Options/WING

WINGWingstop Inc

Options Analysis Report•RETAIL-EATING PLACES

Market Cap $3.0B|NASDAQ

● 2026-09-11$117.10

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -56.0%YTD -54.4%7D +7.2%

Options Vol

912

30D

Implied Move

±8.6%

IV Rank

25%

WING Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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WING Gamma Walls

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WING Hedge Radar

Hedge window open

Full Hedge Radar

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

Protection is priced in the cheap band (2.65) — downside puts carry 3.3 IV points LESS than at-the-money, and near-dated vol is priced 28% below far-dated, measured against this name's own rolling 24-trading-day realized moves (480 overlapping windows). Fragility reads fragile (7.5): it is trading 15% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.65/ 10cheap

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 Checks4/9 checks passed

IV Rank

≤35%

IV Rank 85.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.07x — IV premium over HV

Sector Relative≤50%

Sector percentile 90% — above sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 67.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 105.1% (ATM 67.6% + spread 18.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 25.36% (spread 18.74% + slippage 6.62%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 11.92 (vega 22.346 / spread 18.74%) — efficient

Sentiment

Bullish or bearish?

3.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Moderate signal (Conviction: -36%, Raw: -6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -36% (strong bearish) — Raw: -6%

OI Skew Magnitude

≥15%

|OI skew| 5.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -13.6%, OI skew +5.4% — divergent (opposite)

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: -46%, ATM: +29%, OTM: +2% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 68% — bearish vs sector

Activity

Unusual activity?

3.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -0.5% (5d) — stable

Sector Relative≥60%

Sector activity percentile 48% — neutral vs sector

Trade Quality

≥30%

Large trade volume 27% — mixed

Execution Urgency

≥60%

Aggressive execution 26% — patient

Flow Conviction

≥30

Conviction -36 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 18.7% — wide

Adequate OI

≥10,000

OI 44,157 — adequate

Active Volume

≥500

Volume 912/day — adequate

Reasonable Cost

≤$0.50

$0.94 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 27.0 contracts (bid:11.4 ask:15.6) — thin

Execution Quality

<1.0%

Avg slippage 6.62% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -2.5% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 86% — seller opportunity

Event Detection

≥10pts kink

IV kink -3.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 265.39 — 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 -36% @ 68% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

Score 57 (ITM 20% + inst 27%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.3

bullishIV fair, bearish flow

Long Puts5.3

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put4.4

bullishIV fair, bearish flow

Covered Call5.4

bearishIV fair, bearish 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 WING

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