CZRCaesars Entertainment, Inc. Common Stock
Options Analysis Report•HOTELS & MOTELS
Market Cap $5.5B|NASDAQ
● 2026-05-15$27.16
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -10.4%YTD +15.3%7D -3.1%
Options Vol
27,147
30D
Implied Move
±14.6%
IV Rank
31%
CZR Options Overview
Mixed signals. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks2/9 checks passed
IV Rank
≤35%IV Rank 68.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.24x — IV premium over HV
Sector Relative≤50%
Sector percentile 65% — above sector median
Term Structure
<1.1xFront/Back 1.76x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 55.5% — normal range
Spread-Adjusted Value
<80%Effective IV 153.8% (ATM 55.5% + spread 49.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 66.58% (spread 49.17% + slippage 17.41%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.96 (vega 9.613 / spread 49.17%) — spread drag
Sentiment
Bullish or bearish?
3.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -20%, Raw: -4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -20% (bearish) — Raw: -4%
OI Skew Magnitude
≥15%|OI skew| 18.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -26.0%, OI skew +18.4% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 41%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -10%, ATM: +31%, OTM: -13% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 85% — very bearish vs sector
Activity
Unusual activity?
6.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 2.5x avg — hot
Turnover Rate
≥15%Vol/OI 10.3% — 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 +10.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 86% — very active vs sector
Trade Quality
≥30%Large trade volume 28% — mixed
Execution Urgency
≥60%Aggressive execution 44% — patient
Flow Conviction
≥30Conviction -20 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 49.2% — wide
Adequate OI
≥10,000OI 264,627 — deep
Active Volume
≥500Volume 27,147/day — active
Reasonable Cost
≤$0.50$2.46 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 81% — much wider than sector
Order Book Depth
≥100 contractsDepth 125.80000000000001 contracts (bid:75.2 ask:50.6) — adequate
Execution Quality
<1.0%Avg slippage 17.41% — poor
Timing
Is now a good time?
7.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +76.3% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 68% — neutral
Event Detection
≥10pts kinkIV kink 17.5pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1602.22 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -20% @ 60% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 58 (ITM 20% + inst 28%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.4
bullishIV expensive, bearish flow
Long Puts5.3
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV rich premium, bearish flow
Covered Call6.0
bearishIV rich premium, bearish flow
For educational purposes only. Not investment advice.