NTAPNetApp, Inc
Options Analysis Report•COMPUTER STORAGE DEVICES
Market Cap $20.6B|NASDAQ
● 2026-04-17$104.53
BULLISH
Analysis: 2026-04-16 EOD data
1Y +28.0%YTD -1.8%7D +9.0%
Options Vol
683
30D
Implied Move
±9.4%
IV Rank
24%
NTAP Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 57.7% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.15x — IV premium over HV
Sector Relative≤50%
Sector percentile 16% — below sector median
Term Structure
<1.1xFront/Back 0.87x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 38.2% — normal range
Spread-Adjusted Value
<80%Effective IV 65.5% (ATM 38.2% + spread 13.6% + bias) — fair
Execution Efficiency
<3.0%Total drag 18.92% (spread 13.64% + slippage 5.28%) — high friction
Vega Efficiency
≥5.0Vega efficiency 8.53 (vega 11.640 / spread 13.64%) — efficient
Sentiment
Bullish or bearish?
7.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +17%, Raw: +14%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +17% (bullish) — Raw: +14%
OI Skew Magnitude
≥15%|OI skew| 36.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +33.8%, OI skew +36.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 28%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +72%, ATM: -1%, OTM: +14% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 40% — bullish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 3.8% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +3.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 28% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction +17 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 13.6% — wide
Adequate OI
≥10,000OI 17,924 — adequate
Active Volume
≥500Volume 683/day — adequate
Reasonable Cost
≤$0.50$0.68 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 18% — much tighter than sector
Order Book Depth
≥100 contractsDepth 107.3 contracts (bid:56.5 ask:50.8) — adequate
Execution Quality
<1.0%Avg slippage 5.28% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -12.8% — contango
IV Percentile Clarity
<30 or >70IV percentile 58% — neutral
Event Detection
≥10pts kinkIV kink -4.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 163.48 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +17% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, bullish flow
Long Puts5.1
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.