PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests
Options Analysis Report•PIPE LINES (NO NATURAL GAS)
Market Cap $14.8B|NASDAQ
● 2026-04-17$21.02
BULLISH
Analysis: 2026-04-16 EOD data
1Y +21.3%YTD +15.4%7D -3.4%
Options Vol
2,155
30D
Implied Move
±7.6%
IV Rank
17%
PAA Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 7.9% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.08x — IV premium over HV
Sector Relative≤50%
Sector percentile 2% — 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 21.6% — normal range
Spread-Adjusted Value
<80%Effective IV 41.9% (ATM 21.6% + spread 10.1% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 16.16% (spread 10.13% + slippage 6.03%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.64 (vega 2.679 / spread 10.13%) — spread drag
Sentiment
Bullish or bearish?
7.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +34%, Raw: +20%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +34% (strong bullish) — Raw: +20%
OI Skew Magnitude
≥15%|OI skew| 78.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +59.7%, OI skew +78.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 6%, 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: +92%, OTM: -52% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 36% — bullish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.9% — 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 27% — below sector avg
Trade Quality
≥30%Large trade volume 53% — heavy institutional
Execution Urgency
≥60%Aggressive execution 38% — patient
Flow Conviction
≥30Conviction +34 (bullish) — moderate
Liquidity
Can I trade efficiently?
4.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.1% — wide
Adequate OI
≥10,000OI 245,513 — deep
Active Volume
≥500Volume 2,155/day — adequate
Reasonable Cost
≤$0.50$0.51 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 46% — neutral vs sector
Order Book Depth
≥100 contractsDepth 430.9 contracts (bid:211.4 ask:219.5) — adequate
Execution Quality
<1.0%Avg slippage 6.03% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +14.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 8% — buyer opportunity
Event Detection
≥10pts kinkIV kink 1.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 366.95 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +34% @ 67% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 83 (ITM 20% + inst 53%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls7.7
bullishIV cheap, bullish flow
Long Puts5.3
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV too cheap, bullish flow
Covered Call3.5
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.