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VNOVornado Realty Trust

Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $7.1B|NYSE
● 2026-08-31$38.20
VERY BULLISH
Analysis: 2026-08-28 EOD data
1Y +0.7%YTD +14.2%7D -1.7%
1
30D
±8.2%
2%

VNO Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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VNO Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 58.8% — elevated vs history

<1.05x

IV/HV 1.24x — IV premium over HV

Sector Relative≤50%

Sector percentile 79% — above sector median

<1.1x

Front/Back 0.75x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 37.0% — normal range

<80%

Effective IV 94.1% (ATM 37.0% + spread 28.6% + bias) — expensive

<3.0%

Total drag 31.43% (spread 28.57% + slippage 2.86%) — high friction

≥5.0

Vega efficiency 3.86 (vega 11.036 / spread 28.57%) — spread drag

Sentiment

Bullish or bearish?

10.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +100%, Raw: +100%)
|net sentiment| ≥25%

Conviction-weighted: +100% (strong bullish) — Raw: +100%

≥15%

|OI skew| 56.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +56.5% — 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: +0%, ATM: +0%, OTM: +100% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

2.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.0x avg — normal

≥15%

Vol/OI 0.0% — normal turnover

≥2 days

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

≥5%

OI change +0.7% (5d) — stable

Sector Relative≥60%

Sector activity percentile 1% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +100 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

1.9
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 28.6% — wide

≥10,000

OI 16,866 — adequate

≥500

Volume 1/day — thin

≤$0.50

$1.43 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 90% — much wider than sector

≥100 contracts

Depth 12.0 contracts (bid:5.0 ask:7.0) — thin

<1.0%

Avg slippage 2.86% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -25.5% — contango

<30 or >70

IV percentile 59% — neutral

≥10pts kink

IV kink -10.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 985.34 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +100% @ 50% consistency — STRONG directional (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls7.8
bullishIV fair, bullish flow
Long Puts3.2
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put6.3
bullishIV fair, bullish flow
Covered Call2.8
bearishIV fair, bullish 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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