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DOCUDocuSign, Inc. Common Stock

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $12.2B|NASDAQ
● 2026-08-28$63.80
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y -15.5%YTD -1.6%7D +2.9%
12,494
30D
±20.2%
21%

DOCU Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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DOCU Gamma Walls

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Value

Is IV priced right?

3.6
ExpensiveCheap

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

levels.

Risk Checks2/9 checks passed
≤35%

IV Rank 86.7% — elevated vs history

<1.05x

IV/HV 1.21x — IV premium over HV

Sector Relative≤50%

Sector percentile 69% — above sector median

<1.1x

Front/Back 1.75x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 69.4% — normal range

<80%

Effective IV 98.9% (ATM 69.4% + spread 14.8% + bias) — expensive

<3.0%

Total drag 22.46% (spread 14.75% + slippage 7.71%) — high friction

≥5.0

Vega efficiency 3.45 (vega 5.087 / spread 14.75%) — spread drag

Sentiment

Bullish or bearish?

3.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -11%, Raw: -2%)
|net sentiment| ≥25%

Conviction-weighted: -11% (bearish) — Raw: -2%

≥15%

|OI skew| 3.1% — balanced

Same sign, |vol skew| ≥10%

Vol skew -15.7%, OI skew -3.1% — aligned

≥2/3 conditions

0-DTE 23%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +7%, ATM: -42%, OTM: +7% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 87% — very bearish vs sector

Activity

Unusual activity?

4.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.6x avg — elevated

≥15%

Vol/OI 8.5% — normal turnover

≥2 days

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

≥5%

OI change -7.7% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 77% — active vs sector

≥30%

Large trade volume 38% — institutional presence

≥60%

Aggressive execution 31% — patient

≥30

Conviction -11 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 14.8% — wide

≥10,000

OI 147,907 — deep

≥500

Volume 12,494/day — active

≤$0.50

$0.74 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 81% — much wider than sector

≥100 contracts

Depth 144.3 contracts (bid:68.5 ask:75.8) — adequate

<1.0%

Avg slippage 7.71% — poor

Timing

Is now a good time?

8.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed
|slope| ≥5%

Slope +74.9% — backwardation

<30 or >70

IV percentile 87% — seller opportunity

≥10pts kink

IV kink 36.8pts — event priced

<0.5 or >2.0

θ/ν ratio 45.50 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -11% @ 55% consistency — unclear

≥40 composite score

Score 68 (ITM 20% + inst 38%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls4.3
bullishIV expensive, bearish flow
Long Puts5.2
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV rich premium, bearish flow
Covered Call6.0
bearishIV rich premium, bearish flow

For educational purposes only. Not investment advice.