WINGWingstop Inc
Options Analysis Report•RETAIL-EATING PLACES
Market Cap $3.2B|NASDAQ
● 2026-05-15$118.96
BEARISH
Analysis: 2026-05-14 EOD data
1Y -61.4%YTD -53.7%7D -8.3%
Options Vol
2,399
30D
Implied Move
±8.6%
IV Rank
98%
WING Options Overview
IV is elevated with bearish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 84.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.63x — IV premium over HV
Sector Relative≤50%
Sector percentile 92% — above sector median
Term Structure
<1.1xFront/Back 0.92x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 78.6% — normal range
Spread-Adjusted Value
<80%Effective IV 103.9% (ATM 78.6% + spread 12.6% + bias) — expensive
Execution Efficiency
<3.0%Total drag 18.15% (spread 12.63% + slippage 5.52%) — high friction
Vega Efficiency
≥5.0Vega efficiency 32.15 (vega 40.609 / spread 12.63%) — efficient
Sentiment
Bullish or bearish?
1.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -61%, Raw: -47%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -61% (strong bearish) — Raw: -47%
OI Skew Magnitude
≥15%|OI skew| 7.3% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -50.1%, OI skew -7.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 19%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +12%, ATM: -72%, OTM: -27% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 90% — very bearish vs sector
Activity
Unusual activity?
5.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 5.0% — 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 +15.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 68% — active vs sector
Trade Quality
≥30%Large trade volume 28% — mixed
Execution Urgency
≥60%Aggressive execution 52% — patient
Flow Conviction
≥30Conviction -61 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 12.6% — wide
Adequate OI
≥10,000OI 48,448 — adequate
Active Volume
≥500Volume 2,399/day — adequate
Reasonable Cost
≤$0.50$0.63 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 96% — much wider than sector
Order Book Depth
≥100 contractsDepth 52.8 contracts (bid:26.6 ask:26.2) — thin
Execution Quality
<1.0%Avg slippage 5.52% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -7.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 84% — seller opportunity
Event Detection
≥10pts kinkIV kink -3.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 749.24 — 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 -61% @ 80% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 58 (ITM 20% + inst 28%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls2.9
bullishIV expensive, bearish flow
Long Puts5.3
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put4.6
bullishIV rich premium, bearish flow
Covered Call7.2
bearishIV rich premium, bearish flow
For educational purposes only. Not investment advice.