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Options Analysis Report•OPERATIVE BUILDERS
Market Cap $3.4B|NYSE
● 2026-08-31$54.86
BEARISH
Analysis: 2026-08-28 EOD data
1Y -12.5%YTD -3.9%7D -1.4%
478
30D
±10.6%
21%

KBH Options Overview

bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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KBH Gamma Walls

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Value

Is IV priced right?

7.2
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 60.3% — elevated vs history

<1.05x

IV/HV 0.92x — IV ≤ HV

Sector Relative≤50%

Sector percentile 44% — below sector median

<1.1x

Front/Back 0.98x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 37.9% — normal range

<80%

Effective IV 63.7% (ATM 37.9% + spread 12.9% + bias) — good value

<3.0%

Total drag 24.16% (spread 12.92% + slippage 11.24%) — high friction

≥5.0

Vega efficiency 10.35 (vega 13.368 / spread 12.92%) — efficient

Sentiment

Bullish or bearish?

1.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Weak signal (Conviction: -83%, Raw: -86%)
|net sentiment| ≥25%

Conviction-weighted: -83% (strong bearish) — Raw: -86%

≥15%

|OI skew| 7.8% — balanced

Same sign, |vol skew| ≥10%

Vol skew -81.6%, OI skew +7.8% — 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: +47%, ATM: -85%, OTM: -96% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 97% — very bearish vs sector

Activity

Unusual activity?

4.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 1.2% — normal turnover

≥2 days

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

≥5%

OI change +2.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 38% — below sector avg

≥30%

Large trade volume 42% — institutional presence

≥60%

Aggressive execution 44% — patient

≥30

Conviction -83 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

3.1
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 12.9% — wide

≥10,000

OI 38,124 — adequate

≥500

Volume 478/day — thin

≤$0.50

$0.65 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 69% — wider than sector

≥100 contracts

Depth 117.9 contracts (bid:66.3 ask:51.6) — adequate

<1.0%

Avg slippage 11.24% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -2.1% — flat/unclear

<30 or >70

IV percentile 60% — neutral

≥10pts kink

IV kink -0.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 639.60 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: Earnings in 23d (low risk)

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -83% @ 91% consistency — STRONG directional (bearish)

≥40 composite score

Score 72 (ITM 20% + inst 42%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls4.6
bullishIV cheap, bearish flow
Long Puts8.0
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.1
bullishIV too cheap, bearish flow
Covered Call5.6
bearishIV too cheap, bearish 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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