BBWIBath & Body Works, Inc.
Options Analysis Report•RETAIL-RETAIL STORES, NEC
Market Cap $3.9B|NYSE
● 2026-06-12$19.40
NEUTRAL
Analysis: 2026-06-11 EOD data
1Y -23.0%YTD -6.5%7D +11.3%
Options Vol
1,127
30D
Implied Move
±15.2%
IV Rank
33%
BBWI Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 76.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.94x — IV ≤ HV
Sector Relative≤50%
Sector percentile 82% — above sector median
Term Structure
<1.1xFront/Back 1.18x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 61.8% — normal range
Spread-Adjusted Value
<80%Effective IV 90.0% (ATM 61.8% + spread 14.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 23.52% (spread 14.08% + slippage 9.44%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.27 (vega 0.375 / spread 14.08%) — spread drag
Sentiment
Bullish or bearish?
4.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -54%, Raw: -28%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -54% (strong bearish) — Raw: -28%
OI Skew Magnitude
≥15%|OI skew| 14.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +39.3%, OI skew +14.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 29%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -66%, ATM: +45%, OTM: -20% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 43% — bullish vs sector
Activity
Unusual activity?
3.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.2x avg — normal
Turnover Rate
≥15%Vol/OI 2.3% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +4.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 52% — neutral vs sector
Trade Quality
≥30%Large trade volume 29% — mixed
Execution Urgency
≥60%Aggressive execution 25% — patient
Flow Conviction
≥30Conviction -54 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 14.1% — wide
Adequate OI
≥10,000OI 49,827 — adequate
Active Volume
≥500Volume 1,127/day — adequate
Reasonable Cost
≤$0.50$0.70 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 493.7 contracts (bid:308.7 ask:185.0) — adequate
Execution Quality
<1.0%Avg slippage 9.44% — poor
Timing
Is now a good time?
7.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +17.6% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 77% — seller opportunity
Event Detection
≥10pts kinkIV kink 10.8pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.64 — favors mixed
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: FOMC in 5d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -54% @ 77% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 59 (ITM 20% + inst 29%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.7
bullishIV fair, mixed flow
Long Puts5.0
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.1
bullishIV fair, mixed flow
Covered Call5.4
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.