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CNQCanadian Natural Resources Limited

Options Analysis Report
Market Cap $101.0B|NYSE
● 2026-08-31$48.99
BULLISH
Analysis: 2026-08-28 EOD data
1Y +53.1%YTD +42.7%7D -3.3%
1,140
30D
±7.8%
7%

CNQ Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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CNQ Gamma Walls

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Value

Is IV priced right?

7.7
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 42.8% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 23% — below sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 28.8% — normal range

<80%

Effective IV 59.0% (ATM 28.8% + spread 15.1% + bias) — good value

<3.0%

Total drag 22.98% (spread 15.10% + slippage 7.88%) — high friction

≥5.0

Vega efficiency 3.06 (vega 4.622 / spread 15.10%) — spread drag

Sentiment

Bullish or bearish?

6.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +5%, Raw: +4%)
|net sentiment| ≥25%

Conviction-weighted: +5% (neutral) — Raw: +4%

≥15%

|OI skew| 43.6% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +36.5%, OI skew +43.6% — 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: -13%, ATM: -16%, OTM: +23% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 59% — bearish vs sector

Activity

Unusual activity?

2.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 0.8% — normal turnover

≥2 days

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

≥5%

OI change +4.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 36% — below sector avg

≥30%

Large trade volume 13% — mostly retail

≥60%

Aggressive execution 37% — patient

≥30

Conviction +5 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.2
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 15.1% — wide

≥10,000

OI 134,986 — deep

≥500

Volume 1,140/day — adequate

≤$0.50

$0.76 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 52% — neutral vs sector

≥100 contracts

Depth 273.2 contracts (bid:168.0 ask:105.2) — adequate

<1.0%

Avg slippage 7.88% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -5.5% — contango

<30 or >70

IV percentile 43% — neutral

≥10pts kink

IV kink -0.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 212.99 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +5% @ 53% consistency — unclear

≥40 composite score

Score 43 (ITM 20% + inst 13%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls7.4
bullishIV cheap, bullish flow
Long Puts5.4
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, bullish flow
Covered Call3.5
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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