PTENPatterson-UTI Energy Inc
Options Analysis Report•DRILLING OIL & GAS WELLS
Market Cap $4.6B|NASDAQ
● 2026-05-15$12.12
BULLISH
Analysis: 2026-05-14 EOD data
1Y +98.0%YTD +87.3%7D +6.1%
Options Vol
2,037
30D
Implied Move
±8.6%
IV Rank
21%
PTEN Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
4.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 76.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.06x — IV premium over HV
Sector Relative≤50%
Sector percentile 77% — above sector median
Term Structure
<1.1xFront/Back 0.97x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 65.8% — normal range
Spread-Adjusted Value
<80%Effective IV 109.5% (ATM 65.8% + spread 21.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 27.96% (spread 21.85% + slippage 6.11%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.11 (vega 0.245 / spread 21.85%) — spread drag
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -4%, Raw: +6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -4% (neutral) — Raw: +6%
OI Skew Magnitude
≥15%|OI skew| 77.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +76.6%, OI skew +77.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 60%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +79%, ATM: -64%, OTM: -6% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 32% — bullish vs sector
Activity
Unusual activity?
2.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 1.1x avg — normal
Turnover Rate
≥15%Vol/OI 1.6% — 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 +0.7% (5d) — stable
Sector Relative≥60%
Sector activity percentile 37% — below sector avg
Trade Quality
≥30%Large trade volume 10% — mostly retail
Execution Urgency
≥60%Aggressive execution 34% — patient
Flow Conviction
≥30Conviction -4 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 21.9% — wide
Adequate OI
≥10,000OI 127,603 — deep
Active Volume
≥500Volume 2,037/day — adequate
Reasonable Cost
≤$0.50$1.09 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 87% — much wider than sector
Order Book Depth
≥100 contractsDepth 715.4 contracts (bid:452.7 ask:262.7) — deep
Execution Quality
<1.0%Avg slippage 6.11% — poor
Timing
Is now a good time?
6.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -2.7% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 76% — seller opportunity
Event Detection
≥10pts kinkIV kink -14.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2.45 — 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 -4% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 40 (ITM 20% + inst 10%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV fair, bullish flow
Long Puts4.2
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.7
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.