NOCNorthrop Grumman Corp.
Options Analysis Report•SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS
Market Cap $80.1B|NYSE
● 2026-05-29$563.68
NEUTRAL
Analysis: 2026-05-28 EOD data
1Y +16.3%YTD -3.8%7D +1.5%
Options Vol
1,068
30D
Implied Move
±8.4%
IV Rank
53%
NOC Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 37.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.66x — IV premium over HV
Sector Relative≤50%
Sector percentile 39% — below sector median
Term Structure
<1.1xFront/Back 0.95x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 30.3% — normal range
Spread-Adjusted Value
<80%Effective IV 61.3% (ATM 30.3% + spread 15.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 21.23% (spread 15.49% + slippage 5.74%) — high friction
Vega Efficiency
≥5.0Vega efficiency 34.52 (vega 53.465 / spread 15.49%) — efficient
Sentiment
Bullish or bearish?
6.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +10%, Raw: +5%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +10% (bullish) — Raw: +5%
OI Skew Magnitude
≥15%|OI skew| 1.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +44.8%, OI skew +1.8% — aligned
Conviction Quality
≥2/3 conditions0-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: +78%, ATM: -2%, OTM: +5% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 25% — very bullish vs sector
Activity
Unusual activity?
3.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 4.0% — 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 +5.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 61% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 33% — patient
Flow Conviction
≥30Conviction +10 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 15.5% — wide
Adequate OI
≥10,000OI 26,761 — adequate
Active Volume
≥500Volume 1,068/day — adequate
Reasonable Cost
≤$0.50$0.77 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 43% — neutral vs sector
Order Book Depth
≥100 contractsDepth 27.3 contracts (bid:14.8 ask:12.5) — thin
Execution Quality
<1.0%Avg slippage 5.74% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -5.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 37% — neutral
Event Detection
≥10pts kinkIV kink -0.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 143.88 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +10% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV fair, bullish flow
Long Puts4.8
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, bullish flow
Covered Call4.2
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.