Options/HPE

HPEHewlett Packard Enterprise Company

Options Analysis Report•COMPUTER & OFFICE EQUIPMENT

Market Cap $69.3B|NYSE

● 2026-08-28$52.31

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +131.8%YTD +116.4%7D -2.1%

Options Vol

33,284

30D

Implied Move

±22.2%

IV Rank

41%

HPE Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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HPE Gamma Walls

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Value

Is IV priced right?

2.7

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 98.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.54x — IV premium over HV

Sector Relative≤50%

Sector percentile 94% — above sector median

Term Structure

<1.1x

Front/Back 1.58x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 74.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 87.5% (ATM 74.0% + spread 6.8% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 11.45% (spread 6.75% + slippage 4.70%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 7.75 (vega 5.229 / spread 6.75%) — efficient

Sentiment

Bullish or bearish?

5.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -32%, Raw: -14%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -32% (strong bearish) — Raw: -14%

OI Skew Magnitude

≥15%

|OI skew| 9.3% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +33.2%, OI skew +9.3% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 21%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -17%, ATM: -55%, OTM: +3% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 35% — bullish vs sector

Activity

Unusual activity?

3.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 6.0% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -15.1% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 41% — neutral vs sector

Trade Quality

≥30%

Large trade volume 39% — institutional presence

Execution Urgency

≥60%

Aggressive execution 28% — patient

Flow Conviction

≥30

Conviction -32 (bearish) — moderate

Liquidity

Can I trade efficiently?

5.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 6.8% — wide

Adequate OI

≥10,000

OI 558,414 — deep

Active Volume

≥500

Volume 33,284/day — active

Reasonable Cost

≤$0.50

$0.34 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 303.5 contracts (bid:150.7 ask:152.8) — adequate

Execution Quality

<1.0%

Avg slippage 4.70% — poor

Timing

Is now a good time?

8.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +58.3% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 99% — seller opportunity

Event Detection

≥10pts kink

IV kink 33.8pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 55.15 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: Earnings in 5d (elevated risk)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -32% @ 66% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls4.8

bullishIV expensive, mixed flow

Long Puts4.6

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put6.3

bullishIV rich premium, mixed flow

Covered Call6.1

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

Earnings · week of Aug 31

Options price a ±11.2% move into HPE's Sep 2 earnings

HPE reports on Wednesday, September 2 after the close. The at-the-money straddle covering that report prices a ±11.2% move — roughly $46.45 to $58.17 from $52.31. HPE has averaged ±5.5% on its last 7 earnings reactions (biggest: 12%), so this print is priced at 2.0× its own history.

2.0× RICHimplied ±11.2%history ±5.5%Sep 4 expiry

See the implied move for every US stock reporting the week of Aug 31

Implied move = the live at-the-money straddle for the expiry covering the report (Sep 4); it shifts intraday. Historical move = the average of HPE’s own 1-day earnings reactions over its last reported quarters — a reference, not a forecast.