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HLXHelix Energy Solutions Group, Inc.

Options Analysis Report•OIL & GAS FIELD SERVICES, NEC
Market Cap $1.5B|NYSE
● 2026-08-31$10.14
BULLISH
Analysis: 2026-08-28 EOD data
1Y +55.3%YTD +58.4%7D +1.7%
55
30D
±9.3%
7%

HLX Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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HLX Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 68.0% — elevated vs history

<1.05x

IV/HV 1.08x — IV premium over HV

Sector Relative≤50%

Sector percentile 63% — above sector median

<1.1x

Front/Back 0.73x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 43.3% — normal range

<80%

Effective IV 172.9% (ATM 43.3% + spread 64.8% + bias) — expensive

<3.0%

Total drag 79.87% (spread 64.81% + slippage 15.06%) — high friction

≥5.0

Vega efficiency 0.45 (vega 2.907 / spread 64.81%) — spread drag

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -43%, Raw: -46%)
|net sentiment| ≥25%

Conviction-weighted: -43% (strong bearish) — Raw: -46%

≥15%

|OI skew| 55.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +55.2% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: -100%, OTM: +0% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

3.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 1.4x avg — normal

≥15%

Vol/OI 1.1% — normal turnover

≥2 days

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

≥5%

OI change -0.1% (5d) — stable

Sector Relative≥60%

Sector activity percentile 42% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 25% — patient

≥30

Conviction -43 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 64.8% — wide

≥10,000

OI 5,147 — thin

≥500

Volume 55/day — thin

≤$0.50

$3.24 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 77% — wider than sector

≥100 contracts

Depth 133.5 contracts (bid:86.0 ask:47.5) — adequate

<1.0%

Avg slippage 15.06% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -27.3% — contango

<30 or >70

IV percentile 68% — neutral

≥10pts kink

IV kink -13.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 764.92 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -43% @ 71% consistency — STRONG directional (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.1
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV fair, mixed flow
Covered Call4.7
bearishIV fair, mixed 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 HLX

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