PAGPPlains GP Holdings, L.P. Class A Units representing Limited Partner Interests
Options Analysis Report•PIPE LINES (NO NATURAL GAS)
Market Cap $4.5B|NASDAQ
● 2026-04-17$22.69
VERY BULLISH
Analysis: 2026-04-16 EOD data
1Y +23.0%YTD +16.9%7D -3.8%
Options Vol
1,707
30D
Implied Move
±6.4%
IV Rank
33%
PAGP Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
6.3
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 14.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.31x — IV premium over HV
Sector Relative≤50%
Sector percentile 5% — 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 25.1% — normal range
Spread-Adjusted Value
<80%Effective IV 53.9% (ATM 25.1% + spread 14.4% + bias) — good value
Execution Efficiency
<3.0%Total drag 20.63% (spread 14.40% + slippage 6.23%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.55 (vega 3.675 / spread 14.40%) — spread drag
Sentiment
Bullish or bearish?
8.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +53%, Raw: +48%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +53% (strong bullish) — Raw: +48%
OI Skew Magnitude
≥15%|OI skew| 57.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +95.3%, OI skew +57.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 2%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -6%, ATM: +80%, OTM: -28% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 7% — very bullish vs sector
Activity
Unusual activity?
3.3
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 0.8% — 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 -8.3% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 25% — below sector avg
Trade Quality
≥30%Large trade volume 53% — heavy institutional
Execution Urgency
≥60%Aggressive execution 47% — patient
Flow Conviction
≥30Conviction +53 (bullish) — strong conviction
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 14.4% — wide
Adequate OI
≥10,000OI 207,652 — deep
Active Volume
≥500Volume 1,707/day — adequate
Reasonable Cost
≤$0.50$0.72 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 47% — neutral vs sector
Order Book Depth
≥100 contractsDepth 432.0 contracts (bid:199.1 ask:232.9) — adequate
Execution Quality
<1.0%Avg slippage 6.23% — poor
Timing
Is now a good time?
7.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +10.3% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 14% — buyer opportunity
Event Detection
≥10pts kinkIV kink 1.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 574.19 — favors income trades
Expiration Distribution
≥3 expirations3 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 +53% @ 76% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 83 (ITM 20% + inst 53%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls7.4
bullishIV cheap, bullish flow
Long Puts4.5
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.9
bullishIV too cheap, bullish flow
Covered Call3.6
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.