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STZConstellation Brands, Inc.

Options Analysis Report•BEVERAGES
Market Cap $22.3B|NYSE
● 2026-08-31$130.69
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -13.6%YTD -7.4%7D -5.0%
4,395
30D
±7.3%
0%

STZ Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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STZ Gamma Walls

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Value

Is IV priced right?

7.8
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 38.1% — elevated vs history

<1.05x

IV/HV 0.85x — IV ≤ HV

Sector Relative≤50%

Sector percentile 59% — above sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.2% — normal range

<80%

Effective IV 54.0% (ATM 27.2% + spread 13.4% + bias) — good value

<3.0%

Total drag 23.27% (spread 13.38% + slippage 9.89%) — high friction

≥5.0

Vega efficiency 13.01 (vega 17.406 / spread 13.38%) — efficient

Sentiment

Bullish or bearish?

3.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Moderate signal (Conviction: -35%, Raw: -30%)
|net sentiment| ≥25%

Conviction-weighted: -35% (strong bearish) — Raw: -30%

≥15%

|OI skew| 6.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew -16.5%, OI skew +6.0% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -59%, ATM: -40%, OTM: -18% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 89% — very bearish vs sector

Activity

Unusual activity?

5.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 4.9% — normal turnover

≥2 days

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

≥5%

OI change +7.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 74% — active vs sector

≥30%

Large trade volume 37% — institutional presence

≥60%

Aggressive execution 31% — patient

≥30

Conviction -35 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.3
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 13.4% — wide

≥10,000

OI 90,150 — deep

≥500

Volume 4,395/day — adequate

≤$0.50

$0.67 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 63% — wider than sector

≥100 contracts

Depth 50.3 contracts (bid:25.9 ask:24.4) — thin

<1.0%

Avg slippage 9.89% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -15.2% — contango

<30 or >70

IV percentile 38% — neutral

≥10pts kink

IV kink -3.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 202.16 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -35% @ 68% consistency — moderate (bearish)

≥40 composite score

Score 67 (ITM 20% + inst 37%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV cheap, bearish flow
Long Puts6.7
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.6
bullishIV too cheap, bearish flow
Covered Call4.8
bearishIV too cheap, bearish 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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