Options/DUOL

DUOLDuolingo, Inc. Class A Common Stock

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $6.8B|NASDAQ

● 2026-09-11$143.68

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -53.3%YTD -18.6%7D -7.0%

Options Vol

3,478

30D

Implied Move

±16.2%

IV Rank

DUOL Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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DUOL Gamma Walls

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DUOL Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where DUOL sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.43) — downside puts carry 0.5 IV points LESS than at-the-money, and near-dated vol is priced 14% below far-dated, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads neutral (4.43): it is trading 4% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

1.43/ 10cheap

Basis: cross_sectional

Fragility

4.43/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.8

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 81.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 56% — above sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 60.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 85.5% (ATM 60.2% + spread 12.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 20.18% (spread 12.66% + slippage 7.52%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 11.03 (vega 13.960 / spread 12.66%) — efficient

Sentiment

Bullish or bearish?

4.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -43%, Raw: -37%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -43% (strong bearish) — Raw: -37%

OI Skew Magnitude

≥15%

|OI skew| 12.0% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +26.6%, OI skew +12.0% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 38%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -32%, ATM: -17%, OTM: -44% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 49% — neutral vs sector

Activity

Unusual activity?

3.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 4.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +3.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 70% — active vs sector

Trade Quality

≥30%

Large trade volume 19% — mixed

Execution Urgency

≥60%

Aggressive execution 24% — patient

Flow Conviction

≥30

Conviction -43 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.7% — wide

Adequate OI

≥10,000

OI 85,267 — deep

Active Volume

≥500

Volume 3,478/day — adequate

Reasonable Cost

≤$0.50

$0.63 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 74% — wider than sector

Order Book Depth

≥100 contracts

Depth 49.7 contracts (bid:24.1 ask:25.6) — thin

Execution Quality

<1.0%

Avg slippage 7.52% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -10.6% — contango

IV Percentile Clarity

<30 or >70

IV percentile 81% — seller opportunity

Event Detection

≥10pts kink

IV kink -5.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 75.99 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -43% @ 71% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 49 (ITM 20% + inst 19%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.6

bullishIV cheap, mixed flow

Long Puts5.7

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.4

bullishIV too cheap, mixed flow

Covered Call4.5

bearishIV too cheap, 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 Sep 7, 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.

More on DUOL

DUOL gamma walls DUOL option chain DUOL max pain DUOL expected move DUOL IV rank DUOL put/call ratio DUOL options flow