Options/ELF

ELFe.l.f. Beauty, Inc.

Options Analysis Report•PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS

Market Cap $6.1B|NYSE

● 2026-08-31$104.10

BULLISH

Analysis: 2026-08-28 EOD data

1Y -17.1%YTD +33.8%7D -1.7%

Options Vol

4,760

30D

Implied Move

±13.6%

IV Rank

ELF Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ELF Gamma Walls

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ELF Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where ELF sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.37) — implied vol sits in the 0th percentile of its own past year, and near-dated vol is priced 24% below far-dated, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads resilient (2.5): it is trading 19% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

1.37/ 10cheap

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

6.3

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 73.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 85% — above sector median

Term Structure

<1.1x

Front/Back 0.76x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 47.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 71.3% (ATM 47.9% + spread 11.7% + bias) — fair

Execution Efficiency

<3.0%

Total drag 21.71% (spread 11.72% + slippage 9.99%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 8.33 (vega 9.764 / spread 11.72%) — efficient

Sentiment

Bullish or bearish?

7.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +38%, Raw: +16%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +38% (strong bullish) — Raw: +16%

OI Skew Magnitude

≥15%

|OI skew| 20.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +24.7%, OI skew +20.2% — 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: +50%, ATM: -11%, OTM: +13% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

4.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.4x avg — normal

Turnover Rate

≥15%

Vol/OI 4.5% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 81% — very active vs sector

Trade Quality

≥30%

Large trade volume 23% — mixed

Execution Urgency

≥60%

Aggressive execution 25% — patient

Flow Conviction

≥30

Conviction +38 (bullish) — moderate

Liquidity

Can I trade efficiently?

3.6

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.7% — wide

Adequate OI

≥10,000

OI 105,420 — deep

Active Volume

≥500

Volume 4,760/day — adequate

Reasonable Cost

≤$0.50

$0.59 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

Order Book Depth

≥100 contracts

Depth 97.1 contracts (bid:38.7 ask:58.4) — thin

Execution Quality

<1.0%

Avg slippage 9.99% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -24.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 74% — seller opportunity

Event Detection

≥10pts kink

IV kink -9.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 72.81 — 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 +38% @ 69% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 53 (ITM 20% + inst 23%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls7.3

bullishIV cheap, bullish flow

Long Puts4.7

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.5

bullishIV too cheap, bullish flow

Covered Call3.7

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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