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NOCNorthrop Grumman Corp.

Options Analysis Report•SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS
Market Cap $77.5B|NYSE
● 2026-08-31$545.57
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -7.4%YTD -6.8%7D -0.7%
889
30D
±6.7%
22%

NOC Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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NOC Gamma Walls

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Value

Is IV priced right?

7.5
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 41.3% — elevated vs history

<1.05x

IV/HV 1.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 49% — below sector median

<1.1x

Front/Back 0.82x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.7% — normal range

<80%

Effective IV 54.4% (ATM 27.7% + spread 13.3% + bias) — good value

<3.0%

Total drag 19.38% (spread 13.35% + slippage 6.03%) — high friction

≥5.0

Vega efficiency 108.62 (vega 145.012 / spread 13.35%) — efficient

Sentiment

Bullish or bearish?

4.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +6%, Raw: +6%)
|net sentiment| ≥25%

Conviction-weighted: +6% (neutral) — Raw: +6%

≥15%

|OI skew| 7.3% — balanced

Same sign, |vol skew| ≥10%

Vol skew -16.1%, OI skew -7.3% — 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: +18%, ATM: -2%, OTM: +5% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 81% — very bearish vs sector

Activity

Unusual activity?

3.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.7x avg — normal

≥15%

Vol/OI 3.2% — normal turnover

≥2 days

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

≥5%

OI change +5.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 56% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 19% — patient

≥30

Conviction +6 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.1
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 13.3% — wide

≥10,000

OI 27,334 — adequate

≥500

Volume 889/day — adequate

≤$0.50

$0.67 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 51% — neutral vs sector

≥100 contracts

Depth 24.799999999999997 contracts (bid:11.2 ask:13.6) — thin

<1.0%

Avg slippage 6.03% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -17.8% — contango

<30 or >70

IV percentile 41% — neutral

≥10pts kink

IV kink -4.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 1086.23 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +6% @ 53% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, mixed flow
Long Puts6.2
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.8
bullishIV too cheap, mixed flow
Covered Call4.4
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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