Options/WDAY
WDAY logo

WDAYWorkday, Inc. Class A Common Stock

Options Analysis ReportSERVICES-COMPUTER PROCESSING & DATA PREPARATION
Market Cap $49.3B|NASDAQ
2026-08-28$204.72
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y -10.6%YTD -0.5%7D +2.8%
49,781
30D
±18.6%
31%

WDAY Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Loading score history...

WDAY Gamma Walls

Loading gamma walls...

WDAY Hedge Radar

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

Protection is priced in the fair band (5.11) — options are pricing vol 40% below what the stock has actually been realizing, and the move being priced is 1.79x this name's own median 19-trading-day move, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads resilient (3.75): it is trading 5% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost
5.11/ 10fair
Basis: cross_sectional
Fragility
3.75/ 10resilient
Basis: per_ticker

Value

Is IV priced right?

3.6
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 98.1% — elevated vs history

<1.05x

IV/HV 0.98x — IV ≤ HV

Sector Relative≤50%

Sector percentile 90% — above sector median

<1.1x

Front/Back 1.92x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 69.6% — normal range

<80%

Effective IV 108.9% (ATM 69.6% + spread 19.7% + bias) — expensive

<3.0%

Total drag 27.78% (spread 19.66% + slippage 8.12%) — high friction

≥5.0

Vega efficiency 5.67 (vega 11.155 / spread 19.66%) — acceptable

Sentiment

Bullish or bearish?

5.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +6%, Raw: +4%)
|net sentiment| ≥25%

Conviction-weighted: +6% (neutral) — Raw: +4%

≥15%

|OI skew| 2.7% — balanced

Same sign, |vol skew| ≥10%

Vol skew +4.4%, OI skew +2.7% — weak (same direction)

≥2/3 conditions

0-DTE 63%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +23%, ATM: +10%, OTM: +3% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 68% — bearish vs sector

Activity

Unusual activity?

6.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 3.1x avg — hot

≥15%

Vol/OI 23.7% — high turnover

≥2 days

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

≥5%

OI change -7.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 92% — very active vs sector

≥30%

Large trade volume 21% — mixed

≥60%

Aggressive execution 30% — patient

≥30

Conviction +6 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 19.7% — wide

≥10,000

OI 210,384 — deep

≥500

Volume 49,781/day — active

≤$0.50

$0.98 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 91% — much wider than sector

≥100 contracts

Depth 37.4 contracts (bid:17.0 ask:20.4) — thin

<1.0%

Avg slippage 8.12% — poor

Timing

Is now a good time?

8.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed
|slope| ≥5%

Slope +91.8% — backwardation

<30 or >70

IV percentile 98% — seller opportunity

≥10pts kink

IV kink 31.6pts — event priced

<0.5 or >2.0

θ/ν ratio 16.18 — 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 +6% @ 53% consistency — unclear

≥40 composite score

Score 51 (ITM 20% + inst 21%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls4.8
bullishIV expensive, mixed flow
Long Puts4.6
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.7
bullishIV rich premium, mixed flow
Covered Call5.5
bearishIV rich premium, 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 WDAY