Options/PCG

PCGPG&E Corporation

Options Analysis Report•ELECTRIC & OTHER SERVICES COMBINED

Market Cap $39.5B|NYSE

● 2026-08-28$17.95

BULLISH

Analysis: 2026-08-27 EOD data

1Y +19.7%YTD +10.3%7D +2.0%

Options Vol

633,065

30D

Implied Move

±15.4%

IV Rank

79%

PCG Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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PCG Gamma Walls

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PCG Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where PCG sits on protection cost vs. fragility today.

Protection is priced in the rich band (7.57) — options are pricing vol 87% above what the stock has actually been realizing, and the move being priced is 2.77x this name's own median 20-trading-day move, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.37): it is trading 3% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

7.57/ 10rich

Basis: cross_sectional

Fragility

4.37/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

1.5

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks2/9 checks passed

IV Rank

≤35%

IV Rank 91.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.87x — IV premium over HV

Sector Relative≤50%

Sector percentile 96% — above sector median

Term Structure

<1.1x

Front/Back 1.89x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 51.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 85.3% (ATM 51.5% + spread 16.9% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 26.43% (spread 16.92% + slippage 9.51%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.86 (vega 1.450 / spread 16.92%) — spread drag

Sentiment

Bullish or bearish?

3.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -77%, Raw: -74%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -77% (strong bearish) — Raw: -74%

OI Skew Magnitude

≥15%

|OI skew| 69.3% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +92.7%, OI skew +69.3% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 3%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -17%, ATM: +0%, OTM: -77% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 0% — very bullish vs sector

Activity

Unusual activity?

7.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed

Volume Surge

≥1.5x

Volume 4.3x avg — hot

Turnover Rate

≥15%

Vol/OI 30.7% — high turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +1.8% (5d) — stable

Sector Relative≥60%

Sector activity percentile 94% — very active vs sector

Trade Quality

≥30%

Large trade volume 90% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 54% — patient

Flow Conviction

≥30

Conviction -77 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

4.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.9% — wide

Adequate OI

≥10,000

OI 2,063,272 — deep

Active Volume

≥500

Volume 633,065/day — active

Reasonable Cost

≤$0.50

$0.85 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

Order Book Depth

≥100 contracts

Depth 356.79999999999995 contracts (bid:133.7 ask:223.1) — adequate

Execution Quality

<1.0%

Avg slippage 9.51% — poor

Timing

Is now a good time?

8.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks9/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +89.2% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 91% — seller opportunity

Event Detection

≥10pts kink

IV kink 19.9pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 50.01 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -77% @ 88% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 120 (ITM 20% + inst 90%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls3.9

bullishIV expensive, bearish flow

Long Puts4.7

bearishIV expensive, bearish flow

Premium Sellers

Cash-Secured Put6.6

bullishIV rich premium, bearish flow

Covered Call6.9

bearishIV rich premium, bearish flow

For educational purposes only. Not investment advice.