Options/CVLT

CVLTCommault Systems, Inc.

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $5.7B|NASDAQ

● 2026-08-31$136.40

BULLISH

Analysis: 2026-08-28 EOD data

1Y -23.7%YTD +9.8%7D +4.0%

Options Vol

1,802

30D

Implied Move

±11.2%

IV Rank

12%

CVLT Options Overview

IV is elevated with bullish flow and unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

Loading score history...

CVLT Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

6.6

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 74.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.95x — IV ≤ HV

Sector Relative≤50%

Sector percentile 38% — below sector median

Term Structure

<1.1x

Front/Back 0.77x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 48.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 170.2% (ATM 48.2% + spread 61.0% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 100.96% (spread 61.02% + slippage 39.94%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 5.38 (vega 32.801 / spread 61.02%) — acceptable

Sentiment

Bullish or bearish?

5.2

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -36%, Raw: -37%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -36% (strong bearish) — Raw: -37%

OI Skew Magnitude

≥15%

|OI skew| 46.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +98.0%, OI skew +46.4% — aligned

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: +100%, ATM: +67%, OTM: -37% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 2% — very bullish vs sector

Activity

Unusual activity?

8.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks8/8 checks passed

Volume Surge

≥1.5x

Volume 6.8x avg — hot

Turnover Rate

≥15%

Vol/OI 29.2% — high turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +28.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 97% — very active vs sector

Trade Quality

≥30%

Large trade volume 83% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 67% — urgent

Flow Conviction

≥30

Conviction -36 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.6

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 61.0% — wide

Adequate OI

≥10,000

OI 6,179 — thin

Active Volume

≥500

Volume 1,802/day — adequate

Reasonable Cost

≤$0.50

$3.05 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 63% — wider than sector

Order Book Depth

≥100 contracts

Depth 21.700000000000003 contracts (bid:11.4 ask:10.3) — thin

Execution Quality

<1.0%

Avg slippage 39.94% — poor

Timing

Is now a good time?

7.8

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -23.2% — contango

IV Percentile Clarity

<30 or >70

IV percentile 74% — seller opportunity

Event Detection

≥10pts kink

IV kink -8.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 504.64 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -36% @ 68% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

Score 113 (ITM 20% + inst 83%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV cheap, mixed flow

Long Puts5.5

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.5

bullishIV too cheap, mixed flow

Covered Call4.4

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 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 CVLT

CVLT gamma walls CVLT max pain CVLT IV rank CVLT options flow