WINGWingstop Inc
Options Analysis Report•RETAIL-EATING PLACES
Market Cap $3.9B|NASDAQ
● 2026-06-09$143.45
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y -61.9%YTD -44.1%7D -5.0%
Options Vol
1,642
30D
Implied Move
±20.1%
IV Rank
89%
WING Options Overview
IV is elevated with bearish flow and unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 86.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.30x — IV premium over HV
Sector Relative≤50%
Sector percentile 93% — above sector median
Term Structure
<1.1xFront/Back 0.90x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 75.4% — normal range
Spread-Adjusted Value
<80%Effective IV 103.1% (ATM 75.4% + spread 13.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 19.00% (spread 13.86% + slippage 5.14%) — high friction
Vega Efficiency
≥5.0Vega efficiency 45.38 (vega 62.895 / spread 13.86%) — efficient
Sentiment
Bullish or bearish?
3.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -3%, Raw: +4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -3% (neutral) — Raw: +4%
OI Skew Magnitude
≥15%|OI skew| 10.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -22.5%, OI skew -10.7% — aligned
Conviction Quality
≥2/3 conditions0-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: +32%, ATM: -13%, OTM: +4% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 82% — very bearish vs sector
Activity
Unusual activity?
4.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 1.0x avg — normal
Turnover Rate
≥15%Vol/OI 3.8% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +4.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 73% — active vs sector
Trade Quality
≥30%Large trade volume 7% — mostly retail
Execution Urgency
≥60%Aggressive execution 59% — patient
Flow Conviction
≥30Conviction -3 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 13.9% — wide
Adequate OI
≥10,000OI 42,756 — adequate
Active Volume
≥500Volume 1,642/day — adequate
Reasonable Cost
≤$0.50$0.69 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 96% — much wider than sector
Order Book Depth
≥100 contractsDepth 30.4 contracts (bid:13.6 ask:16.8) — thin
Execution Quality
<1.0%Avg slippage 5.14% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -9.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 86% — seller opportunity
Event Detection
≥10pts kinkIV kink -2.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1379.27 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -3% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 37 (ITM 20% + inst 7%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls3.5
bullishIV expensive, bearish flow
Long Puts4.6
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV rich premium, bearish flow
Covered Call6.2
bearishIV rich premium, bearish flow
For educational purposes only. Not investment advice.