Options/CTSH

CTSHCognizant Technology Solutions

Options Analysis Report•SERVICES-COMPUTER PROGRAMMING SERVICES

Market Cap $28.8B|NASDAQ

● 2026-08-31$64.04

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -10.8%YTD -21.2%7D +3.0%

Options Vol

2,454

30D

Implied Move

±10.5%

IV Rank

19%

CTSH Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

Loading score history...

CTSH Gamma Walls

Loading gamma walls...

CTSH Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where CTSH sits on protection cost vs. fragility today.

Protection is priced in the fair band (4.5) — the move being priced is 1.45x this name's own median 21-trading-day move, and options are pricing vol 14% below what the stock has actually been realizing, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads resilient (2.5): it is trading 18% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

4.50/ 10fair

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

4.8

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 89.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.53x — IV premium over HV

Sector Relative≤50%

Sector percentile 60% — above sector median

Term Structure

<1.1x

Front/Back 0.80x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 45.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 69.6% (ATM 45.0% + spread 12.3% + bias) — fair

Execution Efficiency

<3.0%

Total drag 18.67% (spread 12.29% + slippage 6.38%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 12.67 (vega 15.568 / spread 12.29%) — efficient

Sentiment

Bullish or bearish?

5.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -1%, Raw: +3%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -1% (neutral) — Raw: +3%

OI Skew Magnitude

≥15%

|OI skew| 9.1% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -3.3%, OI skew +9.1% — divergent (opposite)

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: -29%, ATM: -9%, OTM: +11% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 72% — very bearish vs sector

Activity

Unusual activity?

2.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +4.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 20% — quiet vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 29% — patient

Flow Conviction

≥30

Conviction -1 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.4

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.3% — wide

Adequate OI

≥10,000

OI 93,173 — deep

Active Volume

≥500

Volume 2,454/day — adequate

Reasonable Cost

≤$0.50

$0.61 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 60% — wider than sector

Order Book Depth

≥100 contracts

Depth 202.3 contracts (bid:101.0 ask:101.3) — adequate

Execution Quality

<1.0%

Avg slippage 6.38% — poor

Timing

Is now a good time?

6.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -19.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 89% — seller opportunity

Event Detection

≥10pts kink

IV kink -7.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 643.31 — favors income trades

Expiration Distribution

≥3 expirations

3 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 -1% @ 50% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls5.0

bullishIV fair, mixed flow

Long Puts4.9

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV fair, mixed flow

Covered Call5.0

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.

More on CTSH

CTSH gamma walls CTSH max pain CTSH IV rank CTSH options flow