AJGArthur J. Gallagher & Co.
Options Analysis Report•INSURANCE AGENTS, BROKERS & SERVICE
Market Cap $56.9B|NYSE
● 2026-04-17$221.61
BULLISH
Analysis: 2026-04-16 EOD data
1Y -30.6%YTD -13.4%7D +3.8%
Options Vol
253
30D
Implied Move
±10.7%
IV Rank
45%
AJG Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 57.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.37x — IV premium over HV
Sector Relative≤50%
Sector percentile 78% — above sector median
Term Structure
<1.1xFront/Back 1.09x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 38.2% — normal range
Spread-Adjusted Value
<80%Effective IV 58.1% (ATM 38.2% + spread 9.9% + bias) — good value
Execution Efficiency
<3.0%Total drag 13.44% (spread 9.94% + slippage 3.50%) — high friction
Vega Efficiency
≥5.0Vega efficiency 61.33 (vega 60.958 / spread 9.94%) — efficient
Sentiment
Bullish or bearish?
7.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +37%, Raw: +29%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +37% (strong bullish) — Raw: +29%
OI Skew Magnitude
≥15%|OI skew| 33.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +16.2%, OI skew +33.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 6%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +100%, ATM: +47%, OTM: +9% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 40% — bullish vs sector
Activity
Unusual activity?
3.0
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 1.8% — 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 +2.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 19% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 48% — patient
Flow Conviction
≥30Conviction +37 (bullish) — moderate
Liquidity
Can I trade efficiently?
3.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 9.9% — wide
Adequate OI
≥10,000OI 14,306 — adequate
Active Volume
≥500Volume 253/day — thin
Reasonable Cost
≤$0.50$0.50 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 79% — wider than sector
Order Book Depth
≥100 contractsDepth 34.5 contracts (bid:17.2 ask:17.3) — thin
Execution Quality
<1.0%Avg slippage 3.50% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.7% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 58% — neutral
Event Detection
≥10pts kinkIV kink 3.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 904.42 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 13d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +37% @ 68% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.5
bullishIV fair, bullish flow
Long Puts4.1
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put6.0
bullishIV fair, bullish flow
Covered Call4.6
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.