NEXTNextDecade Corporation Common Stock
Options Analysis Report•NATURAL GAS TRANSMISSION & DISTRIBUTION
Market Cap $2.4B|NASDAQ
● 2026-05-15$8.92
BULLISH
Analysis: 2026-05-14 EOD data
1Y +15.8%YTD +65.8%7D +18.0%
Options Vol
19,603
30D
Implied Move
±8.6%
IV Rank
26%
NEXT Options Overview
IV is elevated with bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.0
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 80.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.95x — IV ≤ HV
Sector Relative≤50%
Sector percentile 83% — 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 71.1% — normal range
Spread-Adjusted Value
<80%Effective IV 103.8% (ATM 71.1% + spread 16.4% + bias) — expensive
Execution Efficiency
<3.0%Total drag 23.14% (spread 16.35% + slippage 6.79%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.71 (vega 2.803 / spread 16.35%) — spread drag
Sentiment
Bullish or bearish?
6.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -16%, Raw: -21%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -16% (bearish) — Raw: -21%
OI Skew Magnitude
≥15%|OI skew| 64.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +96.8%, OI skew +64.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 5%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +40%, ATM: +32%, OTM: -27% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 6% — very bullish vs sector
Activity
Unusual activity?
5.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 3.1x avg — hot
Turnover Rate
≥15%Vol/OI 6.1% — 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 -1.7% (5d) — stable
Sector Relative≥60%
Sector activity percentile 81% — very active vs sector
Trade Quality
≥30%Large trade volume 78% — heavy institutional
Execution Urgency
≥60%Aggressive execution 49% — patient
Flow Conviction
≥30Conviction -16 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 16.4% — wide
Adequate OI
≥10,000OI 322,615 — deep
Active Volume
≥500Volume 19,603/day — active
Reasonable Cost
≤$0.50$0.82 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 1,574.9 contracts (bid:897.6 ask:677.3) — deep
Execution Quality
<1.0%Avg slippage 6.79% — poor
Timing
Is now a good time?
7.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +0.6% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 80% — seller opportunity
Event Detection
≥10pts kinkIV kink 1.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 718.77 — 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 -16% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 108 (ITM 20% + inst 78%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV expensive, mixed flow
Long Puts4.4
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.8
bullishIV rich premium, mixed flow
Covered Call5.0
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.