CVXChevron Corporation
Options Analysis Report•PETROLEUM REFINING
Market Cap $371.7B|NYSE
● 2026-05-15$186.64
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +31.2%YTD +19.7%7D +2.8%
Options Vol
25,508
30D
Implied Move
±7.6%
IV Rank
54%
CVX Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 18.5% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.15x — IV premium over HV
Sector Relative≤50%
Sector percentile 9% — below sector median
Term Structure
<1.1xFront/Back 1.07x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.2% — normal range
Spread-Adjusted Value
<80%Effective IV 37.9% (ATM 27.2% + spread 5.4% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 9.87% (spread 5.37% + slippage 4.50%) — high friction
Vega Efficiency
≥5.0Vega efficiency 79.69 (vega 42.795 / spread 5.37%) — efficient
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -7%, Raw: -2%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -7% (neutral) — Raw: -2%
OI Skew Magnitude
≥15%|OI skew| 13.4% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +43.0%, OI skew +13.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 39%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +6%, ATM: -15%, OTM: +7% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 41% — bullish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 4.2% — 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 +3.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 59% — neutral vs sector
Trade Quality
≥30%Large trade volume 12% — mostly retail
Execution Urgency
≥60%Aggressive execution 42% — patient
Flow Conviction
≥30Conviction -7 (bearish) — mixed
Liquidity
Can I trade efficiently?
6.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 5.4% — wide
Adequate OI
≥10,000OI 606,638 — deep
Active Volume
≥500Volume 25,508/day — active
Reasonable Cost
≤$0.50$0.27 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 9% — much tighter than sector
Order Book Depth
≥100 contractsDepth 192.0 contracts (bid:104.0 ask:88.0) — adequate
Execution Quality
<1.0%Avg slippage 4.50% — poor
Timing
Is now a good time?
7.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +7.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 18% — buyer opportunity
Event Detection
≥10pts kinkIV kink 2.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 906.67 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -7% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 42 (ITM 20% + inst 12%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls6.8
bullishIV cheap, bullish flow
Long Puts5.9
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV too cheap, bullish flow
Covered Call4.4
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.