Options/ET

ETEnergy Transfer LP Common Units representing limited partner interests

Options Analysis Report•NATURAL GAS TRANSMISSION

Market Cap $73.4B|NYSE

● 2026-08-31$21.31

BULLISH

Analysis: 2026-08-28 EOD data

1Y +20.4%YTD +28.5%7D +1.1%

Options Vol

24,520

30D

Implied Move

±4.8%

IV Rank

14%

ET Options Overview

IV is low with bullish flow and unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

Loading score history...

ET Gamma Walls

Loading gamma walls...

ET Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where ET sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.32) — near-dated vol is priced 15% below far-dated, and downside puts carry 0.5 IV points more than at-the-money, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads resilient (2.88): it is trading 8% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.32/ 10cheap

Basis: cross_sectional

Fragility

2.88/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

8.4

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 17.2% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 0.92x — IV ≤ HV

Sector Relative≤50%

Sector percentile 2% — below sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 18.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 44.6% (ATM 18.1% + spread 13.2% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 19.99% (spread 13.24% + slippage 6.75%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.41 (vega 1.865 / spread 13.24%) — 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 - Strong signal (Conviction: -7%, Raw: -22%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -7% (neutral) — Raw: -22%

OI Skew Magnitude

≥15%

|OI skew| 68.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +70.4%, OI skew +68.6% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +59%, ATM: -6%, OTM: -48% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

3.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 2.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +2.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 74% — active vs sector

Trade Quality

≥30%

Large trade volume 62% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 45% — patient

Flow Conviction

≥30

Conviction -7 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.7

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.2% — wide

Adequate OI

≥10,000

OI 972,549 — deep

Active Volume

≥500

Volume 24,520/day — active

Reasonable Cost

≤$0.50

$0.66 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 38% — tighter than sector

Order Book Depth

≥100 contracts

Depth 661.3 contracts (bid:355.2 ask:306.1) — deep

Execution Quality

<1.0%

Avg slippage 6.75% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -14.6% — contango

IV Percentile Clarity

<30 or >70

IV percentile 17% — buyer opportunity

Event Detection

≥10pts kink

IV kink -1.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 214.38 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -7% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 92 (ITM 20% + inst 62%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls7.6

bullishIV cheap, bullish flow

Long Puts6.0

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.7

bullishIV too cheap, bullish flow

Covered Call3.8

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on ET

ET gamma walls ET max pain ET IV rank ET options flow