Options/CBRL

CBRLCracker Barrel Old Country Store, Inc,.

Options Analysis Report•RETAIL-EATING PLACES

Market Cap $1.2B|NASDAQ

● 2026-08-31$55.66

BULLISH

Analysis: 2026-08-28 EOD data

1Y +1.7%YTD +107.3%7D -4.1%

Options Vol

953

30D

Implied Move

±16.9%

IV Rank

11%

CBRL Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CBRL Gamma Walls

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Value

Is IV priced right?

4.9

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 81.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.36x — IV premium over HV

Sector Relative≤50%

Sector percentile 89% — above sector median

Term Structure

<1.1x

Front/Back 1.07x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 56.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 76.3% (ATM 56.6% + spread 9.9% + bias) — fair

Execution Efficiency

<3.0%

Total drag 13.09% (spread 9.86% + slippage 3.23%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 23.54 (vega 23.207 / spread 9.86%) — efficient

Sentiment

Bullish or bearish?

5.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Weak signal (Conviction: -14%, Raw: -2%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -14% (bearish) — Raw: -2%

OI Skew Magnitude

≥15%

|OI skew| 1.8% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +84.3%, OI skew -1.8% — divergent (opposite)

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -32%, ATM: +75%, OTM: +6% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 10% — very bullish vs sector

Activity

Unusual activity?

3.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 2.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +7.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 54% — neutral vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 15% — patient

Flow Conviction

≥30

Conviction -14 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.9% — wide

Adequate OI

≥10,000

OI 43,228 — adequate

Active Volume

≥500

Volume 953/day — adequate

Reasonable Cost

≤$0.50

$0.49 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 159.10000000000002 contracts (bid:79.7 ask:79.4) — adequate

Execution Quality

<1.0%

Avg slippage 3.23% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +6.5% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 81% — seller opportunity

Event Detection

≥10pts kink

IV kink 0.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1578.70 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: Earnings in 16d (low risk)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -14% @ 57% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls6.0

bullishIV fair, mixed flow

Long Puts4.9

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.3

bullishIV fair, mixed flow

Covered Call4.9

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.

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