CWANClearwater Analytics Holdings, Inc.
Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $7.2B|NYSE
● 2026-04-17$24.11
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +13.0%YTD +0.0%7D +0.5%
Options Vol
335
30D
Implied Move
±10.6%
IV Rank
28%
CWAN Options Overview
Mixed signals. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 53.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 7.66x — IV premium over HV
Sector Relative≤50%
Sector percentile 20% — below sector median
Term Structure
<1.1xFront/Back 2.16x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 45.4% — normal range
Spread-Adjusted Value
<80%Effective IV 170.8% (ATM 45.4% + spread 62.7% + bias) — expensive
Execution Efficiency
<3.0%Total drag 77.66% (spread 62.68% + slippage 14.98%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.30 (vega 1.869 / spread 62.68%) — spread drag
Sentiment
Bullish or bearish?
5.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +19%, Raw: +26%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +19% (bullish) — Raw: +26%
OI Skew Magnitude
≥15%|OI skew| 3.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +9.3%, OI skew -3.7% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 1%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +91%, ATM: +0%, OTM: +20% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 75% — very bearish vs sector
Activity
Unusual activity?
2.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.1x avg — normal
Turnover Rate
≥15%Vol/OI 0.1% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +1.1% (5d) — stable
Sector Relative≥60%
Sector activity percentile 4% — quiet vs sector
Trade Quality
≥30%Large trade volume 30% — mixed
Execution Urgency
≥60%Aggressive execution 15% — patient
Flow Conviction
≥30Conviction +19 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 62.7% — wide
Adequate OI
≥10,000OI 222,017 — deep
Active Volume
≥500Volume 335/day — thin
Reasonable Cost
≤$0.50$3.13 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 56% — neutral vs sector
Order Book Depth
≥100 contractsDepth 47.2 contracts (bid:26.5 ask:20.7) — thin
Execution Quality
<1.0%Avg slippage 14.98% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +116.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 54% — neutral
Event Detection
≥10pts kinkIV kink 26.7pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 467.27 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +19% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 60 (ITM 20% + inst 30%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts4.6
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.4
bullishIV fair, mixed flow
Covered Call4.9
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.