Options/NET

NETCloudflare, Inc. Class A common stock, par value $0.001 per share

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $109.8B|NYSE

● 2026-08-28$308.23

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +44.4%YTD +57.2%7D +5.1%

Options Vol

20,321

30D

Implied Move

±15.0%

IV Rank

22%

NET Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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NET Gamma Walls

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NET Hedge Radar

Neutral

Full Hedge Radar

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

Protection is priced in the cheap band (2.9) — near-dated vol is priced 1% below far-dated, and downside puts carry 2.5 IV points more than at-the-money, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads neutral (5.67): it is trading 3% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.90/ 10cheap

Basis: cross_sectional

Fragility

5.67/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.8

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 78.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.87x — IV ≤ HV

Sector Relative≤50%

Sector percentile 48% — below sector median

Term Structure

<1.1x

Front/Back 0.90x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 56.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 72.4% (ATM 56.4% + spread 8.0% + bias) — fair

Execution Efficiency

<3.0%

Total drag 15.14% (spread 7.99% + slippage 7.15%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 30.26 (vega 24.180 / spread 7.99%) — efficient

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -9%, Raw: +4%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -9% (neutral) — Raw: +4%

OI Skew Magnitude

≥15%

|OI skew| 12.7% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +18.4%, OI skew +12.7% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 31%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +9%, ATM: -36%, OTM: +25% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 63% — bearish vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 1.1x avg — normal

Turnover Rate

≥15%

Vol/OI 10.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -18.0% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 84% — very active vs sector

Trade Quality

≥30%

Large trade volume 10% — mostly retail

Execution Urgency

≥60%

Aggressive execution 24% — patient

Flow Conviction

≥30

Conviction -9 (bearish) — mixed

Liquidity

Can I trade efficiently?

5.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks5/8 checks passed

Tradeable Spread

≤5.0%

Spread 8.0% — wide

Adequate OI

≥10,000

OI 200,194 — deep

Active Volume

≥500

Volume 20,321/day — active

Reasonable Cost

≤$0.50

$0.40 to cross — cheap

Strike Coverage

≥5 strikes

7 liquid strikes — good coverage

Sector Relative≤40%

Sector spread percentile 68% — wider than sector

Order Book Depth

≥100 contracts

Depth 132.7 contracts (bid:60.8 ask:71.9) — adequate

Execution Quality

<1.0%

Avg slippage 7.15% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -10.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 79% — seller opportunity

Event Detection

≥10pts kink

IV kink -2.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 53.84 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -9% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 40 (ITM 20% + inst 10%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.2

bullishIV cheap, mixed flow

Long Puts5.7

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV too cheap, mixed flow

Covered Call4.5

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.