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FIVEFive Below, Inc. Common Stock

Options Analysis Report•RETAIL-VARIETY STORES
Market Cap $13.4B|NASDAQ
● 2026-08-31$241.89
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +61.5%YTD +25.0%7D -7.9%
220
30D
±15.9%
7%

FIVE Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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FIVE Gamma Walls

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Value

Is IV priced right?

5.7
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 72.5% — elevated vs history

<1.05x

IV/HV 1.03x — IV ≤ HV

Sector Relative≤50%

Sector percentile 72% — above sector median

<1.1x

Front/Back 1.24x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 46.9% — normal range

<80%

Effective IV 75.5% (ATM 46.9% + spread 14.3% + bias) — fair

<3.0%

Total drag 22.52% (spread 14.29% + slippage 8.23%) — high friction

≥5.0

Vega efficiency 16.04 (vega 22.917 / spread 14.29%) — efficient

Sentiment

Bullish or bearish?

4.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +1%, Raw: +16%)
|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +16%

≥15%

|OI skew| 3.7% — balanced

Same sign, |vol skew| ≥10%

Vol skew -0.9%, OI skew -3.7% — weak (same direction)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -64%, ATM: -40%, OTM: +56% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

2.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 1.7% — normal turnover

≥2 days

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

≥5%

OI change +15.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 48% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 26% — patient

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 14.3% — wide

≥10,000

OI 12,752 — adequate

≥500

Volume 220/day — thin

≤$0.50

$0.71 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 85% — much wider than sector

≥100 contracts

Depth 51.7 contracts (bid:22.5 ask:29.2) — thin

<1.0%

Avg slippage 8.23% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope +23.9% — backwardation

<30 or >70

IV percentile 72% — seller opportunity

≥10pts kink

IV kink 10.3pts — event priced

<0.5 or >2.0

θ/ν ratio 72.20 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

HIGH RISK: Earnings in 2d (HIGH RISK)

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +1% @ 51% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.1
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV fair, mixed flow
Covered Call4.6
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.

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