Options/GWRE

GWREGUIDEWIRE SOFTWARE, INC.

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $17.1B|NYSE

● 2026-08-31$205.85

BULLISH

Analysis: 2026-08-28 EOD data

1Y -5.3%YTD +9.7%7D +7.3%

Options Vol

390

30D

Implied Move

±19.5%

IV Rank

30%

GWRE Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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GWRE Gamma Walls

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GWRE Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where GWRE sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.86) — the move being priced is 1.48x this name's own median 25-trading-day move, and near-dated vol is priced 3% below far-dated, measured against this name's own rolling 25-trading-day realized moves (479 overlapping windows). Fragility reads resilient (2.5): it is trading 18% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

3.86/ 10cheap

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

6.1

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 50.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

Term Structure

<1.1x

Front/Back 1.18x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.00x — normal

Absolute IV

<80%

ATM IV 0.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 18.9% (ATM 0.0% + spread 9.5% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 12.65% (spread 9.46% + slippage 3.19%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 9.46%) — spread drag

Sentiment

Bullish or bearish?

7.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +39%, Raw: +21%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +39% (strong bullish) — Raw: +21%

OI Skew Magnitude

≥15%

|OI skew| 32.1% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +31.3%, OI skew +32.1% — 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: +29%, ATM: -90%, OTM: +27% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

4.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 3.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +4.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 55% — neutral vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 19% — patient

Flow Conviction

≥30

Conviction +39 (bullish) — moderate

Liquidity

Can I trade efficiently?

4.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.5% — wide

Adequate OI

≥10,000

OI 12,203 — adequate

Active Volume

≥500

Volume 390/day — thin

Reasonable Cost

≤$0.50

$0.47 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

Order Book Depth

≥100 contracts

Depth 43.3 contracts (bid:20.7 ask:22.6) — thin

Execution Quality

<1.0%

Avg slippage 3.19% — poor

Timing

Is now a good time?

6.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +17.9% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 50% — neutral

Event Detection

≥10pts kink

IV kink 9.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

HIGH RISK: Earnings in 3d (HIGH RISK)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +39% @ 69% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls6.4

bullishIV cheap, bullish flow

Long Puts4.4

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.7

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.

More on GWRE

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