ESEversource Energy
Options Analysis Report•ELECTRIC SERVICES
Market Cap $26.0B|NYSE
● 2026-04-17$69.25
BULLISH
Analysis: 2026-04-16 EOD data
1Y +22.8%YTD +1.7%7D -1.0%
Options Vol
204
30D
Implied Move
±6.4%
IV Rank
17%
ES Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.9
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 8.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.96x — IV ≤ HV
Sector Relative≤50%
Sector percentile 48% — below sector median
Term Structure
<1.1xFront/Back 0.91x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 25.0% — normal range
Spread-Adjusted Value
<80%Effective IV 90.1% (ATM 25.0% + spread 32.6% + bias) — expensive
Execution Efficiency
<3.0%Total drag 45.27% (spread 32.57% + slippage 12.70%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.52 (vega 11.465 / spread 32.57%) — spread drag
Sentiment
Bullish or bearish?
5.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +6%, Raw: +5%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +6% (neutral) — Raw: +5%
OI Skew Magnitude
≥15%|OI skew| 51.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +9.8%, OI skew +51.9% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 42%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -7%, OTM: +16% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 62% — bearish vs sector
Activity
Unusual activity?
2.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.4x avg — normal
Turnover Rate
≥15%Vol/OI 1.8% — 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 +1.9% (5d) — stable
Sector Relative≥60%
Sector activity percentile 31% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction +6 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 32.6% — wide
Adequate OI
≥10,000OI 11,086 — adequate
Active Volume
≥500Volume 204/day — thin
Reasonable Cost
≤$0.50$1.63 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 53% — neutral vs sector
Order Book Depth
≥100 contractsDepth 93.6 contracts (bid:39.8 ask:53.8) — thin
Execution Quality
<1.0%Avg slippage 12.70% — poor
Timing
Is now a good time?
6.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -8.6% — contango
IV Percentile Clarity
<30 or >70IV percentile 8% — buyer opportunity
Event Detection
≥10pts kinkIV kink -2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 498.47 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.6
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.0
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.