CRSCarpenter Technology Corp
Options Analysis Report•STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Market Cap $21.3B|NYSE
● 2026-05-15$429.58
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +86.4%YTD +27.0%7D +0.4%
Options Vol
1,506
30D
Implied Move
±8.6%
IV Rank
17%
CRS Options Overview
unusual activity. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.5
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 64.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.15x — IV premium over HV
Sector Relative≤50%
Sector percentile 63% — above sector median
Term Structure
<1.1xFront/Back 0.93x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 52.4% — normal range
Spread-Adjusted Value
<80%Effective IV 89.3% (ATM 52.4% + spread 18.4% + bias) — expensive
Execution Efficiency
<3.0%Total drag 26.40% (spread 18.43% + slippage 7.97%) — high friction
Vega Efficiency
≥5.0Vega efficiency 47.76 (vega 88.019 / spread 18.43%) — efficient
Sentiment
Bullish or bearish?
4.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -8%, Raw: -15%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -8% (neutral) — Raw: -15%
OI Skew Magnitude
≥15%|OI skew| 32.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -24.7%, OI skew +32.0% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 27%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +76%, ATM: +75%, OTM: -57% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 85% — very bearish vs sector
Activity
Unusual activity?
5.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.5x avg — normal
Turnover Rate
≥15%Vol/OI 11.2% — 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 +8.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 84% — very active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 21% — patient
Flow Conviction
≥30Conviction -8 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 18.4% — wide
Adequate OI
≥10,000OI 13,476 — adequate
Active Volume
≥500Volume 1,506/day — adequate
Reasonable Cost
≤$0.50$0.92 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 77% — wider than sector
Order Book Depth
≥100 contractsDepth 28.0 contracts (bid:14.3 ask:13.7) — thin
Execution Quality
<1.0%Avg slippage 7.97% — poor
Timing
Is now a good time?
6.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -6.7% — contango
IV Percentile Clarity
<30 or >70IV percentile 64% — neutral
Event Detection
≥10pts kinkIV kink -1.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 354.20 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.8
bullishIV fair, mixed flow
Long Puts5.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV fair, mixed flow
Covered Call5.0
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.