Options/CPNG

CPNGCoupang, Inc.

Options Analysis Report•RETAIL-CATALOG & MAIL-ORDER HOUSES

Market Cap $26.4B|NYSE

● 2026-09-11$15.12

BEARISH

Analysis: 2026-09-10 EOD data

1Y -53.3%YTD -35.3%7D -1.1%

Options Vol

68,020

30D

Implied Move

±13.8%

IV Rank

16%

CPNG Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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CPNG Gamma Walls

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CPNG Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where CPNG sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.37) — near-dated vol is priced 12% below far-dated, and implied vol sits in the 16th percentile of its own past year, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.92): it is trading 6% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

3.37/ 10cheap

Basis: cross_sectional

Fragility

5.92/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

4.9

ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 68.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.31x — IV premium over HV

Sector Relative≤50%

Sector percentile 62% — above 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 47.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 74.4% (ATM 47.1% + spread 13.7% + bias) — fair

Execution Efficiency

<3.0%

Total drag 19.16% (spread 13.66% + slippage 5.50%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.03 (vega 1.404 / spread 13.66%) — spread drag

Sentiment

Bullish or bearish?

3.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -20%, Raw: -21%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -20% (bearish) — Raw: -21%

OI Skew Magnitude

≥15%

|OI skew| 62.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -68.7%, OI skew +62.2% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 6%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -20%, ATM: +69%, OTM: -48% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

5.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 3.0x avg — hot

Turnover Rate

≥15%

Vol/OI 10.4% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +2.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

Trade Quality

≥30%

Large trade volume 78% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 36% — patient

Flow Conviction

≥30

Conviction -20 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.7% — wide

Adequate OI

≥10,000

OI 653,728 — deep

Active Volume

≥500

Volume 68,020/day — active

Reasonable Cost

≤$0.50

$0.68 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 79% — wider than sector

Order Book Depth

≥100 contracts

Depth 449.3 contracts (bid:253.4 ask:195.9) — adequate

Execution Quality

<1.0%

Avg slippage 5.50% — poor

Timing

Is now a good time?

6.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -12.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 68% — neutral

Event Detection

≥10pts kink

IV kink -6.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 83.09 — 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 -20% @ 60% consistency — unclear

Smart Money Timing

≥40 composite score

Score 108 (ITM 20% + inst 78%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV fair, bearish flow

Long Puts6.2

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put4.6

bullishIV fair, bearish flow

Covered Call5.5

bearishIV fair, bearish 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 CPNG

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