Options/PAYC

PAYCPAYCOM SOFTWARE, INC.

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $10.8B|NYSE

● 2026-08-31$238.53

BEARISH

Analysis: 2026-08-28 EOD data

1Y +8.4%YTD +56.5%7D +3.9%

Options Vol

1,513

30D

Implied Move

±10.4%

IV Rank

PAYC Options Overview

IV is elevated with bearish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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PAYC Gamma Walls

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Value

Is IV priced right?

7.4

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 86.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.55x — IV ≤ HV

Sector Relative≤50%

Sector percentile 51% — above sector median

Term Structure

<1.1x

Front/Back 0.80x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 43.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 67.0% (ATM 43.4% + spread 11.8% + bias) — fair

Execution Efficiency

<3.0%

Total drag 15.33% (spread 11.78% + slippage 3.55%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 19.43 (vega 22.885 / spread 11.78%) — efficient

Sentiment

Bullish or bearish?

2.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -22%, Raw: -8%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -22% (bearish) — Raw: -8%

OI Skew Magnitude

≥15%

|OI skew| 17.5% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -59.9%, OI skew -17.5% — 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: +9%, ATM: -55%, OTM: +25% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 94% — very bearish vs sector

Activity

Unusual activity?

5.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 1.3x avg — normal

Turnover Rate

≥15%

Vol/OI 8.9% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +12.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 67% — active vs sector

Trade Quality

≥30%

Large trade volume 13% — mostly retail

Execution Urgency

≥60%

Aggressive execution 12% — patient

Flow Conviction

≥30

Conviction -22 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.8% — wide

Adequate OI

≥10,000

OI 16,961 — adequate

Active Volume

≥500

Volume 1,513/day — adequate

Reasonable Cost

≤$0.50

$0.59 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 51% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 26.799999999999997 contracts (bid:13.2 ask:13.6) — thin

Execution Quality

<1.0%

Avg slippage 3.55% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -19.6% — contango

IV Percentile Clarity

<30 or >70

IV percentile 86% — seller opportunity

Event Detection

≥10pts kink

IV kink -7.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 101.13 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -22% @ 61% consistency — unclear

Smart Money Timing

≥40 composite score

Score 43 (ITM 20% + inst 13%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.1

bullishIV cheap, bearish flow

Long Puts7.6

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.5

bullishIV too cheap, bearish flow

Covered Call5.1

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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