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BNSBank of Nova Scotia

Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $112.6B|NYSE
● 2026-08-31$91.66
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +47.6%YTD +23.0%7D +5.5%
239
30D
±5.4%
16%

BNS Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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BNS Gamma Walls

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Value

Is IV priced right?

8.1
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 23.6% — cheap vs history

<1.05x

IV/HV 0.67x — IV ≤ HV

Sector Relative≤50%

Sector percentile 40% — below sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 20.7% — normal range

<80%

Effective IV 61.8% (ATM 20.7% + spread 20.6% + bias) — good value

<3.0%

Total drag 27.52% (spread 20.56% + slippage 6.96%) — high friction

≥5.0

Vega efficiency 4.29 (vega 8.829 / spread 20.56%) — spread drag

Sentiment

Bullish or bearish?

4.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -0%, Raw: -10%)
|net sentiment| ≥25%

Conviction-weighted: -0% (neutral) — Raw: -10%

≥15%

|OI skew| 13.7% — balanced

Same sign, |vol skew| ≥10%

Vol skew -5.4%, OI skew +13.7% — 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: +47%, ATM: -12%, OTM: -50% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 88% — very bearish vs sector

Activity

Unusual activity?

2.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.5x avg — normal

≥15%

Vol/OI 1.7% — normal turnover

≥2 days

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

≥5%

OI change +10.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 42% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 18% — patient

≥30

Conviction -0 (neutral) — mixed

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 20.6% — wide

≥10,000

OI 14,393 — adequate

≥500

Volume 239/day — thin

≤$0.50

$1.03 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 55% — neutral vs sector

≥100 contracts

Depth 148.8 contracts (bid:82.4 ask:66.4) — adequate

<1.0%

Avg slippage 6.96% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -15.0% — contango

<30 or >70

IV percentile 24% — buyer opportunity

≥10pts kink

IV kink -2.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 220.17 — 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 -0% @ 50% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.8
bullishIV too cheap, mixed flow
Covered Call3.9
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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