Options/VIK

VIKViking Holdings Ltd

Options Analysis Report

Market Cap $38.5B|NYSE

● 2026-08-31$86.14

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +37.9%YTD +19.2%7D -6.6%

Options Vol

375

30D

Implied Move

±10.0%

IV Rank

VIK Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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VIK Gamma Walls

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VIK Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where VIK sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.98) — downside puts carry 0.2 IV points more than at-the-money, and near-dated vol is priced 7% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.8): it is trading 5% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

1.98/ 10cheap

Basis: cross_sectional

Fragility

5.80/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

8.1

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 57.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.78x — IV ≤ HV

Sector Relative≤50%

Sector percentile 39% — below sector median

Term Structure

<1.1x

Front/Back 0.94x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 36.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 50.7% (ATM 36.2% + spread 7.2% + bias) — good value

Execution Efficiency

<3.0%

Total drag 16.32% (spread 7.25% + slippage 9.07%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 11.61 (vega 8.414 / spread 7.25%) — efficient

Sentiment

Bullish or bearish?

5.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -7%, Raw: -22%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -7% (neutral) — Raw: -22%

OI Skew Magnitude

≥15%

|OI skew| 15.8% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -5.6%, OI skew +15.8% — divergent (opposite)

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: -43%, ATM: +48%, OTM: -50% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 74% — very bearish vs sector

Activity

Unusual activity?

2.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.1x avg — normal

Turnover Rate

≥15%

Vol/OI 1.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +16.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 38% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 30% — patient

Flow Conviction

≥30

Conviction -7 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 7.2% — wide

Adequate OI

≥10,000

OI 29,486 — adequate

Active Volume

≥500

Volume 375/day — thin

Reasonable Cost

≤$0.50

$0.36 to cross — cheap

Strike Coverage

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 66% — wider than sector

Order Book Depth

≥100 contracts

Depth 172.3 contracts (bid:83.2 ask:89.1) — adequate

Execution Quality

<1.0%

Avg slippage 9.07% — poor

Timing

Is now a good time?

6.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -5.9% — contango

IV Percentile Clarity

<30 or >70

IV percentile 58% — neutral

Event Detection

≥10pts kink

IV kink -0.5pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 113.86 — favors income trades

Expiration Distribution

≥3 expirations

4 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 -7% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls6.2

bullishIV cheap, mixed flow

Long Puts6.2

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.2

bullishIV too cheap, mixed flow

Covered Call4.2

bearishIV too cheap, 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.

More on VIK

VIK gamma walls VIK max pain VIK IV rank VIK options flow