DVNDevon Energy Corporation
Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS
Market Cap $27.5B|NYSE
● 2026-04-17$44.23
BULLISH
Analysis: 2026-04-16 EOD data
1Y +50.0%YTD +16.8%7D -7.4%
Options Vol
18,731
30D
Implied Move
±10.6%
IV Rank
32%
DVN Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 53.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.14x — IV premium over HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 0.98x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 37.3% — normal range
Spread-Adjusted Value
<80%Effective IV 66.7% (ATM 37.3% + spread 14.7% + bias) — fair
Execution Efficiency
<3.0%Total drag 19.66% (spread 14.72% + slippage 4.94%) — high friction
Vega Efficiency
≥5.0Vega efficiency 6.05 (vega 8.906 / spread 14.72%) — acceptable
Sentiment
Bullish or bearish?
7.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +23%, Raw: +30%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +23% (bullish) — Raw: +30%
OI Skew Magnitude
≥15%|OI skew| 31.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +56.9%, OI skew +31.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 16%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -27%, ATM: -4%, OTM: +41% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 0% — very bullish vs sector
Activity
Unusual activity?
4.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 4.4% — 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 +5.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 61% — active vs sector
Trade Quality
≥30%Large trade volume 38% — institutional presence
Execution Urgency
≥60%Aggressive execution 43% — patient
Flow Conviction
≥30Conviction +23 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 14.7% — wide
Adequate OI
≥10,000OI 422,106 — deep
Active Volume
≥500Volume 18,731/day — active
Reasonable Cost
≤$0.50$0.74 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 479.8 contracts (bid:279.0 ask:200.8) — adequate
Execution Quality
<1.0%Avg slippage 4.94% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -2.0% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 53% — neutral
Event Detection
≥10pts kinkIV kink -1.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 473.74 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 18d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +23% @ 62% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 68 (ITM 20% + inst 38%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.5
bullishIV cheap, bullish flow
Long Puts4.8
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.5
bullishIV too cheap, bullish flow
Covered Call3.8
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.