Options/TLRY

TLRYTilray Brands, Inc. Common Stock

Options Analysis Report•MEDICINAL CHEMICALS & BOTANICAL PRODUCTS

Market Cap $631M|NASDAQ

● 2026-08-31$4.59

BULLISH

Analysis: 2026-08-28 EOD data

1Y -63.3%YTD -52.8%7D -2.8%

Options Vol

7,098

30D

Implied Move

±18.3%

IV Rank

TLRY Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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TLRY Gamma Walls

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TLRY Hedge Radar

Neutral

Full Hedge Radar

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

Protection is priced in the fair band (4.09) — downside puts carry 109.2 IV points more than at-the-money, and near-dated vol is priced 15% below far-dated, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads fragile (7.5): it is trading 11% above its hedge wall on a wall graded HIGH for reliability, a name whose wall relationship is measured as inverted, and its realized-vol regime is stable.

Protection cost

4.09/ 10fair

Basis: cross_sectional

Fragility

7.50/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

4.8

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 89.4% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 74% — above sector median

Term Structure

<1.1x

Front/Back 0.78x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 70.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 126.7% (ATM 70.3% + spread 28.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 41.35% (spread 28.21% + slippage 13.14%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.15 (vega 0.430 / spread 28.21%) — spread drag

Sentiment

Bullish or bearish?

6.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +8%, Raw: +5%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +8% (neutral) — Raw: +5%

OI Skew Magnitude

≥15%

|OI skew| 57.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +68.0%, OI skew +57.6% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +9%, ATM: -17%, OTM: +10% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

4.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 4.0% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +13.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 75% — active vs sector

Trade Quality

≥30%

Large trade volume 8% — mostly retail

Execution Urgency

≥60%

Aggressive execution 60% — urgent

Flow Conviction

≥30

Conviction +8 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.4

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 28.2% — wide

Adequate OI

≥10,000

OI 176,968 — deep

Active Volume

≥500

Volume 7,098/day — active

Reasonable Cost

≤$0.50

$1.41 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

Order Book Depth

≥100 contracts

Depth 912.3 contracts (bid:424.0 ask:488.3) — deep

Execution Quality

<1.0%

Avg slippage 13.14% — poor

Timing

Is now a good time?

7.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -22.0% — contango

IV Percentile Clarity

<30 or >70

IV percentile 89% — seller opportunity

Event Detection

≥10pts kink

IV kink -11.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 53.04 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +8% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 38 (ITM 20% + inst 8%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls6.6

bullishIV fair, bullish flow

Long Puts4.5

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put5.7

bullishIV fair, bullish flow

Covered Call4.5

bearishIV fair, 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.

More on TLRY

TLRY gamma walls TLRY max pain TLRY IV rank TLRY options flow