CVXChevron Corporation
Options Analysis Report•PETROLEUM REFINING
Market Cap $366.5B|NYSE
● 2026-04-17$183.99
BULLISH
Analysis: 2026-04-16 EOD data
1Y +37.6%YTD +18.0%7D -2.4%
Options Vol
47,386
30D
Implied Move
±8.5%
IV Rank
64%
CVX Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks8/9 checks passed
IV Rank
≤35%IV Rank 16.1% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.89x — IV ≤ HV
Sector Relative≤50%
Sector percentile 9% — below sector median
Term Structure
<1.1xFront/Back 1.03x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.6% — normal range
Spread-Adjusted Value
<80%Effective IV 39.1% (ATM 27.6% + spread 5.7% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 10.23% (spread 5.74% + slippage 4.49%) — high friction
Vega Efficiency
≥5.0Vega efficiency 81.58 (vega 46.826 / spread 5.74%) — efficient
Sentiment
Bullish or bearish?
6.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +8%, Raw: +10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +8% (neutral) — Raw: +10%
OI Skew Magnitude
≥15%|OI skew| 15.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +37.5%, OI skew +15.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 37%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +18%, ATM: -7%, OTM: +17% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 17% — very bullish vs sector
Activity
Unusual activity?
3.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 7.4% — 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 +4.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 91% — very active vs sector
Trade Quality
≥30%Large trade volume 18% — mixed
Execution Urgency
≥60%Aggressive execution 45% — patient
Flow Conviction
≥30Conviction +8 (bullish) — mixed
Liquidity
Can I trade efficiently?
6.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 5.7% — wide
Adequate OI
≥10,000OI 639,511 — deep
Active Volume
≥500Volume 47,386/day — active
Reasonable Cost
≤$0.50$0.29 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 13% — much tighter than sector
Order Book Depth
≥100 contractsDepth 251.0 contracts (bid:125.7 ask:125.3) — adequate
Execution Quality
<1.0%Avg slippage 4.49% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +3.4% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 16% — buyer opportunity
Event Detection
≥10pts kinkIV kink -0.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1052.27 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 14d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 48 (ITM 20% + inst 18%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls7.1
bullishIV cheap, bullish flow
Long Puts5.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV too cheap, bullish flow
Covered Call4.2
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.