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BJRIBJ's Restaurants, Inc.

Options Analysis Report•RETAIL-EATING PLACES
Market Cap $1.4B|NASDAQ
● 2026-08-31$65.12
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +96.4%YTD +58.5%7D -3.2%
10
30D
±13.6%
3%

BJRI Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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BJRI Gamma Walls

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Value

Is IV priced right?

5.0
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 72.4% — elevated vs history

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 71% — above sector median

<1.1x

Front/Back 0.99x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 46.8% — normal range

<80%

Effective IV 129.8% (ATM 46.8% + spread 41.5% + bias) — expensive

<3.0%

Total drag 58.90% (spread 41.50% + slippage 17.40%) — high friction

≥5.0

Vega efficiency 1.50 (vega 6.206 / spread 41.50%) — spread drag

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +33%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: +33% (strong bullish) — Raw: +0%

≥15%

|OI skew| 21.9% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +0.0%, OI skew +21.9% — 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: +0%, ATM: +0%, OTM: +0% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 55% — neutral vs sector

Activity

Unusual activity?

2.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.7% — normal turnover

≥2 days

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

≥5%

OI change +0.0% (5d) — stable

Sector Relative≥60%

Sector activity percentile 27% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 75% — urgent

≥30

Conviction +33 (bullish) — moderate

Liquidity

Can I trade efficiently?

2.2
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 41.5% — wide

≥10,000

OI 1,368 — thin

≥500

Volume 10/day — thin

≤$0.50

$2.07 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 84% — much wider than sector

≥100 contracts

Depth 63.7 contracts (bid:42.2 ask:21.5) — thin

<1.0%

Avg slippage 17.40% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -1.3% — flat/unclear

<30 or >70

IV percentile 72% — seller opportunity

≥10pts kink

IV kink 1.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 87.91 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +33% @ 67% consistency — moderate (bullish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts4.6
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV fair, mixed flow
Covered Call4.4
bearishIV fair, 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.

More on BJRI

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