Options/CDNS

CDNSCadence Design Systems

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $78.5B|NASDAQ

● 2026-09-11$284.95

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -19.7%YTD -8.2%7D -2.6%

Options Vol

2,658

30D

Implied Move

±11.6%

IV Rank

21%

CDNS Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CDNS Gamma Walls

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CDNS Hedge Radar

Hedge window open

Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where CDNS sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.95) — downside puts carry 0.0 IV points more than at-the-money, and near-dated vol is priced 12% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads fragile (6.98): it is trading 8% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.95/ 10cheap

Basis: cross_sectional

Fragility

6.98/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

6.8

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 80.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.04x — IV ≤ HV

Sector Relative≤50%

Sector percentile 40% — below sector median

Term Structure

<1.1x

Front/Back 0.88x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 44.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 65.0% (ATM 44.4% + spread 10.3% + bias) — fair

Execution Efficiency

<3.0%

Total drag 16.82% (spread 10.30% + slippage 6.52%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 47.49 (vega 48.910 / spread 10.30%) — efficient

Sentiment

Bullish or bearish?

5.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +46%, Raw: +30%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +46% (strong bullish) — Raw: +30%

OI Skew Magnitude

≥15%

|OI skew| 8.0% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -32.7%, OI skew +8.0% — divergent (opposite)

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +84%, ATM: -12%, OTM: -9% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 4.0% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +3.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 41% — neutral vs sector

Trade Quality

≥30%

Large trade volume 30% — mixed

Execution Urgency

≥60%

Aggressive execution 25% — patient

Flow Conviction

≥30

Conviction +46 (bullish) — moderate

Liquidity

Can I trade efficiently?

4.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.3% — wide

Adequate OI

≥10,000

OI 66,575 — deep

Active Volume

≥500

Volume 2,658/day — adequate

Reasonable Cost

≤$0.50

$0.52 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 42% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 21.5 contracts (bid:11.4 ask:10.1) — thin

Execution Quality

<1.0%

Avg slippage 6.52% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -11.6% — contango

IV Percentile Clarity

<30 or >70

IV percentile 80% — seller opportunity

Event Detection

≥10pts kink

IV kink -3.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 291.31 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +46% @ 73% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 60 (ITM 20% + inst 30%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.1

bullishIV cheap, mixed flow

Long Puts5.5

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.9

bullishIV too cheap, mixed flow

Covered Call4.3

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 Sep 7, 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 CDNS

CDNS gamma walls CDNS option chain CDNS max pain CDNS expected move CDNS IV rank CDNS put/call ratio CDNS options flow