ETEnergy Transfer LP Common Units representing limited partner interests
Options Analysis Report•NATURAL GAS TRANSMISSION
Market Cap $64.9B|NYSE
● 2026-04-17$18.86
BULLISH
Analysis: 2026-04-16 EOD data
1Y +13.9%YTD +13.7%7D -1.7%
Options Vol
20,610
30D
Implied Move
±6.9%
IV Rank
58%
ET Options Overview
IV is low with bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.1
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 11.1% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.56x — IV premium over HV
Sector Relative≤50%
Sector percentile 4% — 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 23.7% — normal range
Spread-Adjusted Value
<80%Effective IV 45.8% (ATM 23.7% + spread 11.0% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 19.99% (spread 11.03% + slippage 8.96%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.99 (vega 1.094 / spread 11.03%) — spread drag
Sentiment
Bullish or bearish?
5.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -18%, Raw: -5%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -18% (bearish) — Raw: -5%
OI Skew Magnitude
≥15%|OI skew| 67.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +36.3%, OI skew +67.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 38%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +9%, ATM: +4%, OTM: -23% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 56% — bearish vs sector
Activity
Unusual activity?
3.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 2.2% — 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 +3.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 57% — neutral vs sector
Trade Quality
≥30%Large trade volume 48% — institutional presence
Execution Urgency
≥60%Aggressive execution 43% — patient
Flow Conviction
≥30Conviction -18 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 11.0% — wide
Adequate OI
≥10,000OI 928,470 — deep
Active Volume
≥500Volume 20,610/day — active
Reasonable Cost
≤$0.50$0.55 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 47% — neutral vs sector
Order Book Depth
≥100 contractsDepth 1,343.3000000000002 contracts (bid:757.7 ask:585.6) — deep
Execution Quality
<1.0%Avg slippage 8.96% — 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 +1.9% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 11% — buyer opportunity
Event Detection
≥10pts kinkIV kink -1.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 76.00 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -18% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 78 (ITM 20% + inst 48%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts5.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.