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CFGCitizens Financial Group, Inc.

Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $29.4B|NYSE
● 2026-08-31$69.71
BULLISH
Analysis: 2026-08-28 EOD data
1Y +35.1%YTD +17.4%7D -0.7%
135
30D
±6.6%
5%

CFG Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CFG Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 40.0% — elevated vs history

<1.05x

IV/HV 1.41x — IV premium over HV

Sector Relative≤50%

Sector percentile 71% — above sector median

<1.1x

Front/Back 0.84x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.5% — normal range

<80%

Effective IV 71.5% (ATM 27.5% + spread 22.0% + bias) — fair

<3.0%

Total drag 26.65% (spread 22.00% + slippage 4.65%) — high friction

≥5.0

Vega efficiency 3.04 (vega 6.678 / spread 22.00%) — spread drag

Sentiment

Bullish or bearish?

6.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -6%, Raw: -5%)
|net sentiment| ≥25%

Conviction-weighted: -6% (neutral) — Raw: -5%

≥15%

|OI skew| 35.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +60.0%, OI skew +35.2% — 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: -67%, ATM: +1%, OTM: -6% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 15% — very bullish vs sector

Activity

Unusual activity?

1.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 0.4% — normal turnover

≥2 days

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

≥5%

OI change +2.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 13% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 12% — patient

≥30

Conviction -6 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 22.0% — wide

≥10,000

OI 33,119 — adequate

≥500

Volume 135/day — thin

≤$0.50

$1.10 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 72% — wider than sector

≥100 contracts

Depth 233.8 contracts (bid:107.8 ask:126.0) — adequate

<1.0%

Avg slippage 4.65% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -15.8% — contango

<30 or >70

IV percentile 40% — neutral

≥10pts kink

IV kink -3.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 162.47 — 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 -6% @ 52% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.5
bullishIV fair, bullish flow
Long Puts4.6
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV fair, bullish flow
Covered Call4.2
bearishIV fair, bullish 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.

More on CFG

CFG gamma wallsCFG max painCFG IV rankCFG options flow