ORLYO'Reilly Automotive, Inc.
Options Analysis Report•RETAIL-AUTO & HOME SUPPLY STORES
Market Cap $78.4B|NASDAQ
● 2026-04-17$93.71
BULLISH
Analysis: 2026-04-16 EOD data
1Y +2.7%YTD +3.7%7D +0.8%
Options Vol
1,213
30D
Implied Move
±9.1%
IV Rank
31%
ORLY Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.4
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 17.2% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.23x — IV premium over HV
Sector Relative≤50%
Sector percentile 6% — below sector median
Term Structure
<1.1xFront/Back 1.14x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 27.8% — normal range
Spread-Adjusted Value
<80%Effective IV 54.2% (ATM 27.8% + spread 13.2% + bias) — good value
Execution Efficiency
<3.0%Total drag 18.58% (spread 13.20% + slippage 5.38%) — high friction
Vega Efficiency
≥5.0Vega efficiency 18.08 (vega 23.863 / spread 13.20%) — efficient
Sentiment
Bullish or bearish?
5.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBearish - Strong signal (Conviction: -20%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -20% (bearish) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 33.2% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +51.0%, OI skew +33.2% — aligned
Conviction Quality
≥2/3 conditions0-DTE 4%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -100%, ATM: -20%, OTM: -8% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 12% — very bullish vs sector
Activity
Unusual activity?
3.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 2.8% — 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 +3.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 28% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 64% — urgent
Flow Conviction
≥30Conviction -20 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 13.2% — wide
Adequate OI
≥10,000OI 42,669 — adequate
Active Volume
≥500Volume 1,213/day — adequate
Reasonable Cost
≤$0.50$0.66 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 8% — much tighter than sector
Order Book Depth
≥100 contractsDepth 131.2 contracts (bid:58.6 ask:72.6) — adequate
Execution Quality
<1.0%Avg slippage 5.38% — poor
Timing
Is now a good time?
6.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +14.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 17% — buyer opportunity
Event Detection
≥10pts kinkIV kink 4.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 914.27 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -20% @ 60% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.8
bullishIV cheap, mixed flow
Long Puts5.6
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.0
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.