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CLMTCalumet, Inc. Common Stock

Options Analysis Report•PETROLEUM REFINING
Market Cap $4.2B|NASDAQ
● 2026-08-31$47.75
BULLISH
Analysis: 2026-08-28 EOD data
1Y +188.8%YTD +144.2%7D +0.9%
2,244
30D
±16.3%
19%

CLMT Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CLMT Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 81.0% — elevated vs history

<1.05x

IV/HV 0.77x — IV ≤ HV

Sector Relative≤50%

Sector percentile 82% — above sector median

<1.1x

Front/Back 1.02x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 56.1% — normal range

<80%

Effective IV 73.7% (ATM 56.1% + spread 8.8% + bias) — fair

<3.0%

Total drag 11.55% (spread 8.78% + slippage 2.77%) — high friction

≥5.0

Vega efficiency 5.20 (vega 4.563 / spread 8.78%) — acceptable

Sentiment

Bullish or bearish?

6.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +12%, Raw: +24%)
|net sentiment| ≥25%

Conviction-weighted: +12% (bullish) — Raw: +24%

≥15%

|OI skew| 4.8% — balanced

Same sign, |vol skew| ≥10%

Vol skew +88.7%, OI skew +4.8% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -41%, ATM: +50%, OTM: +36% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 14% — very bullish vs sector

Activity

Unusual activity?

3.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 1.8% — normal turnover

≥2 days

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

≥5%

OI change +6.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 61% — active vs sector

≥30%

Large trade volume 20% — mixed

≥60%

Aggressive execution 29% — patient

≥30

Conviction +12 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.1
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 8.8% — wide

≥10,000

OI 123,687 — deep

≥500

Volume 2,244/day — adequate

≤$0.50

$0.44 to cross — cheap

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

≥100 contracts

Depth 275.6 contracts (bid:119.1 ask:156.5) — adequate

<1.0%

Avg slippage 2.77% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +2.2% — flat/unclear

<30 or >70

IV percentile 81% — seller opportunity

≥10pts kink

IV kink 5.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 73.01 — favors income trades

≥3 expirations

2 liquid expirations — limited

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +12% @ 56% consistency — unclear

≥40 composite score

Score 50 (ITM 20% + inst 20%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls6.9
bullishIV cheap, bullish flow
Long Puts5.0
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV too cheap, bullish flow
Covered Call4.2
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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