Options/WDAY

WDAYWorkday, Inc. Class A Common Stock

Options Analysis Report•SERVICES-COMPUTER PROCESSING & DATA PREPARATION

Market Cap $44.6B|NASDAQ

● 2026-09-11$185.09

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -18.3%YTD -10.1%7D -5.5%

Options Vol

4,168

30D

Implied Move

±14.4%

IV Rank

15%

WDAY Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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WDAY Gamma Walls

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WDAY Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where WDAY sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.49) — the move being priced is 1.77x this name's own median 20-trading-day move, and options are pricing vol 33% below what the stock has actually been realizing, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads resilient (2.5): it is trading 19% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

3.49/ 10cheap

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

6.1

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 89.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.67x — IV ≤ HV

Sector Relative≤50%

Sector percentile 62% — above sector median

Term Structure

<1.1x

Front/Back 1.13x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 51.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 80.2% (ATM 51.1% + spread 14.5% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 22.79% (spread 14.53% + slippage 8.26%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.42 (vega 3.514 / spread 14.53%) — spread drag

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -20%, Raw: -14%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -20% (bearish) — Raw: -14%

OI Skew Magnitude

≥15%

|OI skew| 12.6% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +40.5%, OI skew +12.6% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 10%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -21%, ATM: -13%, OTM: -13% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 21% — very bullish vs sector

Activity

Unusual activity?

2.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 2.0% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -0.0% (5d) — stable

Sector Relative≥60%

Sector activity percentile 23% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 19% — patient

Flow Conviction

≥30

Conviction -20 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 14.5% — wide

Adequate OI

≥10,000

OI 205,050 — deep

Active Volume

≥500

Volume 4,168/day — adequate

Reasonable Cost

≤$0.50

$0.73 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 63% — wider than sector

Order Book Depth

≥100 contracts

Depth 43.599999999999994 contracts (bid:14.7 ask:28.9) — thin

Execution Quality

<1.0%

Avg slippage 8.26% — poor

Timing

Is now a good time?

6.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +12.8% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 90% — seller opportunity

Event Detection

≥10pts kink

IV kink 3.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 3.06 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

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

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -20% @ 60% consistency — unclear

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.6

bullishIV cheap, mixed flow

Long Puts5.0

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.8

bullishIV too cheap, mixed flow

Covered Call4.2

bearishIV too cheap, mixed 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 WDAY

WDAY gamma walls WDAY option chain WDAY max pain WDAY expected move WDAY IV rank WDAY put/call ratio WDAY options flow