PZZAPapa John's International Inc
Options Analysis Report•RETAIL-EATING PLACES
Market Cap $1.1B|NASDAQ
● 2026-05-15$32.72
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -18.3%YTD -18.8%7D +5.1%
Options Vol
4,902
30D
Implied Move
±8.6%
IV Rank
73%
PZZA Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.4
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 70.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.25x — IV premium over HV
Sector Relative≤50%
Sector percentile 72% — above sector median
Term Structure
<1.1xFront/Back 1.39x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 58.8% — normal range
Spread-Adjusted Value
<80%Effective IV 119.8% (ATM 58.8% + spread 30.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 42.93% (spread 30.49% + slippage 12.44%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.76 (vega 5.381 / spread 30.49%) — spread drag
Sentiment
Bullish or bearish?
5.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -34%, Raw: -27%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -34% (strong bearish) — Raw: -27%
OI Skew Magnitude
≥15%|OI skew| 26.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +58.4%, OI skew +26.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 17%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +13%, ATM: +4%, OTM: -29% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 32% — bullish vs sector
Activity
Unusual activity?
6.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 1.6x avg — elevated
Turnover Rate
≥15%Vol/OI 5.8% — 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 +8.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 73% — active vs sector
Trade Quality
≥30%Large trade volume 41% — institutional presence
Execution Urgency
≥60%Aggressive execution 51% — patient
Flow Conviction
≥30Conviction -34 (bearish) — moderate
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 30.5% — wide
Adequate OI
≥10,000OI 84,087 — deep
Active Volume
≥500Volume 4,902/day — adequate
Reasonable Cost
≤$0.50$1.52 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 85% — much wider than sector
Order Book Depth
≥100 contractsDepth 207.1 contracts (bid:163.1 ask:44.0) — adequate
Execution Quality
<1.0%Avg slippage 12.44% — poor
Timing
Is now a good time?
8.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks9/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +39.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 71% — seller opportunity
Event Detection
≥10pts kinkIV kink 15.7pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 203.05 — favors income trades
Expiration Distribution
≥3 expirations3 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 -34% @ 67% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 71 (ITM 20% + inst 41%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls4.4
bullishIV expensive, mixed flow
Long Puts4.2
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.0
bullishIV rich premium, mixed flow
Covered Call5.8
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.