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COLBColumbia Banking Systems Inc

Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $8.5B|NASDAQ
● 2026-08-31$30.07
BULLISH
Analysis: 2026-08-28 EOD data
1Y +11.2%YTD +6.7%7D -1.9%
12
30D
±8.5%
1%

COLB Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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COLB Gamma Walls

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Value

Is IV priced right?

5.9
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 35.9% — elevated vs history

<1.05x

IV/HV 1.33x — IV premium over HV

Sector Relative≤50%

Sector percentile 56% — above sector median

<1.1x

Front/Back 1.07x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 25.8% — normal range

<80%

Effective IV 128.1% (ATM 25.8% + spread 51.2% + bias) — expensive

<3.0%

Total drag 67.99% (spread 51.16% + slippage 16.83%) — high friction

≥5.0

Vega efficiency 0.56 (vega 2.865 / spread 51.16%) — spread drag

Sentiment

Bullish or bearish?

4.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -47%, Raw: -50%)
|net sentiment| ≥25%

Conviction-weighted: -47% (strong bearish) — Raw: -50%

≥15%

|OI skew| 67.6% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +67.6% — aligned

≥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: -25%, OTM: -100% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — 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 0.3% — normal turnover

≥2 days

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

≥5%

OI change +32.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 11% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 40% — patient

≥30

Conviction -47 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.3
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 51.2% — wide

≥10,000

OI 4,352 — thin

≥500

Volume 12/day — thin

≤$0.50

$2.56 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

≥100 contracts

Depth 189.0 contracts (bid:71.0 ask:118.0) — adequate

<1.0%

Avg slippage 16.83% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +7.2% — backwardation

<30 or >70

IV percentile 36% — neutral

≥10pts kink

IV kink 5.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 118.37 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -47% @ 73% consistency — STRONG directional (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.2
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV fair, mixed flow
Covered Call4.6
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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