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CVXChevron Corporation

Options Analysis Report•PETROLEUM REFINING
Market Cap $417.4B|NYSE
● 2026-09-11$214.06
NEUTRAL
Analysis: 2026-09-10 EOD data
1Y +36.2%YTD +37.3%7D +2.6%
34,789
30D
±7.7%
16%

CVX Options Overview

IV is low. No clear edge detected.

REWARDS

RISK ANALYSIS

5.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CVX Gamma Walls

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Value

Is IV priced right?

7.4
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 26.6% — cheap vs history

<1.05x

IV/HV 1.56x — IV premium over HV

Sector Relative≤50%

Sector percentile 5% — below sector median

<1.1x

Front/Back 0.97x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.4% — normal range

<80%

Effective IV 40.2% (ATM 27.4% + spread 6.4% + bias) — excellent value

<3.0%

Total drag 10.77% (spread 6.39% + slippage 4.38%) — high friction

≥5.0

Vega efficiency 31.42 (vega 20.075 / spread 6.39%) — efficient

Sentiment

Bullish or bearish?

5.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -9%, Raw: -8%)
|net sentiment| ≥25%

Conviction-weighted: -9% (neutral) — Raw: -8%

≥15%

|OI skew| 18.4% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +21.1%, OI skew +18.4% — aligned

≥2/3 conditions

0-DTE 35%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +17%, ATM: -10%, OTM: -8% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 59% — bearish vs sector

Activity

Unusual activity?

3.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.7x avg — normal

≥15%

Vol/OI 6.3% — normal turnover

≥2 days

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

≥5%

OI change -0.5% (5d) — stable

Sector Relative≥60%

Sector activity percentile 68% — active vs sector

≥30%

Large trade volume 7% — mostly retail

≥60%

Aggressive execution 33% — patient

≥30

Conviction -9 (bearish) — mixed

Liquidity

Can I trade efficiently?

5.8
IlliquidLiquid

Evaluates

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

Risk Checks5/8 checks passed
≤5.0%

Spread 6.4% — wide

≥10,000

OI 554,829 — deep

≥500

Volume 34,789/day — active

≤$0.50

$0.32 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 9% — much tighter than sector

≥100 contracts

Depth 198.8 contracts (bid:95.2 ask:103.6) — adequate

<1.0%

Avg slippage 4.38% — poor

Timing

Is now a good time?

6.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed
|slope| ≥5%

Slope -3.2% — flat/unclear

<30 or >70

IV percentile 27% — buyer opportunity

≥10pts kink

IV kink -0.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 151.74 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

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

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -9% @ 54% consistency — unclear

≥40 composite score

Score 37 (ITM 20% + inst 7%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts5.8
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV too cheap, mixed flow
Covered Call4.3
bearishIV too cheap, 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 CVX

CVX gamma wallsCVX option chainCVX max painCVX expected moveCVX IV rankCVX put/call ratioCVX options flow