PBRPETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE)
Options Analysis Report
Market Cap $131.8B|NYSE
● 2026-04-17$20.45
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +77.7%YTD +71.6%7D -4.9%
Options Vol
33,866
30D
Implied Move
±11.6%
IV Rank
50%
PBR Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.8
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 48.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.94x — IV ≤ HV
Sector Relative≤50%
Sector percentile 42% — below sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 42.5% — normal range
Spread-Adjusted Value
<80%Effective IV 59.7% (ATM 42.5% + spread 8.6% + bias) — good value
Execution Efficiency
<3.0%Total drag 13.08% (spread 8.62% + slippage 4.46%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.01 (vega 1.736 / spread 8.62%) — spread drag
Sentiment
Bullish or bearish?
5.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -0%, Raw: +10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -0% (neutral) — Raw: +10%
OI Skew Magnitude
≥15%|OI skew| 9.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +17.2%, OI skew +9.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 20%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -2%, ATM: -29%, OTM: +28% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 71% — very bearish vs sector
Activity
Unusual activity?
3.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 1.8% — 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 +4.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 46% — neutral vs sector
Trade Quality
≥30%Large trade volume 48% — institutional presence
Execution Urgency
≥60%Aggressive execution 44% — patient
Flow Conviction
≥30Conviction -0 (bearish) — mixed
Liquidity
Can I trade efficiently?
5.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 8.6% — wide
Adequate OI
≥10,000OI 1,861,021 — deep
Active Volume
≥500Volume 33,866/day — active
Reasonable Cost
≤$0.50$0.43 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 68% — wider than sector
Order Book Depth
≥100 contractsDepth 699.4 contracts (bid:384.7 ask:314.7) — deep
Execution Quality
<1.0%Avg slippage 4.46% — poor
Timing
Is now a good time?
7.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +5.5% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 49% — neutral
Event Detection
≥10pts kinkIV kink 3.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 78.19 — 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 -0% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 78 (ITM 20% + inst 48%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.4
bullishIV fair, mixed flow
Covered Call4.7
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.