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Options Analysis Report•GAS & OTHER SERVICES COMBINED
Market Cap $55.1B|NYSE
● 2026-08-31$84.31
BEARISH
Analysis: 2026-08-28 EOD data
1Y +1.7%YTD -6.0%7D -0.3%
1,564
30D
±6.5%
5%

SRE Options Overview

IV is low with bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

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SRE Gamma Walls

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Value

Is IV priced right?

7.5
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 18.3% — cheap vs history

<1.05x

IV/HV 0.87x — IV ≤ HV

Sector Relative≤50%

Sector percentile 72% — above sector median

<1.1x

Front/Back 0.96x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 23.4% — normal range

<80%

Effective IV 43.2% (ATM 23.4% + spread 9.9% + bias) — excellent value

<3.0%

Total drag 14.83% (spread 9.89% + slippage 4.94%) — high friction

≥5.0

Vega efficiency 20.94 (vega 20.709 / spread 9.89%) — efficient

Sentiment

Bullish or bearish?

4.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -7%, Raw: -1%)
|net sentiment| ≥25%

Conviction-weighted: -7% (neutral) — Raw: -1%

≥15%

|OI skew| 19.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -83.5%, OI skew +19.8% — 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: +91%, ATM: -30%, OTM: +47% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

5.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.4x avg — normal

≥15%

Vol/OI 8.1% — normal turnover

≥2 days

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

≥5%

OI change +30.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 91% — very active vs sector

≥30%

Large trade volume 9% — mostly retail

≥60%

Aggressive execution 62% — urgent

≥30

Conviction -7 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.7
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 9.9% — wide

≥10,000

OI 19,381 — adequate

≥500

Volume 1,564/day — adequate

≤$0.50

$0.49 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 75% — wider than sector

≥100 contracts

Depth 100.1 contracts (bid:39.8 ask:60.3) — adequate

<1.0%

Avg slippage 4.94% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -4.2% — flat/unclear

<30 or >70

IV percentile 18% — buyer opportunity

≥10pts kink

IV kink -0.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 1056.56 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -7% @ 53% consistency — unclear

≥40 composite score

Score 39 (ITM 20% + inst 9%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts7.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.0
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed 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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