CRKComstock Resources, Inc.
Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS
Market Cap $3.8B|NYSE
● 2026-06-09$12.85
NEUTRAL
Analysis: 2026-06-08 EOD data
1Y -47.0%YTD -45.5%7D -4.5%
Options Vol
528
30D
Implied Move
±18.7%
IV Rank
34%
CRK Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 80.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.23x — IV premium over HV
Sector Relative≤50%
Sector percentile 78% — above sector median
Term Structure
<1.1xFront/Back 1.04x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 64.4% — normal range
Spread-Adjusted Value
<80%Effective IV 118.3% (ATM 64.4% + spread 27.0% + bias) — expensive
Execution Efficiency
<3.0%Total drag 31.89% (spread 26.96% + slippage 4.93%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.25 (vega 3.357 / spread 26.96%) — spread drag
Sentiment
Bullish or bearish?
4.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -46%, Raw: -32%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -46% (strong bearish) — Raw: -32%
OI Skew Magnitude
≥15%|OI skew| 28.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +15.5%, OI skew +28.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +29%, ATM: -57%, OTM: -12% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 69% — bearish vs sector
Activity
Unusual activity?
2.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.7% — 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 +1.6% (5d) — stable
Sector Relative≥60%
Sector activity percentile 27% — below sector avg
Trade Quality
≥30%Large trade volume 19% — mixed
Execution Urgency
≥60%Aggressive execution 26% — patient
Flow Conviction
≥30Conviction -46 (bearish) — moderate
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 27.0% — wide
Adequate OI
≥10,000OI 74,142 — deep
Active Volume
≥500Volume 528/day — adequate
Reasonable Cost
≤$0.50$1.35 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 86% — much wider than sector
Order Book Depth
≥100 contractsDepth 487.7 contracts (bid:209.5 ask:278.2) — adequate
Execution Quality
<1.0%Avg slippage 4.93% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +3.6% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 80% — seller opportunity
Event Detection
≥10pts kinkIV kink 2.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 472.80 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -46% @ 73% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 49 (ITM 20% + inst 19%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.4
bullishIV expensive, mixed flow
Long Puts4.7
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV rich premium, mixed flow
Covered Call5.5
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.