Options/ES

ESEversource Energy

Options Analysis Report•ELECTRIC SERVICES

Market Cap $26.7B|NYSE

● 2026-08-31$70.84

VERY BULLISH

Analysis: 2026-08-28 EOD data

1Y +11.2%YTD +4.1%7D -0.6%

Options Vol

252

30D

Implied Move

±5.5%

IV Rank

ES Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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ES Gamma Walls

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Value

Is IV priced right?

8.0

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 2.4% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.25x — IV premium over HV

Sector Relative≤50%

Sector percentile 14% — below sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 19.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 91.8% (ATM 19.3% + spread 36.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 48.83% (spread 36.24% + slippage 12.59%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.76 (vega 6.375 / spread 36.24%) — spread drag

Sentiment

Bullish or bearish?

8.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +62%, Raw: +58%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +62% (strong bullish) — Raw: +58%

OI Skew Magnitude

≥15%

|OI skew| 53.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +81.0%, OI skew +53.9% — 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: +100%, ATM: +21%, OTM: +62% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 16% — very bullish vs sector

Activity

Unusual activity?

4.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 3.5% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 66% — active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 51% — patient

Flow Conviction

≥30

Conviction +62 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 36.2% — wide

Adequate OI

≥10,000

OI 7,301 — thin

Active Volume

≥500

Volume 252/day — thin

Reasonable Cost

≤$0.50

$1.81 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 22% — tighter than sector

Order Book Depth

≥100 contracts

Depth 108.80000000000001 contracts (bid:45.1 ask:63.7) — adequate

Execution Quality

<1.0%

Avg slippage 12.59% — poor

Timing

Is now a good time?

6.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -2.5% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 2% — buyer opportunity

Event Detection

≥10pts kink

IV kink 0.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 204.33 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +62% @ 81% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls8.2

bullishIV cheap, bullish flow

Long Puts4.8

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.3

bullishIV too cheap, bullish flow

Covered Call2.8

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, 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 ES

ES gamma walls ES max pain ES IV rank ES options flow