BKBank of New York Mellon Corporation
Options Analysis Report•STATE COMMERCIAL BANKS
Market Cap $92.7B|NYSE
● 2026-04-17$135.10
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +82.5%YTD +15.4%7D +5.9%
Options Vol
9,556
30D
Implied Move
±6.9%
IV Rank
23%
BK Options Overview
IV is low with unusual activity. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 15.5% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.46x — IV premium over HV
Sector Relative≤50%
Sector percentile 23% — below sector median
Term Structure
<1.1xFront/Back 0.91x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.4% — normal range
Spread-Adjusted Value
<80%Effective IV 61.4% (ATM 27.4% + spread 17.0% + bias) — good value
Execution Efficiency
<3.0%Total drag 31.65% (spread 17.02% + slippage 14.63%) — high friction
Vega Efficiency
≥5.0Vega efficiency 25.33 (vega 43.113 / spread 17.02%) — efficient
Sentiment
Bullish or bearish?
3.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -16%, Raw: -15%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -16% (bearish) — Raw: -15%
OI Skew Magnitude
≥15%|OI skew| 12.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -23.3%, OI skew +12.0% — divergent (opposite)
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: -27%, ATM: -58%, OTM: -5% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 88% — very bearish vs sector
Activity
Unusual activity?
6.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 3.5x avg — hot
Turnover Rate
≥15%Vol/OI 12.3% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days3 day(s) elevated — sustained
OI Build
≥5%OI change +20.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 93% — very active vs sector
Trade Quality
≥30%Large trade volume 45% — institutional presence
Execution Urgency
≥60%Aggressive execution 33% — patient
Flow Conviction
≥30Conviction -16 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 17.0% — wide
Adequate OI
≥10,000OI 77,824 — deep
Active Volume
≥500Volume 9,556/day — active
Reasonable Cost
≤$0.50$0.85 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 26% — tighter than sector
Order Book Depth
≥100 contractsDepth 173.39999999999998 contracts (bid:91.6 ask:81.8) — adequate
Execution Quality
<1.0%Avg slippage 14.63% — poor
Timing
Is now a good time?
5.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -9.4% — contango
IV Percentile Clarity
<30 or >70IV percentile 16% — buyer opportunity
Event Detection
≥10pts kinkIV kink -1.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1528.82 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)HIGH RISK: Earnings in -1d (HIGH RISK)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -16% @ 58% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 75 (ITM 20% + inst 45%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV cheap, bearish flow
Long Puts6.1
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.9
bullishIV too cheap, bearish flow
Covered Call4.7
bearishIV too cheap, bearish flow
For educational purposes only. Not investment advice.