CDNSCadence Design Systems
Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $85.9B|NASDAQ
● 2026-04-17$311.03
BEARISH
Analysis: 2026-04-16 EOD data
1Y +23.6%YTD +0.2%7D +17.1%
Options Vol
5,999
30D
Implied Move
±16.4%
IV Rank
64%
CDNS Options Overview
IV is elevated with bearish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 82.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.02x — IV ≤ HV
Sector Relative≤50%
Sector percentile 54% — above sector median
Term Structure
<1.1xFront/Back 1.03x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 49.2% — normal range
Spread-Adjusted Value
<80%Effective IV 71.8% (ATM 49.2% + spread 11.3% + bias) — fair
Execution Efficiency
<3.0%Total drag 17.18% (spread 11.32% + slippage 5.86%) — high friction
Vega Efficiency
≥5.0Vega efficiency 69.51 (vega 78.688 / spread 11.32%) — efficient
Sentiment
Bullish or bearish?
1.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -68%, Raw: -49%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -68% (strong bearish) — Raw: -49%
OI Skew Magnitude
≥15%|OI skew| 16.3% — put-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -32.5%, OI skew -16.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 37%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +8%, ATM: +3%, OTM: -65% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 92% — very bearish vs sector
Activity
Unusual activity?
5.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.2x avg — normal
Turnover Rate
≥15%Vol/OI 6.9% — 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 +8.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 52% — neutral vs sector
Trade Quality
≥30%Large trade volume 53% — heavy institutional
Execution Urgency
≥60%Aggressive execution 38% — patient
Flow Conviction
≥30Conviction -68 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
3.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 11.3% — wide
Adequate OI
≥10,000OI 87,370 — deep
Active Volume
≥500Volume 5,999/day — active
Reasonable Cost
≤$0.50$0.57 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 55% — neutral vs sector
Order Book Depth
≥100 contractsDepth 57.3 contracts (bid:23.4 ask:33.9) — thin
Execution Quality
<1.0%Avg slippage 5.86% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +2.7% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 82% — seller opportunity
Event Detection
≥10pts kinkIV kink -3.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 610.93 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 10d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -68% @ 84% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 83 (ITM 20% + inst 53%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls3.9
bullishIV fair, bearish flow
Long Puts6.7
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put3.7
bullishIV fair, bearish flow
Covered Call6.1
bearishIV fair, bearish flow
For educational purposes only. Not investment advice.