HESMHess Midstream LP Class A Share representing a limited partner Interest
Options Analysis Report•CRUDE PETROLEUM & NATURAL GAS
Market Cap $4.9B|NYSE
● 2026-04-17$37.87
BULLISH
Analysis: 2026-04-16 EOD data
1Y +3.9%YTD +9.3%7D -4.3%
Options Vol
186
30D
Implied Move
±7.3%
IV Rank
13%
HESM Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 20.6% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.34x — IV premium over HV
Sector Relative≤50%
Sector percentile 11% — 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 28.0% — normal range
Spread-Adjusted Value
<80%Effective IV 121.2% (ATM 28.0% + spread 46.6% + bias) — expensive
Execution Efficiency
<3.0%Total drag 58.41% (spread 46.58% + slippage 11.83%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.91 (vega 4.246 / spread 46.58%) — spread drag
Sentiment
Bullish or bearish?
5.0
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -44%, Raw: -34%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -44% (strong bearish) — Raw: -34%
OI Skew Magnitude
≥15%|OI skew| 33.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +87.1%, OI skew +33.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 28%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +60%, ATM: -52%, OTM: -26% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 15% — very bullish vs sector
Activity
Unusual activity?
3.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.7x 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 +3.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 41% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 38% — patient
Flow Conviction
≥30Conviction -44 (bearish) — moderate
Liquidity
Can I trade efficiently?
2.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 46.6% — wide
Adequate OI
≥10,000OI 11,406 — adequate
Active Volume
≥500Volume 186/day — thin
Reasonable Cost
≤$0.50$2.33 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 51% — neutral vs sector
Order Book Depth
≥100 contractsDepth 193.2 contracts (bid:66.9 ask:126.3) — adequate
Execution Quality
<1.0%Avg slippage 11.83% — 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 +1.6% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 21% — buyer opportunity
Event Detection
≥10pts kinkIV kink 0.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 281.22 — favors income trades
Expiration Distribution
≥3 expirations3 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 -44% @ 72% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.