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NDLSNoodles & Company Class A

Options Analysis Report•RETAIL-EATING PLACES
Market Cap $88M|NASDAQ
● 2026-02-19$14.78
VERY BULLISH
Analysis: 2026-02-18 EOD data
1Y +167.7%YTD +149.2%7D -5.8%
32
30D
±8.6%
50%

NDLS Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

6.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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NDLS Gamma Walls

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Value

Is IV priced right?

6.5
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 1.0% (ATM 0.0% + spread 0.5% + bias) — excellent value

<3.0%

Total drag 0.50% (spread 0.50% + slippage 0.00%) — minimal drag

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 0.50%) — spread drag

Sentiment

Bullish or bearish?

10.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksCall-heavy - Strong signal (P/C: 0.07)
<0.65 or >1.55

P/C 0.07 — call-heavy (buy/sell unknown)

≥15%

|OI skew| 50.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +87.5%, OI skew +50.2% — aligned

≥2/3 conditions

0-DTE 19%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

Sector Relative≤40% or ≥60%

Sector P/C percentile 9% — very bullish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/9 checks passed
≥1.5x

Volume 1.0x avg — normal

≥15%

Vol/OI 0.5% — normal turnover

≥60%

Top 3 strikes = 50% — dispersed

≥2 days

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

≥5%

OI change +0.5% (5d) — stable

Sector Relative≥60%

Sector activity percentile 14% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +0 (neutral) — mixed

Liquidity

Can I trade efficiently?

6.6
IlliquidLiquid

Evaluates

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

Risk Checks5/8 checks passed
≤5.0%

Spread 0.5% — tight

≥10,000

OI 6,262 — thin

≥500

Volume 32/day — thin

≤$0.50

$0.03 to cross — cheap

≥5 strikes

10 liquid strikes — good coverage

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 0 contracts (bid:0 ask:0) — thin

<1.0%

Avg slippage 0.00% — excellent

Timing

Is now a good time?

6.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed
|slope| ≥5%

Slope +0.0% — flat/unclear

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +0% @ 50% consistency — unclear

≥40 composite score

Score 60 (ITM 20% + inst 30%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls7.7
bullishIV cheap, bullish flow
Long Puts4.2
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put6.8
bullishIV too cheap, bullish flow
Covered Call3.3
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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