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MGMMGM RESORTS INTERNATIONAL

Options Analysis Report•HOTELS & MOTELS
Market Cap $10.6B|NYSE
● 2026-08-31$42.28
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +8.7%YTD +15.9%7D -3.2%
4,409
30D
±9.9%
12%

MGM Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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MGM Gamma Walls

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Value

Is IV priced right?

4.3
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 67.5% — elevated vs history

<1.05x

IV/HV 1.69x — IV premium over HV

Sector Relative≤50%

Sector percentile 67% — above sector median

<1.1x

Front/Back 1.05x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 34.4% — normal range

<80%

Effective IV 112.5% (ATM 34.4% + spread 39.1% + bias) — expensive

<3.0%

Total drag 48.99% (spread 39.07% + slippage 9.92%) — high friction

≥5.0

Vega efficiency 0.19 (vega 0.742 / spread 39.07%) — spread drag

Sentiment

Bullish or bearish?

4.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -15%, Raw: -17%)
|net sentiment| ≥25%

Conviction-weighted: -15% (bearish) — Raw: -17%

≥15%

|OI skew| 20.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -16.1%, OI skew +20.8% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +55%, ATM: +23%, OTM: -45% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 78% — very bearish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.8x avg — normal

≥15%

Vol/OI 1.9% — normal turnover

≥2 days

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

≥5%

OI change +3.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 20% — quiet vs sector

≥30%

Large trade volume 16% — mixed

≥60%

Aggressive execution 29% — patient

≥30

Conviction -15 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.3
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 39.1% — wide

≥10,000

OI 226,102 — deep

≥500

Volume 4,409/day — adequate

≤$0.50

$1.95 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 70% — wider than sector

≥100 contracts

Depth 168.5 contracts (bid:60.2 ask:108.3) — adequate

<1.0%

Avg slippage 9.92% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope +4.8% — flat/unclear

<30 or >70

IV percentile 68% — neutral

≥10pts kink

IV kink 1.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 3.17 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -15% @ 58% consistency — unclear

≥40 composite score

Score 46 (ITM 20% + inst 16%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls4.5
bullishIV fair, mixed flow
Long Puts5.1
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV fair, mixed flow
Covered Call5.5
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.

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