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MPLXMPLX LP

Options Analysis Report•PIPE LINES (NO NATURAL GAS)
Market Cap $60.1B|NYSE
● 2026-08-31$59.25
BULLISH
Analysis: 2026-08-28 EOD data
1Y +16.2%YTD +10.0%7D +1.4%
351
30D
±4.7%
5%

MPLX Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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MPLX Gamma Walls

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Value

Is IV priced right?

9.4
ExpensiveCheap

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

levels.

Risk Checks8/9 checks passed
≤35%

IV Rank 15.4% — cheap vs history

<1.05x

IV/HV 0.82x — IV ≤ HV

Sector Relative≤50%

Sector percentile 1% — below sector median

<1.1x

Front/Back 0.90x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 17.5% — normal range

<80%

Effective IV 47.4% (ATM 17.5% + spread 15.0% + bias) — excellent value

<3.0%

Total drag 22.76% (spread 14.96% + slippage 7.80%) — high friction

≥5.0

Vega efficiency 11.69 (vega 17.494 / spread 14.96%) — efficient

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -32%, Raw: -26%)
|net sentiment| ≥25%

Conviction-weighted: -32% (strong bearish) — Raw: -26%

≥15%

|OI skew| 56.7% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +48.7%, OI skew +56.7% — 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: -3%, ATM: -38%, OTM: -14% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 48% — neutral vs sector

Activity

Unusual activity?

2.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.4% — normal turnover

≥2 days

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

≥5%

OI change +0.8% (5d) — stable

Sector Relative≥60%

Sector activity percentile 18% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 27% — patient

≥30

Conviction -32 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.6
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 15.0% — wide

≥10,000

OI 95,288 — deep

≥500

Volume 351/day — thin

≤$0.50

$0.75 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 38% — tighter than sector

≥100 contracts

Depth 207.0 contracts (bid:120.7 ask:86.3) — adequate

<1.0%

Avg slippage 7.80% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -9.9% — contango

<30 or >70

IV percentile 15% — buyer opportunity

≥10pts kink

IV kink -0.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 1943.76 — 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 -32% @ 66% consistency — moderate (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls7.6
bullishIV cheap, mixed flow
Long Puts6.5
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.8
bullishIV too cheap, mixed flow
Covered Call3.5
bearishIV too cheap, 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.

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