OKEOneok, Inc.
Options Analysis Report•NATURAL GAS TRANSMISSION & DISTRIBUTION
Market Cap $52.6B|NYSE
● 2026-04-17$83.51
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +2.1%YTD +12.3%7D -3.1%
Options Vol
4,265
30D
Implied Move
±8.9%
IV Rank
45%
OKE Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.9
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 20.8% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.98x — IV ≤ HV
Sector Relative≤50%
Sector percentile 14% — 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 28.7% — normal range
Spread-Adjusted Value
<80%Effective IV 46.0% (ATM 28.7% + spread 8.7% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 11.46% (spread 8.65% + slippage 2.81%) — high friction
Vega Efficiency
≥5.0Vega efficiency 48.45 (vega 41.910 / spread 8.65%) — efficient
Sentiment
Bullish or bearish?
5.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +5%, Raw: +5%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +5% (neutral) — Raw: +5%
OI Skew Magnitude
≥15%|OI skew| 52.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -7.7%, OI skew +52.1% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 19%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +27%, ATM: -14%, OTM: +4% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 70% — bearish vs sector
Activity
Unusual activity?
2.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 3.0% — 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 +2.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 35% — below sector avg
Trade Quality
≥30%Large trade volume 9% — mostly retail
Execution Urgency
≥60%Aggressive execution 38% — patient
Flow Conviction
≥30Conviction +5 (bullish) — mixed
Liquidity
Can I trade efficiently?
5.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 8.7% — wide
Adequate OI
≥10,000OI 140,477 — deep
Active Volume
≥500Volume 4,265/day — adequate
Reasonable Cost
≤$0.50$0.43 to cross — cheap
Strike Coverage
≥5 strikes2 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 17% — much tighter than sector
Order Book Depth
≥100 contractsDepth 218.10000000000002 contracts (bid:125.9 ask:92.2) — adequate
Execution Quality
<1.0%Avg slippage 2.81% — 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 +10.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 21% — buyer opportunity
Event Detection
≥10pts kinkIV kink 3.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 3810.03 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +5% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 39 (ITM 20% + inst 9%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts6.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.