Options/CZR

CZRCaesars Entertainment, Inc. Common Stock

Options Analysis Report•HOTELS & MOTELS

Market Cap $6.1B|NASDAQ

● 2026-08-31$29.73

BULLISH

Analysis: 2026-08-28 EOD data

1Y +14.8%YTD +26.2%7D +0.2%

Options Vol

1,407

30D

Implied Move

±3.9%

IV Rank

10%

CZR Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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CZR Gamma Walls

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CZR Hedge Radar

Sell premium

Full Hedge Radar

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

Protection is priced in the rich band (6.52) — options are pricing vol 172% above what the stock has actually been realizing, and downside puts carry 68.3 IV points more than at-the-money, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads resilient (3.39): its realized-vol regime is contracting, and it is trading 0% above its hedge wall on a wall graded HIGH for reliability.

Protection cost

6.52/ 10rich

Basis: cross_sectional

Fragility

3.39/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

6.6

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 27.0% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 3.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 2% — below sector median

Term Structure

<1.1x

Front/Back 0.45x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 22.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 123.4% (ATM 22.0% + spread 50.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 72.18% (spread 50.70% + slippage 21.48%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 50.70%) — spread drag

Sentiment

Bullish or bearish?

6.2

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +16%, Raw: +14%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +16% (bullish) — Raw: +14%

OI Skew Magnitude

≥15%

|OI skew| 45.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +13.0%, OI skew +45.2% — 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: -20%, ATM: +17%, OTM: -33% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 48% — neutral vs sector

Activity

Unusual activity?

3.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.2x avg — normal

Turnover Rate

≥15%

Vol/OI 0.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -0.2% (5d) — stable

Sector Relative≥60%

Sector activity percentile 25% — below sector avg

Trade Quality

≥30%

Large trade volume 32% — institutional presence

Execution Urgency

≥60%

Aggressive execution 106% — highly urgent

Flow Conviction

≥30

Conviction +16 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.5

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 50.7% — wide

Adequate OI

≥10,000

OI 232,082 — deep

Active Volume

≥500

Volume 1,407/day — adequate

Reasonable Cost

≤$0.50

$2.54 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 46% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 80.7 contracts (bid:54.7 ask:26.0) — thin

Execution Quality

<1.0%

Avg slippage 21.48% — poor

Timing

Is now a good time?

6.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -55.2% — contango

IV Percentile Clarity

<30 or >70

IV percentile 27% — buyer opportunity

Event Detection

≥10pts kink

IV kink -12.5pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

Expiration Distribution

≥3 expirations

5 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 +16% @ 58% consistency — unclear

Smart Money Timing

≥40 composite score

Score 62 (ITM 20% + inst 32%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.8

bullishIV cheap, bullish flow

Long Puts5.1

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.9

bullishIV too cheap, bullish flow

Covered Call4.0

bearishIV too cheap, 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 CZR

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