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TNLTravel + Leisure Co.

Options Analysis Report•HOTELS & MOTELS
Market Cap $4.4B|NYSE
● 2026-08-31$71.21
BULLISH
Analysis: 2026-08-28 EOD data
1Y +14.2%YTD -1.1%7D -2.6%
28
30D
±10.2%
15%

TNL Options Overview

bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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TNL Gamma Walls

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Value

Is IV priced right?

6.9
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 53.6% — elevated vs history

<1.05x

IV/HV 1.23x — IV premium over HV

Sector Relative≤50%

Sector percentile 29% — below sector median

<1.1x

Front/Back 1.07x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 34.1% — normal range

<80%

Effective IV 62.2% (ATM 34.1% + spread 14.1% + bias) — good value

<3.0%

Total drag 17.36% (spread 14.07% + slippage 3.29%) — high friction

≥5.0

Vega efficiency 9.44 (vega 13.286 / spread 14.07%) — efficient

Sentiment

Bullish or bearish?

6.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -2%, Raw: +15%)
|net sentiment| ≥25%

Conviction-weighted: -2% (neutral) — Raw: +15%

≥15%

|OI skew| 52.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +85.7%, OI skew +52.2% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: +0%, OTM: +100% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 9% — very bullish vs sector

Activity

Unusual activity?

2.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.6% — normal turnover

≥2 days

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

≥5%

OI change +85.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 24% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction -2 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.3
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 14.1% — wide

≥10,000

OI 4,759 — thin

≥500

Volume 28/day — thin

≤$0.50

$0.70 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 61% — wider than sector

≥100 contracts

Depth 24.0 contracts (bid:9.8 ask:14.2) — thin

<1.0%

Avg slippage 3.29% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +7.3% — backwardation

<30 or >70

IV percentile 54% — neutral

≥10pts kink

IV kink 1.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 444.35 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -2% @ 50% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls7.0
bullishIV cheap, bullish flow
Long Puts5.0
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, bullish flow
Covered Call3.7
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.

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