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GAPThe Gap, Inc.

Options Analysis Report•RETAIL-FAMILY CLOTHING STORES
Market Cap $8.5B|NYSE
● 2026-08-31$23.48
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +3.8%YTD -6.8%7D +15.3%
112,816
30D
±10.1%
1%

GAP Options Overview

bullish flow with unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

6.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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GAP Gamma Walls

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Value

Is IV priced right?

8.2
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 47.9% — elevated vs history

<1.05x

IV/HV 0.56x — IV ≤ HV

Sector Relative≤50%

Sector percentile 18% — below sector median

<1.1x

Front/Back 0.90x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 31.2% — normal range

<80%

Effective IV 59.6% (ATM 31.2% + spread 14.2% + bias) — good value

<3.0%

Total drag 22.34% (spread 14.22% + slippage 8.12%) — high friction

≥5.0

Vega efficiency 0.34 (vega 0.488 / spread 14.22%) — spread drag

Sentiment

Bullish or bearish?

6.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +1%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +0%

≥15%

|OI skew| 2.6% — balanced

Same sign, |vol skew| ≥10%

Vol skew +44.0%, OI skew +2.6% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -28%, ATM: +2%, OTM: +15% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 31% — bullish vs sector

Activity

Unusual activity?

7.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks6/8 checks passed
≥1.5x

Volume 5.9x avg — hot

≥15%

Vol/OI 39.1% — high turnover

≥2 days

4 day(s) elevated — sustained

≥5%

OI change +72.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 99% — very active vs sector

≥30%

Large trade volume 39% — institutional presence

≥60%

Aggressive execution 39% — patient

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.0
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 14.2% — wide

≥10,000

OI 288,309 — deep

≥500

Volume 112,816/day — active

≤$0.50

$0.71 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 55% — neutral vs sector

≥100 contracts

Depth 544.2 contracts (bid:274.8 ask:269.4) — deep

<1.0%

Avg slippage 8.12% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -10.0% — contango

<30 or >70

IV percentile 48% — neutral

≥10pts kink

IV kink 0.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 13.90 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +1% @ 50% consistency — unclear

≥40 composite score

Score 69 (ITM 20% + inst 39%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls6.7
bullishIV cheap, bullish flow
Long Puts5.8
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish 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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