PENN Gamma Exposure, IV Rank & Implied Volatility
Penn Entertainment Inc. (PENN) options data — GEX, IV rank, options chain & Greeks
PENN options trade with implied volatility typically in the 40% - 85% range, averaging N/A in daily volume with good liquidity. Next earnings: See earnings calendar. Weekly options and LEAPS are available.
An IV rank near 26.0 (the value shown here is illustrative) would mean implied volatility is in roughly the 26.0th percentile of its 1-year range — low IV, premium-buying regime for long calls/puts and debit spreads. For today's live PENN IV rank from ORATS, open the dashboard.
Chart shows simulated data for display purposes. View the real PENN IV history on the live platform →
Comprehensive options market data for Penn Entertainment Inc.
PENN Options at a Glance
What's Covered in This Guide
1 About Penn Entertainment Inc. (PENN)
Penn Entertainment operates casinos and online gaming through its ESPN Bet partnership. The company bridges traditional gaming with digital sports betting platforms.
Company Profile
Key Dates
Penn Entertainment Inc. operates in the Consumer Discretionary sector.
2 PENN Options Market Overview
PENN options provide good liquidity for options traders.
Liquidity Assessment: Good
PENN options are available for trading across multiple expirations.
3 PENN Implied Volatility & IV Rank
PENN implied volatility is highly elevated due to its speculative nature and retail trading activity. IV can spike dramatically during social media-driven rallies.
Earnings Impact
IV typically expands before earnings and contracts after the announcement.
The post-earnings volatility drop is known as IV crush. Holders of short PENN options should also understand early assignment risk around dividends and expiration.
Historical Volatility vs IV
PENN IV generally trades near historical volatility, with premiums expanding around earnings.
Term Structure
Typically upward sloping under normal conditions.
PENN Gamma Exposure (GEX)
Gamma Exposure analysis for PENN reveals dealer hedging dynamics at key strike levels.
Typical GEX Profile: PENN tends to operate in a positive gamma environment during normal conditions.
Key Levels:
Dealer Hedging:
4 Common PENN Options Strategies
These are strategies commonly used by traders on PENN options, based on typical market characteristics. This is not investment advice.
Popular for PENN shareholders seeking additional income.
Defined-risk directional exposure on PENN.
Range-bound strategy for PENN between events.
Key Considerations for PENN Options
- PENN options liquidity varies by expiration - prefer near-term and monthly expirations for tighter spreads
- Monitor earnings dates for IV expansion/contraction patterns
- Consider the stock's beta when sizing positions
Frequently Asked Questions: PENN Options
What is PENN's typical implied volatility?
PENN implied volatility typically ranges from 40% - 85%.
Does PENN have weekly options?
PENN offers weekly options.
What is PENN's options trading profile?
PENN (Penn Entertainment Inc.) options trade with good liquidity, averaging N/A in daily volume, typical bid-ask spreads of N/A. Implied volatility typically falls in the 40% - 85% range. The position sits in the Consumer Discretionary category for portfolio diversification and options strategy design.
How does PENN implied volatility behave around earnings?
IV typically expands before earnings and contracts after the announcement. Next scheduled earnings: See earnings calendar. Traders often size short premium positions for the post-earnings IV crush, while long premium buyers should be aware that the IV decline can outweigh small directional moves.
What options strategies work well on PENN?
Popular strategies on PENN options include Covered Calls, Vertical Spreads, Iron Condors. Strategy selection depends on the current IV environment versus the 40% - 85% typical range, days to next earnings, and the trader's directional outlook. Higher IV regimes favour premium-selling strategies; lower IV regimes favour directional debit spreads or long premium plays.
What is PENN's gamma exposure (GEX)?
Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence PENN's intraday price action. PENN tends to operate in a positive gamma environment during normal conditions. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live PENN GEX levels and the gamma-flip point on ApexVol.
What is PENN's IV rank?
PENN's IV rank shows where PENN's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. PENN implied volatility typically ranges from 40% - 85%. Check PENN's live IV rank and percentile on ApexVol's IV analytics.
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PENN Analytics
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