Options/SNOW

SNOWSnowflake Inc.

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $113.7B|NYSE

● 2026-08-28$328.00

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +37.4%YTD +51.4%7D -1.4%

Options Vol

45,465

30D

Implied Move

±22.5%

IV Rank

32%

SNOW Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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SNOW Gamma Walls

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Value

Is IV priced right?

3.3

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 87.9% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.96x — IV premium over HV

Sector Relative≤50%

Sector percentile 72% — above sector median

Term Structure

<1.1x

Front/Back 1.83x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 72.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 85.5% (ATM 72.0% + spread 6.8% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 12.91% (spread 6.77% + slippage 6.14%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 47.64 (vega 32.251 / spread 6.77%) — efficient

Sentiment

Bullish or bearish?

6.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +14%, Raw: +5%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +14% (bullish) — Raw: +5%

OI Skew Magnitude

≥15%

|OI skew| 3.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +39.8%, OI skew +3.4% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 24%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -25%, ATM: +1%, OTM: +8% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 46% — neutral vs sector

Activity

Unusual activity?

4.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 1.4x avg — normal

Turnover Rate

≥15%

Vol/OI 8.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -7.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 78% — active vs sector

Trade Quality

≥30%

Large trade volume 34% — institutional presence

Execution Urgency

≥60%

Aggressive execution 22% — patient

Flow Conviction

≥30

Conviction +14 (bullish) — mixed

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 527,198 — deep

Active Volume

≥500

Volume 45,465/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 83% — much wider than sector

Order Book Depth

≥100 contracts

Depth 114.80000000000001 contracts (bid:53.1 ask:61.7) — adequate

Execution Quality

<1.0%

Avg slippage 6.14% — poor

Timing

Is now a good time?

8.0

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +83.4% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 88% — seller opportunity

Event Detection

≥10pts kink

IV kink 43.2pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 56.53 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +14% @ 57% consistency — unclear

Smart Money Timing

≥40 composite score

Score 64 (ITM 20% + inst 34%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.5

bullishIV expensive, bullish flow

Long Puts4.3

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put6.6

bullishIV rich premium, bullish flow

Covered Call5.4

bearishIV rich premium, bullish flow

For educational purposes only. Not investment advice.

Earnings · week of Aug 31

Options price a ±12.4% move into SNOW's Sep 2 earnings

SNOW reports on Wednesday, September 2 after the close. The at-the-money straddle covering that report prices a ±12.4% move — roughly $287.33 to $368.67 from $328.00. SNOW has averaged ±14.6% on its last 7 earnings reactions (biggest: 33%), so this print is priced at 0.8× its own history.

CAN RUN MOREimplied ±12.4%history ±14.6%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 SNOW’s own 1-day earnings reactions over its last reported quarters — a reference, not a forecast.