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SNDLSundial Growers Inc. Common Shares

Options Analysis Report
Market Cap $337M|NASDAQ
● 2026-08-31$1.35
VERY BULLISH
Analysis: 2026-08-28 EOD data
1Y -45.1%YTD -22.1%7D -0.4%
1,212
30D
±8.6%
8%

SNDL Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

6.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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SNDL Gamma Walls

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Value

Is IV priced right?

6.3
ExpensiveCheap

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

levels.

Risk Checks5/9 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 118.5% (ATM 0.0% + spread 59.3% + bias) — expensive

<3.0%

Total drag 76.51% (spread 59.26% + slippage 17.25%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 59.26%) — spread drag

Sentiment

Bullish or bearish?

9.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +94%, Raw: +92%)
|net sentiment| ≥25%

Conviction-weighted: +94% (strong bullish) — Raw: +92%

≥15%

|OI skew| 20.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +81.4%, OI skew +20.8% — 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: +97%, ATM: +0%, OTM: +92% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 17% — very bullish vs sector

Activity

Unusual activity?

3.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 0.9% — normal turnover

≥2 days

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

≥5%

OI change +1.4% (5d) — stable

Sector Relative≥60%

Sector activity percentile 38% — below sector avg

≥30%

Large trade volume 91% — heavy institutional

≥60%

Aggressive execution 44% — patient

≥30

Conviction +94 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.7
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 59.3% — wide

≥10,000

OI 129,633 — deep

≥500

Volume 1,212/day — adequate

≤$0.50

$2.96 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 1,052.9 contracts (bid:501.3 ask:551.6) — deep

<1.0%

Avg slippage 17.25% — poor

Timing

Is now a good time?

6.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 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)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +94% @ 97% consistency — STRONG directional (bullish)

≥40 composite score

Score 121 (ITM 20% + inst 91%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls7.9
bullishIV cheap, bullish flow
Long Puts3.8
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put6.2
bullishIV too cheap, bullish flow
Covered Call2.8
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 Aug 31, 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.

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