.43M | $6.74M | $6.94M | $6.10M | $5.69M | -4.6% |
| Stock-based compensation | $19.29M | $13.29M | $15.52M | $17.36M | $17.81M | +45.2% |
| Change in working capital | -$325.07M | -$165.48M | $253.22M | -$24.42M | -$307.51M | -96.4% |
| Operating cash flow | -$151.53M | $339.69M | $439.73M | $438.71M | $35.10M | -144.6% |
| Capital expenditure | -$6.15M | -$4.87M | -$3.70M | -$5.45M | -$8.30M | -26.3% |
| Investing cash flow | -$8.55M | $12.46M | -$13.83M | -$7.11M | -$35.25M | -168.6% |
| Share buybacks | -$373.60M | -$631.96M | -$502.10M | -$276.40M | -$471.41M | +40.9% |
| Financing cash flow | -$372.35M | -$579.35M | -$492.62M | -$237.92M | -$457.84M | +35.7% |
| Free cash flow | -$157.68M | $334.81M | $436.03M | $433.26M | $26.80M | -147.1% |
| End cash position | $1.20B | $1.73B | $1.96B | $2.02B | $1.83B | -30.8% |
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 89.98 | 83.96 | -6.7% |
| Mar 2026 | 79.20 | 67.76 | -14.4% |
| Dec 2025 | 105.90 | 121.54 | +14.8% |
| Sep 2025 | 109.36 | 112.33 | +2.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 103.49 | 7 | $2.54B | -0.7% |
| Next quarter | 106.11 | 7 | $2.51B | -4.9% |
| Current year | 359.05 | 7 | $9.24B | -8.5% |
| Next year | 395.00 | 7 | $9.63B | +4.2% |
Analyst targets & ownership
Mean target$6,441.17
High target$7,400.00
Low target$5,058.00
Implied upside6.53%
Analyst count6
ConsensusHOLD
Strong buy / Buy0 / 2
Hold3
Sell / Strong sell2 / 0
Held by insiders5.55%
Held by institutions92.38%
Institutions holding1.01K
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
6,156.87
-1.79% from price
SMA 20
6,183.45
-2.21% from price
SMA 50
6,269.65
-3.56% from price
SMA 100
6,302.21
-4.06% from price
SMA 200
6,675.24
-9.42% from price
EMA 12
6,134.48
-1.43% from price
EMA 26
6,197.75
-2.44% from price
EMA 50
6,256.49
-3.35% from price
RSI (14)
41.5
Neutral
MACD (12,26,9)
-63.28
Hist -21.78
ATR (14)
139.92
2.31% of price
Realised vol 30D
19.9%
Annualised
Bollinger upper
6,378.60
20, 2σ
Bollinger lower
5,988.30
20, 2σ
50 / 200 cross
Death
6,269.65 vs 6,675.24
Trend bias
Below 200
-9.42%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.55
Less volatile than market
Correlation to SPY
0.26
Largely independent
Realised vol 30D
19.9%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-31.3%
Peak to trough
Max drawdown 5Y
-43.9%
Peak to trough
ATR 14
139.92
2.31% of price
Beta (reported)
0.90
5Y monthly, from filing
Short interest
Shares short
130.73K
Prior 109.52K
Change vs prior
+19.4%
Shorts adding
% of float
7.47%
Normal
% of shares out
4.91%
Against total outstanding
Days to cover
3.8
Liquid
Float
2.62M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 1, 26 | Morgan Stanley | INITIATED | — | Underweight |
| Jul 25, 26 | UBS | MAINTAINED | Neutral | Neutral |
| Jul 24, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Jul 20, 26 | B of A Securities | MAINTAINED | Buy | Buy |
| Jul 7, 26 | Zelman & Assoc | UPGRADE | Hold | Buy |
| Apr 23, 26 | UBS | MAINTAINED | Neutral | Neutral |
| Apr 23, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Apr 20, 26 | B of A Securities | MAINTAINED | Buy | Buy |
| Apr 16, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Apr 7, 26 | Seaport Global | DOWNGRADE | Neutral | Sell |
| Mar 4, 26 | Truist Securities | INITIATED | — | Hold |
| Jan 29, 26 | Zelman& Assoc | UPGRADE | Sell | Hold |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-07-23
Annual report of employee stock purchase
11-K · 2026-06-26
Corporate Changes & Voting Matters
8-K · 2026-05-15
Corporate Changes & Voting Matters
8-K · 2026-05-08
Periodic Financial Reports
10-Q · 2026-05-06
Corporate Changes & Voting Matters
8-K · 2026-04-22
Proxy Statements
DEF 14A · 2026-03-17
Headlines
What Makes Lennar Stock A Buy Today?
Trefis · 11h ago
Morgan Stanley Initiates NVR at Underweight With $5,058 Price Target
MT Newswires · 6d ago
If Berkshire’s $2.1 Billion Bet Is Right, You’ll Probably Wish You Bought This Unloved Housing Stock. Abel and Weschler Just Bought Another 2.7 Million Shares Of Lennar.
24/7 Wall St. · 9d ago
1 Safe-and-Steady Stock for Long-Term Investors and 2 We Avoid
StockStory · 12d ago
Mortgage Rates Are Keeping Buyers on the Sidelines. When They Finally Drop, Here Are 2 Homebuilder Stocks I'm Dying to Buy
Motley Fool · 13d ago
BTIG Adjusts Price Target on NVR to $7,125 From $7,446, Maintains Buy Rating
MT Newswires · 15d ago
Is Lennar Stock Really On Sale?
Trefis · 15d ago
What Happens To Lennar Stock If Its Home Sales Keep Slowing?
Trefis · 16d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.