PNWPinnacle West Capital Corporation
Options Analysis Report•ELECTRIC SERVICES
Market Cap $12.6B|NYSE
● 2026-04-17$104.04
BULLISH
Analysis: 2026-04-16 EOD data
1Y +11.6%YTD +18.0%7D +0.4%
Options Vol
122
30D
Implied Move
±6.6%
IV Rank
8%
PNW Options Overview
IV is low with bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.9
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 11.7% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.67x — IV premium over HV
Sector Relative≤50%
Sector percentile 62% — above sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 26.5% — normal range
Spread-Adjusted Value
<80%Effective IV 83.0% (ATM 26.5% + spread 28.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 41.61% (spread 28.27% + slippage 13.34%) — high friction
Vega Efficiency
≥5.0Vega efficiency 6.11 (vega 17.264 / spread 28.27%) — acceptable
Sentiment
Bullish or bearish?
6.8
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: +7%, Raw: +16%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +7% (neutral) — Raw: +16%
OI Skew Magnitude
≥15%|OI skew| 66.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +36.1%, OI skew +66.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 33%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -25%, ATM: -23%, OTM: +74% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 44% — bullish vs sector
Activity
Unusual activity?
2.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 2.6% — 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 +0.0% (5d) — stable
Sector Relative≥60%
Sector activity percentile 47% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction +7 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 28.3% — wide
Adequate OI
≥10,000OI 4,734 — thin
Active Volume
≥500Volume 122/day — thin
Reasonable Cost
≤$0.50$1.41 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 66% — wider than sector
Order Book Depth
≥100 contractsDepth 68.80000000000001 contracts (bid:50.7 ask:18.1) — thin
Execution Quality
<1.0%Avg slippage 13.34% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 12% — buyer opportunity
Event Detection
≥10pts kinkIV kink 2.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 616.57 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 17d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +7% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.6
bullishIV fair, bullish flow
Long Puts4.6
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, bullish flow
Covered Call3.9
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.