Options/WDAY

WDAYWorkday, Inc. Class A Common Stock

Options Analysis Report•SERVICES-COMPUTER PROCESSING & DATA PREPARATION

Market Cap $49.3B|NASDAQ

● 2026-08-31$204.72

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -10.6%YTD -0.5%7D +2.8%

Options Vol

29,725

30D

Implied Move

±12.9%

IV Rank

11%

WDAY Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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WDAY Gamma Walls

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WDAY Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where WDAY sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.31) — options are pricing vol 41% below what the stock has actually been realizing, and the move being priced is 1.63x 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 (2.9): it is trading 8% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

3.31/ 10cheap

Basis: cross_sectional

Fragility

2.90/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

7.4

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 85.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.59x — IV ≤ HV

Sector Relative≤50%

Sector percentile 47% — below sector median

Term Structure

<1.1x

Front/Back 1.13x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 43.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 76.4% (ATM 43.0% + spread 16.7% + bias) — fair

Execution Efficiency

<3.0%

Total drag 26.68% (spread 16.69% + slippage 9.99%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 9.42 (vega 15.714 / spread 16.69%) — efficient

Sentiment

Bullish or bearish?

6.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -3%, Raw: -0%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -3% (neutral) — Raw: -0%

OI Skew Magnitude

≥15%

|OI skew| 3.8% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +42.2%, OI skew +3.8% — aligned

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: -1%, ATM: -9%, OTM: +10% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 22% — very bullish vs sector

Activity

Unusual activity?

5.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 1.8x avg — elevated

Turnover Rate

≥15%

Vol/OI 12.4% — normal turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +19.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 76% — active vs sector

Trade Quality

≥30%

Large trade volume 14% — mostly retail

Execution Urgency

≥60%

Aggressive execution 22% — patient

Flow Conviction

≥30

Conviction -3 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.7% — wide

Adequate OI

≥10,000

OI 240,387 — deep

Active Volume

≥500

Volume 29,725/day — active

Reasonable Cost

≤$0.50

$0.83 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 48% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 37.400000000000006 contracts (bid:20.8 ask:16.6) — thin

Execution Quality

<1.0%

Avg slippage 9.99% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +12.9% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 86% — seller opportunity

Event Detection

≥10pts kink

IV kink 3.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 56.04 — 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 -3% @ 52% consistency — unclear

Smart Money Timing

≥40 composite score

Score 44 (ITM 20% + inst 14%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.3

bullishIV cheap, bullish flow

Long Puts5.6

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.7

bullishIV too cheap, bullish flow

Covered Call4.0

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.

More on WDAY

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