APDAir Products & Chemicals, Inc.
Options Analysis Report•INDUSTRIAL INORGANIC CHEMICALS
Market Cap $65.0B|NYSE
● 2026-04-17$291.81
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +13.3%YTD +16.5%7D -2.3%
Options Vol
724
30D
Implied Move
±8.9%
IV Rank
46%
APD Options Overview
IV is low. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.7
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 18.0% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.83x — IV premium over HV
Sector Relative≤50%
Sector percentile 10% — below sector median
Term Structure
<1.1xFront/Back 1.11x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 28.1% — normal range
Spread-Adjusted Value
<80%Effective IV 55.1% (ATM 28.1% + spread 13.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 17.25% (spread 13.51% + slippage 3.74%) — high friction
Vega Efficiency
≥5.0Vega efficiency 74.62 (vega 100.808 / spread 13.51%) — efficient
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: -9%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -9% (neutral) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 38.8% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +31.2%, OI skew +38.8% — aligned
Conviction Quality
≥2/3 conditions0-DTE 22%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -75%, ATM: -51%, OTM: +8% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 35% — bullish vs sector
Activity
Unusual activity?
2.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.4x avg — normal
Turnover Rate
≥15%Vol/OI 2.4% — 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 +4.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 20% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 25% — patient
Flow Conviction
≥30Conviction -9 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.5% — wide
Adequate OI
≥10,000OI 29,800 — adequate
Active Volume
≥500Volume 724/day — adequate
Reasonable Cost
≤$0.50$0.68 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 10% — much tighter than sector
Order Book Depth
≥100 contractsDepth 40.5 contracts (bid:17.6 ask:22.9) — thin
Execution Quality
<1.0%Avg slippage 3.74% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +11.4% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 18% — buyer opportunity
Event Detection
≥10pts kinkIV kink 3.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1647.19 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -9% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.0
bullishIV cheap, bullish flow
Long Puts5.2
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.9
bullishIV too cheap, bullish flow
Covered Call4.1
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.