DVNDevon Energy Corporation
DVN Options Overview
bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
DVN Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 63.3% — elevated vs history
IV/HV 1.39x — IV premium over HV
Sector percentile 62% — above sector median
Front/Back 0.99x — contango
Put/Call IV 1.16x — elevated
ATM IV 36.8% — normal range
Effective IV 54.3% (ATM 36.8% + spread 8.7% + bias) — good value
Total drag 12.87% (spread 8.73% + slippage 4.14%) — high friction
Vega efficiency 5.57 (vega 4.860 / spread 8.73%) — acceptable
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -22% (bearish) — Raw: -20%
|OI skew| 30.0% — call-heavy
Vol skew +40.8%, OI skew +30.0% — aligned
0-DTE 12%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -6%, ATM: -35%, OTM: -0% — bearish (ITM/ATM aligned)
Sector P/C percentile 36% — bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.8x avg — normal
Vol/OI 3.6% — normal turnover
1 day(s) elevated — may be one-day event
OI change +3.8% (5d) — building
Sector activity percentile 41% — neutral vs sector
Large trade volume 12% — mostly retail
Aggressive execution 30% — patient
Conviction -22 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 8.7% — wide
OI 500,597 — deep
Volume 17,885/day — active
$0.44 to cross — cheap
0 liquid strikes — limited options
Sector spread percentile 64% — wider than sector
Depth 380.8 contracts (bid:187.9 ask:192.9) — adequate
Avg slippage 4.14% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -1.4% — flat/unclear
IV percentile 63% — neutral
IV kink -0.1pts — no clear event
θ/ν ratio 148.17 — favors income trades
5 liquid expirations — flexible
caution advised: FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -22% @ 61% consistency — unclear
Score 42 (ITM 20% + inst 12%) — moderate institutional
Directional Strategy Fit
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.