MGMMGM RESORTS INTERNATIONAL
Options Analysis Report•HOTELS & MOTELS
Market Cap $9.9B|NYSE
● 2026-04-17$38.59
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +33.4%YTD +5.8%7D +3.4%
Options Vol
10,560
30D
Implied Move
±13.7%
IV Rank
36%
MGM Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 76.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.17x — IV premium over HV
Sector Relative≤50%
Sector percentile 76% — above sector median
Term Structure
<1.1xFront/Back 0.94x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 44.9% — normal range
Spread-Adjusted Value
<80%Effective IV 68.5% (ATM 44.9% + spread 11.8% + bias) — fair
Execution Efficiency
<3.0%Total drag 14.62% (spread 11.79% + slippage 2.83%) — high friction
Vega Efficiency
≥5.0Vega efficiency 4.39 (vega 5.173 / spread 11.79%) — spread drag
Sentiment
Bullish or bearish?
4.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: +3%, Raw: +3%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +3% (neutral) — Raw: +3%
OI Skew Magnitude
≥15%|OI skew| 3.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -24.5%, OI skew +3.0% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 47%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -55%, ATM: +66%, OTM: -10% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 84% — very bearish vs sector
Activity
Unusual activity?
5.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 1.5x avg — elevated
Turnover Rate
≥15%Vol/OI 6.6% — 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 +10.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 62% — active vs sector
Trade Quality
≥30%Large trade volume 60% — heavy institutional
Execution Urgency
≥60%Aggressive execution 12% — patient
Flow Conviction
≥30Conviction +3 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 11.8% — wide
Adequate OI
≥10,000OI 160,804 — deep
Active Volume
≥500Volume 10,560/day — active
Reasonable Cost
≤$0.50$0.59 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 76% — wider than sector
Order Book Depth
≥100 contractsDepth 627.5 contracts (bid:315.7 ask:311.8) — deep
Execution Quality
<1.0%Avg slippage 2.83% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -6.1% — contango
IV Percentile Clarity
<30 or >70IV percentile 76% — seller opportunity
Event Detection
≥10pts kinkIV kink -4.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 195.22 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +3% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 90 (ITM 20% + inst 60%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls4.8
bullishIV fair, mixed flow
Long Puts5.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV fair, mixed flow
Covered Call5.4
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.