Options/WYNN

WYNNWynn Resorts Ltd

Options Analysis Report•HOTELS & MOTELS

Market Cap $9.8B|NASDAQ

● 2026-08-28$95.26

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y -24.8%YTD -22.3%7D -5.0%

Options Vol

6,724

30D

Implied Move

±8.7%

IV Rank

12%

WYNN Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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WYNN Gamma Walls

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WYNN Hedge Radar

Hedge window open

Full Hedge Radar

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

Protection is priced in the cheap band (2.95) — downside puts carry 0.1 IV points more than at-the-money, and implied vol sits in the 12th percentile of its own past year, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads fragile (7.5): it is trading 12% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.95/ 10cheap

Basis: cross_sectional

Fragility

7.50/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

5.8

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 60.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.41x — IV premium over HV

Sector Relative≤50%

Sector percentile 48% — below sector median

Term Structure

<1.1x

Front/Back 1.00x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 34.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 66.6% (ATM 34.4% + spread 16.1% + bias) — fair

Execution Efficiency

<3.0%

Total drag 23.77% (spread 16.08% + slippage 7.69%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 3.33 (vega 5.361 / spread 16.08%) — spread drag

Sentiment

Bullish or bearish?

4.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +10%, Raw: +12%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +10% (neutral) — Raw: +12%

OI Skew Magnitude

≥15%

|OI skew| 35.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -44.1%, OI skew +35.6% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 27%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +44%, ATM: +11%, OTM: +10% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

2.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 2.5% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -14.1% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 20% — quiet vs sector

Trade Quality

≥30%

Large trade volume 4% — mostly retail

Execution Urgency

≥60%

Aggressive execution 23% — patient

Flow Conviction

≥30

Conviction +10 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.6

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.1% — wide

Adequate OI

≥10,000

OI 263,312 — deep

Active Volume

≥500

Volume 6,724/day — active

Reasonable Cost

≤$0.50

$0.80 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 50% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 211.3 contracts (bid:88.8 ask:122.5) — adequate

Execution Quality

<1.0%

Avg slippage 7.69% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -0.3% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 61% — neutral

Event Detection

≥10pts kink

IV kink 1.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 38.32 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +10% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 34 (ITM 20% + inst 4%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.2

bullishIV fair, mixed flow

Long Puts5.4

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put4.7

bullishIV fair, mixed flow

Covered Call4.8

bearishIV fair, 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 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.