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CPACopa Holdings, S.A.

Options Analysis Report
Market Cap $5.3B|NYSE
● 2026-08-31$129.50
BULLISH
Analysis: 2026-08-28 EOD data
1Y +11.4%YTD +6.3%7D -1.5%
327
30D
±10.0%
18%

CPA Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CPA Gamma Walls

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Value

Is IV priced right?

6.9
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 59.2% — elevated vs history

<1.05x

IV/HV 1.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 50% — above sector median

<1.1x

Front/Back 0.93x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 37.2% — normal range

<80%

Effective IV 64.1% (ATM 37.2% + spread 13.4% + bias) — good value

<3.0%

Total drag 20.91% (spread 13.44% + slippage 7.47%) — high friction

≥5.0

Vega efficiency 20.94 (vega 28.141 / spread 13.44%) — efficient

Sentiment

Bullish or bearish?

6.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +13%, Raw: +15%)
|net sentiment| ≥25%

Conviction-weighted: +13% (bullish) — Raw: +15%

≥15%

|OI skew| 16.5% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +59.6%, OI skew -16.5% — 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: -12%, ATM: +30%, OTM: +53% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 28% — very bullish vs sector

Activity

Unusual activity?

4.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.2x avg — normal

≥15%

Vol/OI 3.8% — normal turnover

≥2 days

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

≥5%

OI change +7.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 75% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 26% — patient

≥30

Conviction +13 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.9
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 13.4% — wide

≥10,000

OI 8,693 — thin

≥500

Volume 327/day — thin

≤$0.50

$0.67 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 69% — wider than sector

≥100 contracts

Depth 54.0 contracts (bid:28.3 ask:25.7) — thin

<1.0%

Avg slippage 7.47% — poor

Timing

Is now a good time?

6.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -7.2% — contango

<30 or >70

IV percentile 59% — neutral

≥10pts kink

IV kink -2.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 623.96 — 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 +13% @ 57% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.8
bullishIV cheap, bullish flow
Long Puts5.2
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, bullish flow
Covered Call3.9
bearishIV too cheap, 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.

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