FANGDiamondback Energy, Inc.
Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS
Market Cap $50.7B|NASDAQ
● 2026-04-17$180.27
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +36.2%YTD +18.3%7D -4.2%
Options Vol
1,346
30D
Implied Move
±11.2%
IV Rank
29%
FANG Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.3
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 52.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.26x — IV premium over HV
Sector Relative≤50%
Sector percentile 41% — below sector median
Term Structure
<1.1xFront/Back 1.09x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 36.9% — normal range
Spread-Adjusted Value
<80%Effective IV 55.6% (ATM 36.9% + spread 9.3% + bias) — good value
Execution Efficiency
<3.0%Total drag 13.94% (spread 9.35% + slippage 4.59%) — high friction
Vega Efficiency
≥5.0Vega efficiency 32.57 (vega 30.451 / spread 9.35%) — efficient
Sentiment
Bullish or bearish?
5.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -28%, Raw: -16%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -28% (bearish) — Raw: -16%
OI Skew Magnitude
≥15%|OI skew| 23.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +14.6%, OI skew +23.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 20%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -14%, ATM: -33%, OTM: +6% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 61% — bearish vs sector
Activity
Unusual activity?
2.9
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 1.6% — 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 +0.4% (5d) — stable
Sector Relative≥60%
Sector activity percentile 9% — quiet vs sector
Trade Quality
≥30%Large trade volume 8% — mostly retail
Execution Urgency
≥60%Aggressive execution 54% — patient
Flow Conviction
≥30Conviction -28 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.3% — wide
Adequate OI
≥10,000OI 82,290 — deep
Active Volume
≥500Volume 1,346/day — adequate
Reasonable Cost
≤$0.50$0.47 to cross — cheap
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 43% — neutral vs sector
Order Book Depth
≥100 contractsDepth 126.5 contracts (bid:71.8 ask:54.7) — adequate
Execution Quality
<1.0%Avg slippage 4.59% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.9% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 52% — neutral
Event Detection
≥10pts kinkIV kink 3.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 322.57 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 17d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -28% @ 64% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 38 (ITM 20% + inst 8%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV too cheap, mixed flow
Covered Call4.9
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.