Options/NTAP

NTAPNetApp, Inc

Options Analysis Report•COMPUTER STORAGE DEVICES

Market Cap $36.7B|NASDAQ

● 2026-08-31$187.02

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +62.1%YTD +75.7%7D +0.1%

Options Vol

1,843

30D

Implied Move

±17.6%

IV Rank

56%

NTAP Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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NTAP Gamma Walls

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NTAP Hedge Radar

Neutral

Full Hedge Radar

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

Protection is priced in the fair band (5.62) — the move being priced is 2.45x this name's own median 15-trading-day move, and downside puts carry 0.5 IV points more than at-the-money, measured against this name's own rolling 15-trading-day realized moves (489 overlapping windows). Fragility reads resilient (3.38): it is trading 11% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

5.62/ 10fair

Basis: cross_sectional

Fragility

3.38/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

3.3

ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 95.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.35x — IV premium over HV

Sector Relative≤50%

Sector percentile 82% — above sector median

Term Structure

<1.1x

Front/Back 1.16x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 53.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 72.6% (ATM 53.3% + spread 9.7% + bias) — fair

Execution Efficiency

<3.0%

Total drag 15.01% (spread 9.66% + slippage 5.35%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 36.28 (vega 35.048 / spread 9.66%) — efficient

Sentiment

Bullish or bearish?

5.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -34%, Raw: -39%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -34% (strong bearish) — Raw: -39%

OI Skew Magnitude

≥15%

|OI skew| 21.1% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +21.3%, OI skew +21.1% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +27%, ATM: -18%, OTM: -43% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 45% — neutral vs sector

Activity

Unusual activity?

2.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 3.8% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -1.5% (5d) — stable

Sector Relative≥60%

Sector activity percentile 28% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 40% — patient

Flow Conviction

≥30

Conviction -34 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.7% — wide

Adequate OI

≥10,000

OI 47,938 — adequate

Active Volume

≥500

Volume 1,843/day — adequate

Reasonable Cost

≤$0.50

$0.48 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 83% — much wider than sector

Order Book Depth

≥100 contracts

Depth 58.5 contracts (bid:32.3 ask:26.2) — thin

Execution Quality

<1.0%

Avg slippage 5.35% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +16.3% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 96% — seller opportunity

Event Detection

≥10pts kink

IV kink 8.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 297.27 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

HIGH RISK: Earnings in 2d (HIGH RISK)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -34% @ 67% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV expensive, mixed flow

Long Puts4.5

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.6

bullishIV rich premium, mixed flow

Covered Call5.5

bearishIV rich premium, 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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