FEFirstEnergy Corp.
Options Analysis Report•ELECTRIC SERVICES
Market Cap $29.0B|NYSE
● 2026-04-17$50.10
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +19.9%YTD +10.7%7D -2.6%
Options Vol
1,004
30D
Implied Move
±6.1%
IV Rank
22%
FE Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 3.2% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.48x — IV premium over HV
Sector Relative≤50%
Sector percentile 28% — below sector median
Term Structure
<1.1xFront/Back 1.08x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 22.6% — normal range
Spread-Adjusted Value
<80%Effective IV 51.9% (ATM 22.6% + spread 14.7% + bias) — good value
Execution Efficiency
<3.0%Total drag 19.27% (spread 14.67% + slippage 4.60%) — high friction
Vega Efficiency
≥5.0Vega efficiency 5.46 (vega 8.003 / spread 14.67%) — acceptable
Sentiment
Bullish or bearish?
4.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -49%, Raw: -47%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -49% (strong bearish) — Raw: -47%
OI Skew Magnitude
≥15%|OI skew| 18.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +48.0%, OI skew +18.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 33%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -73%, ATM: +14%, OTM: -25% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 31% — bullish vs sector
Activity
Unusual activity?
4.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.3x avg — normal
Turnover Rate
≥15%Vol/OI 1.4% — 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 +1.3% (5d) — stable
Sector Relative≥60%
Sector activity percentile 16% — quiet vs sector
Trade Quality
≥30%Large trade volume 38% — institutional presence
Execution Urgency
≥60%Aggressive execution 17% — patient
Flow Conviction
≥30Conviction -49 (bearish) — moderate
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 14.7% — wide
Adequate OI
≥10,000OI 73,300 — deep
Active Volume
≥500Volume 1,004/day — adequate
Reasonable Cost
≤$0.50$0.73 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 34% — tighter than sector
Order Book Depth
≥100 contractsDepth 285.9 contracts (bid:186.5 ask:99.4) — adequate
Execution Quality
<1.0%Avg slippage 4.60% — poor
Timing
Is now a good time?
8.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.1% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 3% — buyer opportunity
Event Detection
≥10pts kinkIV kink 1.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 610.94 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -49% @ 75% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 68 (ITM 20% + inst 38%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV cheap, mixed flow
Long Puts6.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.8
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.