ATOAtmos Energy Corporation
Options Analysis Report•NATURAL GAS DISTRIBUTION
Market Cap $30.9B|NYSE
● 2026-04-17$186.54
BULLISH
Analysis: 2026-04-16 EOD data
1Y +19.2%YTD +10.1%7D -2.0%
Options Vol
36
30D
Implied Move
±5.3%
IV Rank
5%
ATO Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.6
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 0.2% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.20x — IV premium over HV
Sector Relative≤50%
Sector percentile 0% — below sector median
Term Structure
<1.1xFront/Back 0.95x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 19.0% — normal range
Spread-Adjusted Value
<80%Effective IV 101.3% (ATM 19.0% + spread 41.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 60.54% (spread 41.16% + slippage 19.38%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 41.16%) — spread drag
Sentiment
Bullish or bearish?
6.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -14%, Raw: -20%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -14% (bearish) — Raw: -20%
OI Skew Magnitude
≥15%|OI skew| 69.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +66.7%, OI skew +69.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 50%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -33%, OTM: +9% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 19% — very bullish vs sector
Activity
Unusual activity?
2.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 1.3% — 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 +6.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 12% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 46% — patient
Flow Conviction
≥30Conviction -14 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 41.2% — wide
Adequate OI
≥10,000OI 2,742 — thin
Active Volume
≥500Volume 36/day — thin
Reasonable Cost
≤$0.50$2.06 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 9% — much tighter than sector
Order Book Depth
≥100 contractsDepth 40.0 contracts (bid:25.4 ask:14.6) — thin
Execution Quality
<1.0%Avg slippage 19.38% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.7% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 0% — buyer opportunity
Event Detection
≥10pts kinkIV kink 0.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 19d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -14% @ 57% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.9
bullishIV cheap, bullish flow
Long Puts5.5
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.