When Barton Fink, the neurotic screenwriter cooked up by the Coen brothers, scrambles to write a wrestling picture, his peers prescribe the basics. Tell us the man’s ambitions. Entangle him in a romance. You know the drill. Not even in Barton’s most delirious dreams could he have envisioned “Cassandro,” about a flamboyant, sequin-clad luchador who takes his ring name from a telenovela. But I bet Barton could have drafted the film’s outline, which uses the same squelchy gym bag of tricks as many underdog sports dramas.

Based on a real star of Mexican professional wrestling, or lucha libre, Saúl Armendáriz (Gael García Bernal) is a profoundly unusual athlete wedged into a biopic that sometimes feels like passable stage fighting: elegantly executed but drained of danger.

Directed by Roger Ross Williams (“Life, Animated”), the movie depicts the decisive, late-1980s period when Saúl ascended out of obscurity and into the big time, braving countless training montages and…