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EXAS

Options Analysis Report
Market Cap: --
● 2026-03-23$104.91
NEUTRAL
Analysis: 2026-03-20 EOD data
1Y +118.5%YTD +3.1%7D +0.0%
3,127
30D
±0.3%
4%

EXAS Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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EXAS Gamma Walls

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Value

Is IV priced right?

7.5
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 0.2% — cheap vs history

<1.05x

IV/HV 2.54x — IV premium over HV

Sector Relative≤50%

Sector percentile 0% — below sector median

<1.1x

Front/Back 0.58x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 10.6% — normal range

<80%

Effective IV 52.5% (ATM 10.6% + spread 20.9% + bias) — good value

<3.0%

Total drag 44.74% (spread 20.93% + slippage 23.81%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 20.93%) — spread drag

Sentiment

Bullish or bearish?

4.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -9%, Raw: -0%)
|net sentiment| ≥25%

Conviction-weighted: -9% (neutral) — Raw: -0%

≥15%

|OI skew| 40.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -8.2%, OI skew +40.3% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -21%, ATM: -42%, OTM: +45% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 76% — very bearish vs sector

Activity

Unusual activity?

5.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/9 checks passed
≥1.5x

Volume 3.7x avg — hot

≥15%

Vol/OI 6.1% — normal turnover

≥60%

Top 3 strikes = 50% — dispersed

≥2 days

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

≥5%

OI change +0.7% (5d) — stable

Sector Relative≥60%

Sector activity percentile 71% — active vs sector

≥30%

Large trade volume 16% — mixed

≥60%

Aggressive execution 67% — urgent

≥30

Conviction -9 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 20.9% — wide

≥10,000

OI 51,553 — deep

≥500

Volume 3,127/day — adequate

≤$0.50

$1.05 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 61% — wider than sector

≥100 contracts

Depth 82.6 contracts (bid:44.4 ask:38.2) — thin

<1.0%

Avg slippage 23.81% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -42.1% — contango

<30 or >70

IV percentile 0% — buyer opportunity

≥10pts kink

IV kink -0.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥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 -9% @ 55% consistency — unclear

≥40 composite score

Score 46 (ITM 20% + inst 16%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.8
bullishIV cheap, mixed flow
Long Puts5.9
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.1
bullishIV too cheap, mixed flow
Covered Call4.2
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.

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