Options/ESS

ESSEssex Property Trust, Inc

Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS

Market Cap $18.3B|NYSE

● 2026-08-31$284.03

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +9.0%YTD +10.6%7D -3.3%

Options Vol

139

30D

Implied Move

±5.3%

IV Rank

ESS Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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ESS Gamma Walls

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Value

Is IV priced right?

8.8

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 9.2% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.12x — IV premium over HV

Sector Relative≤50%

Sector percentile 13% — below sector median

Term Structure

<1.1x

Front/Back 0.83x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 21.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 33.4% (ATM 21.4% + spread 6.0% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 9.88% (spread 6.02% + slippage 3.86%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 67.06 (vega 40.372 / spread 6.02%) — efficient

Sentiment

Bullish or bearish?

6.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +48%, Raw: +57%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +48% (strong bullish) — Raw: +57%

OI Skew Magnitude

≥15%

|OI skew| 32.7% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -82.7%, OI skew +32.7% — 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: +0%, ATM: +67%, OTM: -60% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 93% — very bearish vs sector

Activity

Unusual activity?

5.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 1.6x avg — elevated

Turnover Rate

≥15%

Vol/OI 6.0% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.9% (5d) — stable

Sector Relative≥60%

Sector activity percentile 83% — very active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 74% — urgent

Flow Conviction

≥30

Conviction +48 (bullish) — moderate

Liquidity

Can I trade efficiently?

4.5

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 6.0% — wide

Adequate OI

≥10,000

OI 2,320 — thin

Active Volume

≥500

Volume 139/day — thin

Reasonable Cost

≤$0.50

$0.30 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 31% — tighter than sector

Order Book Depth

≥100 contracts

Depth 17.799999999999997 contracts (bid:10.2 ask:7.6) — thin

Execution Quality

<1.0%

Avg slippage 3.86% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -16.7% — contango

IV Percentile Clarity

<30 or >70

IV percentile 9% — buyer opportunity

Event Detection

≥10pts kink

IV kink -2.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 529.12 — 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 +48% @ 74% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls7.0

bullishIV cheap, bullish flow

Long Puts6.2

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.5

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.

More on ESS

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