CRSCarpenter Technology Corp
Options Analysis Report•STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Market Cap $27.9B|NYSE
● 2026-06-12$561.49
NEUTRAL
Analysis: 2026-06-11 EOD data
1Y +125.0%YTD +66.0%7D +12.5%
Options Vol
1,048
30D
Implied Move
±8.6%
IV Rank
20%
CRS Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.3
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 70.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.20x — IV premium over HV
Sector Relative≤50%
Sector percentile 66% — above sector median
Term Structure
<1.1xFront/Back 0.96x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 54.5% — normal range
Spread-Adjusted Value
<80%Effective IV 77.7% (ATM 54.5% + spread 11.6% + bias) — fair
Execution Efficiency
<3.0%Total drag 18.37% (spread 11.62% + slippage 6.75%) — high friction
Vega Efficiency
≥5.0Vega efficiency 83.94 (vega 97.544 / spread 11.62%) — efficient
Sentiment
Bullish or bearish?
5.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -37%, Raw: -27%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -37% (strong bearish) — Raw: -27%
OI Skew Magnitude
≥15%|OI skew| 33.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +33.4%, OI skew +33.4% — 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: -28%, ATM: -67%, OTM: -12% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 43% — bullish vs sector
Activity
Unusual activity?
5.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 1.1x avg — normal
Turnover Rate
≥15%Vol/OI 8.2% — 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 +12.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 84% — very active vs sector
Trade Quality
≥30%Large trade volume 38% — institutional presence
Execution Urgency
≥60%Aggressive execution 39% — patient
Flow Conviction
≥30Conviction -37 (bearish) — moderate
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 11.6% — wide
Adequate OI
≥10,000OI 12,781 — adequate
Active Volume
≥500Volume 1,048/day — adequate
Reasonable Cost
≤$0.50$0.58 to cross — expensive
Strike Coverage
≥5 strikes3 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 79% — wider than sector
Order Book Depth
≥100 contractsDepth 25.200000000000003 contracts (bid:12.4 ask:12.8) — thin
Execution Quality
<1.0%Avg slippage 6.75% — poor
Timing
Is now a good time?
7.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -3.9% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 71% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 236.13 — favors income trades
Expiration Distribution
≥3 expirations4 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: No earnings detected; FOMC in 5d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -37% @ 68% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 68 (ITM 20% + inst 38%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts5.1
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV fair, mixed flow
Covered Call4.9
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.