Options/WDAY

WDAYWorkday, Inc. Class A Common Stock

Options Analysis Report•SERVICES-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%

Options Vol

49,781

30D

Implied Move

±18.6%

IV Rank

31%

WDAY Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

Loading score history...

WDAY Gamma Walls

Loading gamma walls...

WDAY Hedge Radar

Neutral

Full 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

IV Rank

≤35%

IV Rank 98.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.98x — IV ≤ HV

Sector Relative≤50%

Sector percentile 90% — above sector median

Term Structure

<1.1x

Front/Back 1.92x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 69.6% — normal range

Spread-Adjusted Value

<80%

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

Execution Efficiency

<3.0%

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

Vega Efficiency

≥5.0

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

Sentiment

Bullish or bearish?

5.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +6%, Raw: +4%)

Flow Direction

|net sentiment| ≥25%

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

OI Skew Magnitude

≥15%

|OI skew| 2.7% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

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

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|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,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 3.1x avg — hot

Turnover Rate

≥15%

Vol/OI 23.7% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -7.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 92% — very active vs sector

Trade Quality

≥30%

Large trade volume 21% — mixed

Execution Urgency

≥60%

Aggressive execution 30% — patient

Flow Conviction

≥30

Conviction +6 (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 19.7% — wide

Adequate OI

≥10,000

OI 210,384 — deep

Active Volume

≥500

Volume 49,781/day — active

Reasonable Cost

≤$0.50

$0.98 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 91% — much wider than sector

Order Book Depth

≥100 contracts

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

Execution Quality

<1.0%

Avg slippage 8.12% — poor

Timing

Is now a good time?

8.0

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +91.8% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 98% — seller opportunity

Event Detection

≥10pts kink

IV kink 31.6pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

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

Smart Money Timing

≥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

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