LULUlululemon athletica inc.
Options Analysis Report•APPAREL & OTHER FINISHD PRODS OF FABRICS & SIMILAR MATL
Market Cap $14.0B|NASDAQ
● 2026-05-15$121.06
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -62.0%YTD -42.6%7D -7.7%
Options Vol
30,908
30D
Implied Move
±14.4%
IV Rank
31%
LULU Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 83.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.87x — IV ≤ HV
Sector Relative≤50%
Sector percentile 88% — above sector median
Term Structure
<1.1xFront/Back 0.82x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 50.5% — normal range
Spread-Adjusted Value
<80%Effective IV 67.1% (ATM 50.5% + spread 8.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 14.83% (spread 8.31% + slippage 6.52%) — high friction
Vega Efficiency
≥5.0Vega efficiency 23.95 (vega 19.903 / spread 8.31%) — efficient
Sentiment
Bullish or bearish?
5.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +17%, Raw: -2%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +17% (bullish) — Raw: -2%
OI Skew Magnitude
≥15%|OI skew| 14.2% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +2.9%, OI skew +14.2% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 28%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +23%, ATM: +14%, OTM: -20% — bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 62% — bearish vs sector
Activity
Unusual activity?
4.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 7.5% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +9.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 72% — active vs sector
Trade Quality
≥30%Large trade volume 25% — mixed
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction +17 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 8.3% — wide
Adequate OI
≥10,000OI 411,203 — deep
Active Volume
≥500Volume 30,908/day — active
Reasonable Cost
≤$0.50$0.42 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 88% — much wider than sector
Order Book Depth
≥100 contractsDepth 171.10000000000002 contracts (bid:74.2 ask:96.9) — adequate
Execution Quality
<1.0%Avg slippage 6.52% — poor
Timing
Is now a good time?
7.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -18.0% — contango
IV Percentile Clarity
<30 or >70IV percentile 84% — seller opportunity
Event Detection
≥10pts kinkIV kink -10.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 227.73 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +17% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 55 (ITM 20% + inst 25%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.7
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, mixed flow
Covered Call5.1
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.