CTRACoterra Energy Inc.
Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS
Market Cap $23.5B|NYSE
● 2026-04-17$30.89
BULLISH
Analysis: 2026-04-16 EOD data
1Y +24.5%YTD +16.1%7D -7.5%
Options Vol
640
30D
Implied Move
±11.0%
IV Rank
41%
CTRA Options Overview
bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.6
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 53.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.15x — IV premium over HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 1.02x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 37.3% — normal range
Spread-Adjusted Value
<80%Effective IV 82.3% (ATM 37.3% + spread 22.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 31.94% (spread 22.48% + slippage 9.46%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.15 (vega 2.583 / spread 22.48%) — spread drag
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -7%, Raw: -14%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -7% (neutral) — Raw: -14%
OI Skew Magnitude
≥15%|OI skew| 64.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +34.4%, OI skew +64.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 30%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +1%, ATM: -18%, OTM: -19% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 22% — very bullish vs sector
Activity
Unusual activity?
2.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.1x avg — normal
Turnover Rate
≥15%Vol/OI 0.4% — 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 +26.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 0% — quiet vs sector
Trade Quality
≥30%Large trade volume 16% — mixed
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction -7 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 22.5% — wide
Adequate OI
≥10,000OI 148,487 — deep
Active Volume
≥500Volume 640/day — adequate
Reasonable Cost
≤$0.50$1.12 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 52% — neutral vs sector
Order Book Depth
≥100 contractsDepth 267.4 contracts (bid:162.9 ask:104.5) — adequate
Execution Quality
<1.0%Avg slippage 9.46% — poor
Timing
Is now a good time?
6.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +1.7% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 53% — neutral
Event Detection
≥10pts kinkIV kink -0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 80.97 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 17d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -7% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 46 (ITM 20% + inst 16%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.6
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV fair, bullish flow
Covered Call4.2
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.