Options/CRS

CRSCarpenter Technology Corp

Options Analysis Report•STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

Market Cap $22.0B|NYSE

● 2026-09-11$443.19

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +84.6%YTD +31.0%7D -6.8%

Options Vol

149

30D

Implied Move

±8.6%

IV Rank

CRS Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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CRS Gamma Walls

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Value

Is IV priced right?

5.3

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 68.9% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.42x — IV premium over HV

Sector Relative≤50%

Sector percentile 67% — above sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 47.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 83.0% (ATM 47.5% + spread 17.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 28.24% (spread 17.73% + slippage 10.51%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 69.91 (vega 123.955 / spread 17.73%) — efficient

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -5%, Raw: -11%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -5% (neutral) — Raw: -11%

OI Skew Magnitude

≥15%

|OI skew| 7.0% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +18.1%, OI skew +7.0% — aligned

Conviction Quality

≥2/3 conditions

0-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: +47%, ATM: -24%, OTM: -17% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 44% — bullish vs sector

Activity

Unusual activity?

2.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.4x avg — normal

Turnover Rate

≥15%

Vol/OI 1.4% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +4.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 49% — neutral vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 17% — patient

Flow Conviction

≥30

Conviction -5 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.4

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 17.7% — wide

Adequate OI

≥10,000

OI 10,908 — adequate

Active Volume

≥500

Volume 149/day — thin

Reasonable Cost

≤$0.50

$0.89 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — wider than sector

Order Book Depth

≥100 contracts

Depth 16.7 contracts (bid:8.2 ask:8.5) — thin

Execution Quality

<1.0%

Avg slippage 10.51% — poor

Timing

Is now a good time?

5.8

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -15.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 69% — neutral

Event Detection

≥10pts kink

IV kink -6.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 681.82 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -5% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.1

bullishIV fair, mixed flow

Long Puts4.6

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put4.8

bullishIV fair, mixed flow

Covered Call4.3

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on CRS

CRS gamma walls CRS option chain CRS max pain CRS expected move CRS IV rank CRS put/call ratio CRS options flow