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PRGSProgress Software Corp (DE)

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE
Market Cap $1.8B|NASDAQ
● 2026-08-31$44.76
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +0.3%YTD +9.0%7D +3.1%
74
30D
±13.0%
17%

PRGS Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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PRGS Gamma Walls

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Value

Is IV priced right?

5.2
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 77.6% — elevated vs history

<1.05x

IV/HV 1.84x — IV premium over HV

Sector Relative≤50%

Sector percentile 45% — below sector median

<1.1x

Front/Back 0.87x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 51.5% — normal range

<80%

Effective IV 131.8% (ATM 51.5% + spread 40.2% + bias) — expensive

<3.0%

Total drag 54.42% (spread 40.16% + slippage 14.26%) — high friction

≥5.0

Vega efficiency 4.90 (vega 19.666 / spread 40.16%) — spread drag

Sentiment

Bullish or bearish?

4.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -47%, Raw: -14%)
|net sentiment| ≥25%

Conviction-weighted: -47% (strong bearish) — Raw: -14%

≥15%

|OI skew| 11.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +48.6%, OI skew +11.0% — 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: -100%, ATM: +100%, OTM: -10% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 38% — bullish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.5x avg — normal

≥15%

Vol/OI 0.8% — normal turnover

≥2 days

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

≥5%

OI change +1.4% (5d) — stable

Sector Relative≥60%

Sector activity percentile 21% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 24% — patient

≥30

Conviction -47 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 40.2% — wide

≥10,000

OI 9,448 — thin

≥500

Volume 74/day — thin

≤$0.50

$2.01 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

≥100 contracts

Depth 96.2 contracts (bid:48.5 ask:47.7) — thin

<1.0%

Avg slippage 14.26% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -12.7% — contango

<30 or >70

IV percentile 78% — seller opportunity

≥10pts kink

IV kink -8.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 1695.32 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: Earnings in 28d (low risk)

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -47% @ 74% consistency — STRONG directional (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.1
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call4.9
bearishIV fair, 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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