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MACThe Macerich Company

Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $6.7B|NYSE
● 2026-08-31$23.75
BULLISH
Analysis: 2026-08-28 EOD data
1Y +31.1%YTD +28.2%7D -2.5%
189
30D
±7.8%
2%

MAC Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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MAC Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 47.0% — elevated vs history

<1.05x

IV/HV 0.93x — IV ≤ HV

Sector Relative≤50%

Sector percentile 70% — above sector median

<1.1x

Front/Back 0.78x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 30.8% — normal range

<80%

Effective IV 89.8% (ATM 30.8% + spread 29.5% + bias) — expensive

<3.0%

Total drag 33.24% (spread 29.51% + slippage 3.73%) — high friction

≥5.0

Vega efficiency 0.77 (vega 2.272 / spread 29.51%) — spread drag

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -33%, Raw: -32%)
|net sentiment| ≥25%

Conviction-weighted: -33% (strong bearish) — Raw: -32%

≥15%

|OI skew| 44.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +44.8% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -13%, ATM: -100%, OTM: -10% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

4.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.8x avg — elevated

≥15%

Vol/OI 2.5% — normal turnover

≥2 days

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

≥5%

OI change +2.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 71% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 4% — patient

≥30

Conviction -33 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.6
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 29.5% — wide

≥10,000

OI 7,466 — thin

≥500

Volume 189/day — thin

≤$0.50

$1.48 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 87% — much wider than sector

≥100 contracts

Depth 267.3 contracts (bid:137.0 ask:130.3) — adequate

<1.0%

Avg slippage 3.73% — poor

Timing

Is now a good time?

6.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -22.1% — contango

<30 or >70

IV percentile 47% — neutral

≥10pts kink

IV kink -3.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 130.56 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -33% @ 66% consistency — moderate (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts5.2
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, 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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