Options/WMB

WMBWilliams Companies Inc.

Options Analysis Report•NATURAL GAS TRANSMISSION

Market Cap $89.1B|NYSE

● 2026-09-11$72.82

BULLISH

Analysis: 2026-09-10 EOD data

1Y +22.7%YTD +19.7%7D -1.8%

Options Vol

29,797

30D

Implied Move

±7.9%

IV Rank

13%

WMB Options Overview

bullish flow with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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WMB Gamma Walls

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WMB Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where WMB sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.99) — the move being priced is 1.53x this name's own median 20-trading-day move, and near-dated vol is priced 6% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.72): it is trading 1% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.99/ 10cheap

Basis: cross_sectional

Fragility

4.72/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

8.0

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 39.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.94x — IV ≤ HV

Sector Relative≤50%

Sector percentile 14% — below sector median

Term Structure

<1.1x

Front/Back 0.94x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 30.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 35.1% (ATM 30.0% + spread 2.5% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 5.43% (spread 2.55% + slippage 2.88%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 22.75 (vega 5.800 / spread 2.55%) — efficient

Sentiment

Bullish or bearish?

6.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +73%, Raw: +68%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +73% (strong bullish) — Raw: +68%

OI Skew Magnitude

≥15%

|OI skew| 20.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -37.8%, OI skew +20.9% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 4%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +17%, ATM: -32%, OTM: +89% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

6.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 3.1x avg — hot

Turnover Rate

≥15%

Vol/OI 7.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +0.1% (5d) — stable

Sector Relative≥60%

Sector activity percentile 82% — very active vs sector

Trade Quality

≥30%

Large trade volume 70% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 25% — patient

Flow Conviction

≥30

Conviction +73 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

6.8

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks6/8 checks passed

Tradeable Spread

≤5.0%

Spread 2.5% — acceptable

Adequate OI

≥10,000

OI 399,286 — deep

Active Volume

≥500

Volume 29,797/day — active

Reasonable Cost

≤$0.50

$0.13 to cross — cheap

Strike Coverage

≥5 strikes

2 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 18% — much tighter than sector

Order Book Depth

≥100 contracts

Depth 191.7 contracts (bid:81.7 ask:110.0) — adequate

Execution Quality

<1.0%

Avg slippage 2.88% — 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 -5.7% — contango

IV Percentile Clarity

<30 or >70

IV percentile 39% — neutral

Event Detection

≥10pts kink

IV kink -1.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 129.76 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +73% @ 86% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 100 (ITM 20% + inst 70%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls7.7

bullishIV cheap, bullish flow

Long Puts6.0

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.5

bullishIV too cheap, bullish flow

Covered Call4.1

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on WMB

WMB gamma walls WMB option chain WMB max pain WMB expected move WMB IV rank WMB put/call ratio WMB options flow