AInvestOption Pilot Program
Options/XOP
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XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF

Options Analysis Report
AUM $3.8B|ARCX
● 2026-08-28$185.47
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +39.7%YTD +43.8%7D -2.1%
14,829
30D
±8.4%
10%

XOP Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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XOP Gamma Walls

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Value

Is IV priced right?

6.9
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 44.7% — elevated vs history

<1.05x

IV/HV 1.01x — IV ≤ HV

Sector Relative≤50%

Sector percentile 65% — above sector median

<1.1x

Front/Back 0.96x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 30.6% — normal range

<80%

Effective IV 53.3% (ATM 30.6% + spread 11.3% + bias) — good value

<3.0%

Total drag 15.89% (spread 11.33% + slippage 4.56%) — high friction

≥5.0

Vega efficiency 21.83 (vega 24.739 / spread 11.33%) — efficient

Sentiment

Bullish or bearish?

4.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +4%, Raw: +2%)
|net sentiment| ≥25%

Conviction-weighted: +4% (neutral) — Raw: +2%

≥15%

|OI skew| 34.5% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -7.7%, OI skew -34.5% — weak (same direction)

≥2/3 conditions

0-DTE 12%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: +27%, OTM: -14% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 89% — very bearish vs sector

Activity

Unusual activity?

3.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 3.2% — normal turnover

≥2 days

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

≥5%

OI change -1.6% (5d) — stable

Sector Relative≥60%

Sector activity percentile 57% — neutral vs sector

≥30%

Large trade volume 31% — institutional presence

≥60%

Aggressive execution 44% — patient

≥30

Conviction +4 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.3
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 11.3% — wide

≥10,000

OI 456,403 — deep

≥500

Volume 14,829/day — active

≤$0.50

$0.57 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 74% — wider than sector

≥100 contracts

Depth 224.8 contracts (bid:114.4 ask:110.4) — adequate

<1.0%

Avg slippage 4.56% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -4.4% — flat/unclear

<30 or >70

IV percentile 45% — neutral

≥10pts kink

IV kink -0.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 323.39 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +4% @ 52% consistency — unclear

≥40 composite score

Score 61 (ITM 20% + inst 31%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts6.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, mixed flow
Covered Call4.7
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.