HPEHewlett Packard Enterprise Company
Options Analysis Report•COMPUTER & OFFICE EQUIPMENT
Market Cap $45.3B|NYSE
● 2026-05-15$34.13
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +93.7%YTD +41.2%7D +8.9%
Options Vol
51,504
30D
Implied Move
±17.1%
IV Rank
53%
HPE Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 91.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.26x — IV premium over HV
Sector Relative≤50%
Sector percentile 69% — above sector median
Term Structure
<1.1xFront/Back 1.01x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 58.1% — normal range
Spread-Adjusted Value
<80%Effective IV 82.7% (ATM 58.1% + spread 12.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.69% (spread 12.31% + slippage 4.38%) — high friction
Vega Efficiency
≥5.0Vega efficiency 8.73 (vega 10.751 / spread 12.31%) — efficient
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -1%, Raw: +6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -1% (neutral) — Raw: +6%
OI Skew Magnitude
≥15%|OI skew| 6.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +35.6%, OI skew +6.8% — aligned
Conviction Quality
≥2/3 conditions0-DTE 26%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -0%, ATM: +16%, OTM: +5% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 37% — bullish vs sector
Activity
Unusual activity?
6.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 2.1x avg — hot
Turnover Rate
≥15%Vol/OI 13.0% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days2 day(s) elevated — sustained
OI Build
≥5%OI change +13.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 82% — very active vs sector
Trade Quality
≥30%Large trade volume 38% — institutional presence
Execution Urgency
≥60%Aggressive execution 32% — patient
Flow Conviction
≥30Conviction -1 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 12.3% — wide
Adequate OI
≥10,000OI 396,449 — deep
Active Volume
≥500Volume 51,504/day — active
Reasonable Cost
≤$0.50$0.62 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 70% — wider than sector
Order Book Depth
≥100 contractsDepth 688.3 contracts (bid:422.1 ask:266.2) — deep
Execution Quality
<1.0%Avg slippage 4.38% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +1.5% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 92% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 846.57 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 17d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -1% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 68 (ITM 20% + inst 38%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.4
bullishIV fair, bullish flow
Long Puts4.5
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.9
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.