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TOLToll Brothers, Inc.

Options Analysis Report•OPERATIVE BUILDERS
Market Cap $13.5B|NYSE
● 2026-08-31$146.22
BEARISH
Analysis: 2026-08-28 EOD data
1Y +5.7%YTD +7.8%7D -0.8%
217
30D
±9.0%
5%

TOL Options Overview

bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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TOL Gamma Walls

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Value

Is IV priced right?

7.8
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 54.0% — elevated vs history

<1.05x

IV/HV 0.98x — IV ≤ HV

Sector Relative≤50%

Sector percentile 31% — below sector median

<1.1x

Front/Back 0.90x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 34.3% — normal range

<80%

Effective IV 63.9% (ATM 34.3% + spread 14.8% + bias) — good value

<3.0%

Total drag 18.41% (spread 14.81% + slippage 3.60%) — high friction

≥5.0

Vega efficiency 21.40 (vega 31.688 / spread 14.81%) — efficient

Sentiment

Bullish or bearish?

3.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -29%, Raw: -26%)
|net sentiment| ≥25%

Conviction-weighted: -29% (bearish) — Raw: -26%

≥15%

|OI skew| 14.8% — balanced

Same sign, |vol skew| ≥10%

Vol skew -6.9%, OI skew -14.8% — weak (same direction)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -30%, ATM: -5%, OTM: -28% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 75% — very bearish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 0.8% — normal turnover

≥2 days

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

≥5%

OI change +3.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 30% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 17% — patient

≥30

Conviction -29 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 14.8% — wide

≥10,000

OI 27,332 — adequate

≥500

Volume 217/day — thin

≤$0.50

$0.74 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 62% — wider than sector

≥100 contracts

Depth 84.8 contracts (bid:43.0 ask:41.8) — thin

<1.0%

Avg slippage 3.60% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -10.1% — contango

<30 or >70

IV percentile 54% — neutral

≥10pts kink

IV kink -2.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 603.58 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -29% @ 64% consistency — moderate (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV cheap, bearish flow
Long Puts7.4
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.6
bullishIV too cheap, bearish flow
Covered Call4.5
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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