NOCNorthrop Grumman Corp.
Options Analysis Report•SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS
Market Cap $94.5B|NYSE
● 2026-04-17$665.26
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +25.2%YTD +13.6%7D -1.3%
Options Vol
620
30D
Implied Move
±9.5%
IV Rank
60%
NOC Options Overview
Mixed signals. No clear edge detected.
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 Checks6/9 checks passed
IV Rank
≤35%IV Rank 30.6% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.36x — IV premium over HV
Sector Relative≤50%
Sector percentile 22% — below sector median
Term Structure
<1.1xFront/Back 1.10x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 31.3% — normal range
Spread-Adjusted Value
<80%Effective IV 57.8% (ATM 31.3% + spread 13.3% + bias) — good value
Execution Efficiency
<3.0%Total drag 21.88% (spread 13.26% + slippage 8.62%) — high friction
Vega Efficiency
≥5.0Vega efficiency 57.00 (vega 75.581 / spread 13.26%) — efficient
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +1%, Raw: -6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +1% (neutral) — Raw: -6%
OI Skew Magnitude
≥15%|OI skew| 7.3% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +26.8%, OI skew +7.3% — 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: +40%, ATM: +11%, OTM: -28% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 44% — bullish vs sector
Activity
Unusual activity?
2.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 2.6% — 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 +1.1% (5d) — stable
Sector Relative≥60%
Sector activity percentile 36% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 23% — patient
Flow Conviction
≥30Conviction +1 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.3% — wide
Adequate OI
≥10,000OI 24,037 — adequate
Active Volume
≥500Volume 620/day — adequate
Reasonable Cost
≤$0.50$0.66 to cross — expensive
Strike Coverage
≥5 strikes1 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 25% — tighter than sector
Order Book Depth
≥100 contractsDepth 18.700000000000003 contracts (bid:9.9 ask:8.8) — thin
Execution Quality
<1.0%Avg slippage 8.62% — poor
Timing
Is now a good time?
6.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +10.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 31% — neutral
Event Detection
≥10pts kinkIV kink 3.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 160.27 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 4d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +1% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV cheap, bullish flow
Long Puts4.9
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.0
bullishIV too cheap, bullish flow
Covered Call4.1
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.