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ANFAbercrombie & Fitch Co.

Options Analysis Report•RETAIL-FAMILY CLOTHING STORES
Market Cap $6.6B|NYSE
● 2026-08-31$148.42
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +61.4%YTD +19.9%7D +32.1%
16,167
30D
±13.2%
1%

ANF Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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ANF Gamma Walls

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Value

Is IV priced right?

7.0
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 72.4% — elevated vs history

<1.05x

IV/HV 0.40x — IV ≤ HV

Sector Relative≤50%

Sector percentile 72% — above sector median

<1.1x

Front/Back 0.87x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 46.8% — normal range

<80%

Effective IV 70.4% (ATM 46.8% + spread 11.8% + bias) — fair

<3.0%

Total drag 17.57% (spread 11.81% + slippage 5.76%) — high friction

≥5.0

Vega efficiency 11.75 (vega 13.873 / spread 11.81%) — efficient

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -2%, Raw: -0%)
|net sentiment| ≥25%

Conviction-weighted: -2% (neutral) — Raw: -0%

≥15%

|OI skew| 16.6% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +30.4%, OI skew -16.6% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -17%, ATM: +2%, OTM: +2% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 40% — bullish vs sector

Activity

Unusual activity?

6.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed
≥1.5x

Volume 1.6x avg — elevated

≥15%

Vol/OI 18.4% — high turnover

≥2 days

4 day(s) elevated — sustained

≥5%

OI change +143.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 97% — very active vs sector

≥30%

Large trade volume 2% — mostly retail

≥60%

Aggressive execution 24% — patient

≥30

Conviction -2 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.9
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 11.8% — wide

≥10,000

OI 87,728 — deep

≥500

Volume 16,167/day — active

≤$0.50

$0.59 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 84% — much wider than sector

≥100 contracts

Depth 71.69999999999999 contracts (bid:36.3 ask:35.4) — thin

<1.0%

Avg slippage 5.76% — poor

Timing

Is now a good time?

6.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -13.0% — contango

<30 or >70

IV percentile 72% — seller opportunity

≥10pts kink

IV kink -0.7pts — no clear event

<0.5 or >2.0

θ/ν ratio 92.80 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -2% @ 51% consistency — unclear

≥40 composite score

Score 32 (ITM 20% + inst 2%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts5.6
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.2
bearishIV too cheap, mixed 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.

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