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CAKECheesecake Factory (The)

Options Analysis Report•RETAIL-EATING PLACES
Market Cap $5.6B|NASDAQ
● 2026-08-31$112.07
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +83.5%YTD +112.2%7D -2.2%
1,228
30D
±11.4%
8%

CAKE Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CAKE Gamma Walls

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Value

Is IV priced right?

5.9
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 69.8% — elevated vs history

<1.05x

IV/HV 0.98x — IV ≤ HV

Sector Relative≤50%

Sector percentile 64% — above sector median

<1.1x

Front/Back 0.88x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 44.5% — normal range

<80%

Effective IV 68.0% (ATM 44.5% + spread 11.8% + bias) — fair

<3.0%

Total drag 20.74% (spread 11.75% + slippage 8.99%) — high friction

≥5.0

Vega efficiency 35.40 (vega 41.597 / spread 11.75%) — efficient

Sentiment

Bullish or bearish?

4.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +33%, Raw: +44%)
|net sentiment| ≥25%

Conviction-weighted: +33% (strong bullish) — Raw: +44%

≥15%

|OI skew| 8.4% — balanced

Same sign, |vol skew| ≥10%

Vol skew -41.9%, OI skew -8.4% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -66%, ATM: +5%, OTM: +57% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

4.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 4.6% — normal turnover

≥2 days

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

≥5%

OI change +7.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 73% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 40% — patient

≥30

Conviction +33 (bullish) — moderate

Liquidity

Can I trade efficiently?

3.3
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 11.8% — wide

≥10,000

OI 26,459 — adequate

≥500

Volume 1,228/day — adequate

≤$0.50

$0.59 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — much wider than sector

≥100 contracts

Depth 131.6 contracts (bid:48.6 ask:83.0) — adequate

<1.0%

Avg slippage 8.99% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -11.9% — contango

<30 or >70

IV percentile 70% — neutral

≥10pts kink

IV kink -4.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 1386.56 — 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 +33% @ 66% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts5.5
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, 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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