HPHelmerich & Payne, Inc.
Options Analysis Report•DRILLING OIL & GAS WELLS
Market Cap $3.4B|NYSE
● 2026-04-17$33.64
VERY BULLISH
Analysis: 2026-04-16 EOD data
1Y +70.1%YTD +12.4%7D -3.0%
Options Vol
366
30D
Implied Move
±14.3%
IV Rank
12%
HP Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 57.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.42x — IV premium over HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 1.08x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 47.4% — normal range
Spread-Adjusted Value
<80%Effective IV 90.4% (ATM 47.4% + spread 21.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 26.57% (spread 21.49% + slippage 5.08%) — high friction
Vega Efficiency
≥5.0Vega efficiency 5.16 (vega 11.092 / spread 21.49%) — acceptable
Sentiment
Bullish or bearish?
8.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +44%, Raw: +0%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +44% (strong bullish) — Raw: +0%
OI Skew Magnitude
≥15%|OI skew| 31.2% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +96.7%, OI skew +31.2% — aligned
Conviction Quality
≥2/3 conditions0-DTE 49%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +1%, ATM: -33%, OTM: +0% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 4% — very bullish vs sector
Activity
Unusual activity?
4.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.2x avg — normal
Turnover Rate
≥15%Vol/OI 2.3% — 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 +1.3% (5d) — stable
Sector Relative≥60%
Sector activity percentile 60% — neutral vs sector
Trade Quality
≥30%Large trade volume 93% — heavy institutional
Execution Urgency
≥60%Aggressive execution 25% — patient
Flow Conviction
≥30Conviction +44 (bullish) — moderate
Liquidity
Can I trade efficiently?
2.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 21.5% — wide
Adequate OI
≥10,000OI 15,802 — adequate
Active Volume
≥500Volume 366/day — thin
Reasonable Cost
≤$0.50$1.07 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 72% — wider than sector
Order Book Depth
≥100 contractsDepth 141.2 contracts (bid:95.1 ask:46.1) — adequate
Execution Quality
<1.0%Avg slippage 5.08% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +7.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 57% — neutral
Event Detection
≥10pts kinkIV kink 4.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 939.98 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +44% @ 72% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 123 (ITM 20% + inst 93%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.4
bullishIV fair, bullish flow
Long Puts4.3
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, bullish flow
Covered Call3.5
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.