DKNGDraftKings Inc. Class A Common Stock
Options Analysis Report•SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap $12.5B|NASDAQ
● 2026-05-15$25.15
BULLISH
Analysis: 2026-05-14 EOD data
1Y -31.3%YTD -29.5%7D -1.4%
Options Vol
24,270
30D
Implied Move
±13.7%
IV Rank
16%
DKNG Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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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
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 64.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.38x — IV premium over HV
Sector Relative≤50%
Sector percentile 59% — above sector median
Term Structure
<1.1xFront/Back 0.86x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 52.8% — normal range
Spread-Adjusted Value
<80%Effective IV 78.0% (ATM 52.8% + spread 12.6% + bias) — fair
Execution Efficiency
<3.0%Total drag 19.10% (spread 12.59% + slippage 6.51%) — high friction
Vega Efficiency
≥5.0Vega efficiency 9.30 (vega 11.710 / spread 12.59%) — efficient
Sentiment
Bullish or bearish?
6.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -2%, Raw: -4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -2% (neutral) — Raw: -4%
OI Skew Magnitude
≥15%|OI skew| 45.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +57.2%, OI skew +45.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 27%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +6%, ATM: +4%, OTM: -8% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 33% — bullish vs sector
Activity
Unusual activity?
3.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 2.9% — 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 +4.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 52% — neutral vs sector
Trade Quality
≥30%Large trade volume 32% — institutional presence
Execution Urgency
≥60%Aggressive execution 44% — patient
Flow Conviction
≥30Conviction -2 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 12.6% — wide
Adequate OI
≥10,000OI 831,681 — deep
Active Volume
≥500Volume 24,270/day — active
Reasonable Cost
≤$0.50$0.63 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 78% — wider than sector
Order Book Depth
≥100 contractsDepth 343.3 contracts (bid:178.9 ask:164.4) — adequate
Execution Quality
<1.0%Avg slippage 6.51% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -14.3% — contango
IV Percentile Clarity
<30 or >70IV percentile 65% — neutral
Event Detection
≥10pts kinkIV kink -3.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1858.78 — 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 -2% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 62 (ITM 20% + inst 32%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV fair, bullish flow
Long Puts4.8
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, bullish flow
Covered Call4.5
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.