Options/CAR

CARAvis Budget Group, Inc.

Options Analysis Report•SERVICES-AUTO RENTAL & LEASING (NO DRIVERS)

Market Cap $4.9B|NASDAQ

● 2026-08-31$138.12

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -14.3%YTD +7.7%7D -6.0%

Options Vol

2,700

30D

Implied Move

±15.5%

IV Rank

CAR Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CAR Gamma Walls

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Value

Is IV priced right?

5.1

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 78.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.74x — IV premium over HV

Sector Relative≤50%

Sector percentile 81% — above sector median

Term Structure

<1.1x

Front/Back 0.86x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 52.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 63.1% (ATM 52.0% + spread 5.5% + bias) — good value

Execution Efficiency

<3.0%

Total drag 16.40% (spread 5.54% + slippage 10.86%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 23.29 (vega 12.902 / spread 5.54%) — efficient

Sentiment

Bullish or bearish?

4.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +32%, Raw: +21%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +32% (strong bullish) — Raw: +21%

OI Skew Magnitude

≥15%

|OI skew| 21.2% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -42.7%, OI skew -21.2% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +38%, ATM: +26%, OTM: -16% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 89% — very bearish vs sector

Activity

Unusual activity?

4.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.5% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.3% (5d) — stable

Sector Relative≥60%

Sector activity percentile 66% — active vs sector

Trade Quality

≥30%

Large trade volume 44% — institutional presence

Execution Urgency

≥60%

Aggressive execution 19% — patient

Flow Conviction

≥30

Conviction +32 (bullish) — moderate

Liquidity

Can I trade efficiently?

5.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 5.5% — wide

Adequate OI

≥10,000

OI 106,793 — deep

Active Volume

≥500

Volume 2,700/day — adequate

Reasonable Cost

≤$0.50

$0.28 to cross — cheap

Strike Coverage

≥5 strikes

9 liquid strikes — good coverage

Sector Relative≤40%

Sector spread percentile 88% — much wider than sector

Order Book Depth

≥100 contracts

Depth 35.2 contracts (bid:16.2 ask:19.0) — thin

Execution Quality

<1.0%

Avg slippage 10.86% — poor

Timing

Is now a good time?

7.8

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -14.2% — contango

IV Percentile Clarity

<30 or >70

IV percentile 78% — seller opportunity

Event Detection

≥10pts kink

IV kink -5.4pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 105.67 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +32% @ 66% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 74 (ITM 20% + inst 44%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.4

bullishIV fair, mixed flow

Long Puts5.6

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.3

bullishIV fair, mixed flow

Covered Call5.6

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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