How do I buy PENN options?

To buy PENN (PENN Entertainment, Inc. Common Stock) options, you need a brokerage account with options trading enabled. Search for PENN options on your broker's platform, select the strike price and expiration date, choose call or put, and place your order. Make sure you understand the risks before trading options.

What is the current implied volatility for PENN options?

PENN implied volatility (IV) varies by strike price and expiration date. Use our free options search tool above to see real-time IV for specific PENN option contracts. Higher IV means options are more expensive due to expected price movement.

Should I buy calls or puts on PENN?

Buy PENN call options if you expect the stock price to rise, or put options if you expect it to fall. Consider factors like implied volatility, time to expiration, and your risk tolerance. Call options profit when PENN Entertainment, Inc. Common Stock stock goes up; puts profit when it goes down.

What are the most traded PENN options?

The most actively traded PENN options are typically near-the-money (ATM) options with 30-45 days to expiration. Use our tool to search PENN options sorted by volume to find the most liquid contracts with tight bid-ask spreads.

PENN

PENN Entertainment, Inc. Common Stock Options

Search PENN call options and put options with real-time pricing, Greeks, and implied volatility data.

Search PENN Options Now

$13.76 Market Closed

$-0.37 (-2.62%)

Prev Close

$14.13

Open

$14.07

Day Range

$13.62 - $14.35

Volume

2,933,663

Last updated: Jan 27, 2026 03:59 PM EST

About PENN Options

PENN Entertainment, Inc. Common Stock (PENN) options give traders the right to buy or sell PENN stock at a predetermined price before a specific expiration date. Options are powerful financial instruments used for speculation, hedging, and income generation.

Call Options

PENN call options give you the right to buy shares at the strike price. Profit when PENN Entertainment, Inc. Common Stock stock rises.

Put Options

PENN put options give you the right to sell shares at the strike price. Profit when PENN Entertainment, Inc. Common Stock stock falls.

What Data You'll Find

Our free PENN options search tool provides:

Strike Prices — Various price levels for calls and puts
Expiration Dates — Filter by 7, 30, 60, or 90 days out
Premium (Price) — Current option contract prices
Volume & Open Interest — Liquidity and market activity
Implied Volatility (IV) — Market's expected price movement
Greeks — Delta, Gamma, Theta, Vega sensitivity measures
Intrinsic & Extrinsic Value — Value breakdown

Pro Tip: Look for PENN options with high volume and open interest for better liquidity and tighter bid-ask spreads.

Understanding PENN Options Greeks

When trading PENN Entertainment, Inc. Common Stock options, the Greeks help you understand how the option price will change:

Delta (Δ)

How much the PENN option price moves when the stock moves $1. A delta of 0.50 means the option gains $0.50 for every $1 stock increase.

Theta (Θ)

Daily time decay of the option. PENN options lose value each day as expiration approaches, even if the stock price stays flat.

Gamma (Γ)

Rate of Delta change. Higher gamma means Delta moves faster, making near-ATM PENN options more responsive to price changes.

Vega (ν)

Volatility sensitivity. When PENN Entertainment, Inc. Common Stock's implied volatility rises, high-vega options become more valuable.

Learn more:

Implied Volatility ITM Options OTM Options Intrinsic Value Open Interest

PENN Options FAQ

To buy PENN (PENN Entertainment, Inc. Common Stock) options, you need a brokerage account with options trading enabled (like TD Ameritrade, E*TRADE, or Robinhood). Search for PENN options, select your desired strike price and expiration, choose call or put, and place your order. Always understand the risks and consider starting with paper trading.

The optimal expiration depends on your strategy. 30-45 day expirations offer a good balance of time value and theta decay for most traders. Shorter expirations (7-14 days) have higher gamma but faster time decay. Longer expirations (60-90+ days) cost more but give the trade more time to work.

Use our options search tool to see current PENN implied volatility levels. Compare the IV to historical averages to determine if options are relatively expensive (high IV) or cheap (low IV). High IV often occurs before earnings or major events.

ITM (In The Money) PENN options have intrinsic value — calls where strike < stock price, puts where strike > stock price. They're more expensive but have higher delta. OTM (Out of The Money) options are cheaper but have lower probability of profit. ATM (At The Money) options have strike ≈ stock price and highest gamma.

PENN Entertainment, Inc. Common Stock Options