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COPConocoPhillips

Options Analysis Report•PETROLEUM REFINING
Market Cap $156.6B|NYSE
● 2026-08-31$130.35
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +31.7%YTD +34.8%7D -2.2%
5,524
30D
±7.8%
3%

COP Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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COP Gamma Walls

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Value

Is IV priced right?

8.7
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 36.8% — elevated vs history

<1.05x

IV/HV 0.94x — IV ≤ HV

Sector Relative≤50%

Sector percentile 14% — below sector median

<1.1x

Front/Back 0.86x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 27.0% — normal range

<80%

Effective IV 48.5% (ATM 27.0% + spread 10.8% + bias) — excellent value

<3.0%

Total drag 15.13% (spread 10.75% + slippage 4.38%) — high friction

≥5.0

Vega efficiency 10.98 (vega 11.801 / spread 10.75%) — efficient

Sentiment

Bullish or bearish?

5.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

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

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

≥15%

|OI skew| 8.2% — balanced

Same sign, |vol skew| ≥10%

Vol skew +18.8%, OI skew +8.2% — 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: -8%, ATM: -15%, OTM: -0% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 77% — very bearish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 1.9% — normal turnover

≥2 days

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

≥5%

OI change +5.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 36% — below sector avg

≥30%

Large trade volume 3% — mostly retail

≥60%

Aggressive execution 21% — patient

≥30

Conviction -4 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.7
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 10.8% — wide

≥10,000

OI 296,445 — deep

≥500

Volume 5,524/day — active

≤$0.50

$0.54 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 18% — much tighter than sector

≥100 contracts

Depth 135.3 contracts (bid:70.5 ask:64.8) — adequate

<1.0%

Avg slippage 4.38% — 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 -14.2% — contango

<30 or >70

IV percentile 37% — neutral

≥10pts kink

IV kink -3.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 139.49 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -4% @ 52% consistency — unclear

≥40 composite score

Score 33 (ITM 20% + inst 3%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.9
bullishIV cheap, mixed flow
Long Puts6.2
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, mixed flow
Covered Call3.8
bearishIV too cheap, mixed 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.

More on COP

COP gamma wallsCOP max painCOP IV rankCOP options flow