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PZZAPapa John's International Inc

Options Analysis Report•RETAIL-EATING PLACES
Market Cap $706M|NASDAQ
● 2026-09-11$21.46
BULLISH
Analysis: 2026-09-10 EOD data
1Y -57.1%YTD -46.7%7D -5.4%
1,005
30D
±8.6%
33%

PZZA Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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PZZA Gamma Walls

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Value

Is IV priced right?

6.0
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 76.6% (ATM 0.0% + spread 38.3% + bias) — fair

<3.0%

Total drag 50.38% (spread 38.30% + slippage 12.08%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 38.30%) — spread drag

Sentiment

Bullish or bearish?

6.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -8%, Raw: -1%)
|net sentiment| ≥25%

Conviction-weighted: -8% (neutral) — Raw: -1%

≥15%

|OI skew| 35.9% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +77.9%, OI skew +35.9% — 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: +36%, ATM: +54%, OTM: -5% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 8% — very bullish vs sector

Activity

Unusual activity?

1.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.0% — normal turnover

≥2 days

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

≥5%

OI change +0.9% (5d) — stable

Sector Relative≥60%

Sector activity percentile 33% — below sector avg

≥30%

Large trade volume 10% — mostly retail

≥60%

Aggressive execution 29% — patient

≥30

Conviction -8 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.6
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 38.3% — wide

≥10,000

OI 98,341 — deep

≥500

Volume 1,005/day — adequate

≤$0.50

$1.91 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 150.7 contracts (bid:67.3 ask:83.4) — adequate

<1.0%

Avg slippage 12.08% — poor

Timing

Is now a good time?

4.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks3/9 checks passed
|slope| ≥5%

Slope +0.0% — flat/unclear

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

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

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -8% @ 54% consistency — unclear

≥40 composite score

Score 40 (ITM 20% + inst 10%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, bullish flow
Covered Call4.0
bearishIV too cheap, 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 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 PZZA

PZZA gamma wallsPZZA option chainPZZA max painPZZA IV rankPZZA put/call ratioPZZA options flow