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TCOMTrip.com Group Limited American Depositary Shares

Options Analysis Report
Market Cap $28.6B|NASDAQ
● 2026-08-31$45.35
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -36.7%YTD -39.1%7D -1.5%
1,157
30D
±10.6%
25%

TCOM Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

4.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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TCOM Gamma Walls

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Value

Is IV priced right?

6.0
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 58.3% — elevated vs history

<1.05x

IV/HV 1.52x — IV premium over HV

Sector Relative≤50%

Sector percentile 40% — below sector median

<1.1x

Front/Back 0.99x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 36.6% — normal range

<80%

Effective IV 57.3% (ATM 36.6% + spread 10.3% + bias) — good value

<3.0%

Total drag 15.37% (spread 10.35% + slippage 5.02%) — high friction

≥5.0

Vega efficiency 9.50 (vega 9.833 / spread 10.35%) — efficient

Sentiment

Bullish or bearish?

4.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -16%, Raw: +1%)
|net sentiment| ≥25%

Conviction-weighted: -16% (bearish) — Raw: +1%

≥15%

|OI skew| 10.9% — balanced

Same sign, |vol skew| ≥10%

Vol skew -13.1%, OI skew +10.9% — 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: -74%, ATM: +49%, OTM: +10% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 78% — very bearish vs sector

Activity

Unusual activity?

2.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 1.0% — normal turnover

≥2 days

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

≥5%

OI change +3.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 34% — below sector avg

≥30%

Large trade volume 18% — mixed

≥60%

Aggressive execution 38% — patient

≥30

Conviction -16 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.8
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 10.3% — wide

≥10,000

OI 115,872 — deep

≥500

Volume 1,157/day — adequate

≤$0.50

$0.52 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

≥100 contracts

Depth 187.7 contracts (bid:139.4 ask:48.3) — adequate

<1.0%

Avg slippage 5.02% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -0.8% — flat/unclear

<30 or >70

IV percentile 58% — neutral

≥10pts kink

IV kink 2.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 509.49 — favors income trades

≥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 -16% @ 58% consistency — unclear

≥40 composite score

Score 48 (ITM 20% + inst 18%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.9
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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