HPEHewlett Packard Enterprise Company
Options Analysis Report•COMPUTER & OFFICE EQUIPMENT
Market Cap $35.1B|NYSE
● 2026-04-17$26.44
BULLISH
Analysis: 2026-04-16 EOD data
1Y +78.4%YTD +9.4%7D +6.2%
Options Vol
26,913
30D
Implied Move
±13.0%
IV Rank
32%
HPE Options Overview
IV is elevated with bullish flow. No clear edge detected.
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 78.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.84x — IV ≤ HV
Sector Relative≤50%
Sector percentile 47% — below sector median
Term Structure
<1.1xFront/Back 0.94x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 46.7% — normal range
Spread-Adjusted Value
<80%Effective IV 67.8% (ATM 46.7% + spread 10.5% + bias) — fair
Execution Efficiency
<3.0%Total drag 16.73% (spread 10.54% + slippage 6.19%) — high friction
Vega Efficiency
≥5.0Vega efficiency 5.70 (vega 6.007 / spread 10.54%) — acceptable
Sentiment
Bullish or bearish?
6.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Moderate signal (Conviction: -10%, Raw: +1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -10% (bearish) — Raw: +1%
OI Skew Magnitude
≥15%|OI skew| 8.9% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +53.5%, OI skew +8.9% — aligned
Conviction Quality
≥2/3 conditions0-DTE 32%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +10%, ATM: +6%, OTM: -6% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 16% — very bullish vs sector
Activity
Unusual activity?
5.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.2x avg — normal
Turnover Rate
≥15%Vol/OI 6.7% — 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 +8.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 49% — neutral vs sector
Trade Quality
≥30%Large trade volume 36% — institutional presence
Execution Urgency
≥60%Aggressive execution 56% — patient
Flow Conviction
≥30Conviction -10 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.5% — wide
Adequate OI
≥10,000OI 401,277 — deep
Active Volume
≥500Volume 26,913/day — active
Reasonable Cost
≤$0.50$0.53 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 48% — neutral vs sector
Order Book Depth
≥100 contractsDepth 514.2 contracts (bid:264.4 ask:249.8) — deep
Execution Quality
<1.0%Avg slippage 6.19% — poor
Timing
Is now a good time?
7.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -5.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 79% — seller opportunity
Event Detection
≥10pts kinkIV kink -2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 500.60 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -10% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 66 (ITM 20% + inst 36%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV cheap, bullish flow
Long Puts5.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, bullish flow
Covered Call4.4
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.