PSXPHILLIPS 66
Options Analysis Report•PETROLEUM REFINING
Market Cap $62.7B|NYSE
● 2026-04-17$156.37
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +61.2%YTD +19.8%7D -1.8%
Options Vol
2,656
30D
Implied Move
±10.3%
IV Rank
35%
PSX Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.3
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 47.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.97x — IV ≤ HV
Sector Relative≤50%
Sector percentile 36% — below sector median
Term Structure
<1.1xFront/Back 1.00x — flat
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 35.3% — normal range
Spread-Adjusted Value
<80%Effective IV 56.0% (ATM 35.3% + spread 10.4% + bias) — good value
Execution Efficiency
<3.0%Total drag 15.03% (spread 10.36% + slippage 4.67%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.97 (vega 3.080 / spread 10.36%) — 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 - Weak signal (Conviction: +7%, Raw: -4%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +7% (neutral) — Raw: -4%
OI Skew Magnitude
≥15%|OI skew| 5.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +15.7%, OI skew +5.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 12%, 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: +1%, OTM: -6% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 57% — bearish vs sector
Activity
Unusual activity?
3.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 3.5% — 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 +4.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 48% — neutral vs sector
Trade Quality
≥30%Large trade volume 15% — mostly retail
Execution Urgency
≥60%Aggressive execution 39% — patient
Flow Conviction
≥30Conviction +7 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 10.4% — wide
Adequate OI
≥10,000OI 75,355 — deep
Active Volume
≥500Volume 2,656/day — adequate
Reasonable Cost
≤$0.50$0.52 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 39% — tighter than sector
Order Book Depth
≥100 contractsDepth 152.4 contracts (bid:90.4 ask:62.0) — adequate
Execution Quality
<1.0%Avg slippage 4.67% — poor
Timing
Is now a good time?
6.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +0.0% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 47% — neutral
Event Detection
≥10pts kinkIV kink -0.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 4.77 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
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 45 (ITM 20% + inst 15%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV cheap, mixed flow
Long Puts5.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put5.1
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.