CMSCMS Energy Corporation
Options Analysis Report•ELECTRIC & OTHER SERVICES COMBINED
Market Cap $23.9B|NYSE
● 2026-04-17$77.75
BULLISH
Analysis: 2026-04-16 EOD data
1Y +7.8%YTD +10.4%7D -2.1%
Options Vol
24
30D
Implied Move
±6.2%
IV Rank
9%
CMS Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.0
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 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 1.14x — backwardation
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 50.8% (ATM 0.0% + spread 25.4% + bias) — good value
Execution Efficiency
<3.0%Total drag 31.61% (spread 25.42% + slippage 6.19%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 25.42%) — spread drag
Sentiment
Bullish or bearish?
4.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -50%, Raw: -44%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -50% (strong bearish) — Raw: -44%
OI Skew Magnitude
≥15%|OI skew| 70.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +66.7%, OI skew +70.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 4%, 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: +0%, OTM: -41% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 19% — very bullish vs sector
Activity
Unusual activity?
3.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.1x avg — normal
Turnover Rate
≥15%Vol/OI 0.9% — 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 +8.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 3% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 59% — patient
Flow Conviction
≥30Conviction -50 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 25.4% — wide
Adequate OI
≥10,000OI 2,807 — thin
Active Volume
≥500Volume 24/day — thin
Reasonable Cost
≤$0.50$1.27 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 91.5 contracts (bid:34.9 ask:56.6) — thin
Execution Quality
<1.0%Avg slippage 6.19% — poor
Timing
Is now a good time?
6.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +14.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink 3.5pts — 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)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -50% @ 73% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.2
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.