STLDSteel Dynamics Inc
Options Analysis Report•STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)
Market Cap $29.0B|NASDAQ
● 2026-04-17$200.32
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +76.4%YTD +13.8%7D +5.1%
Options Vol
384
30D
Implied Move
±12.0%
IV Rank
43%
STLD Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.6
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 64.5% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.21x — IV premium over HV
Sector Relative≤50%
Sector percentile 55% — above sector median
Term Structure
<1.1xFront/Back 1.08x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 39.9% — normal range
Spread-Adjusted Value
<80%Effective IV 62.6% (ATM 39.9% + spread 11.4% + bias) — good value
Execution Efficiency
<3.0%Total drag 14.41% (spread 11.37% + slippage 3.04%) — high friction
Vega Efficiency
≥5.0Vega efficiency 39.81 (vega 45.264 / spread 11.37%) — efficient
Sentiment
Bullish or bearish?
4.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +9%, Raw: +8%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +9% (neutral) — Raw: +8%
OI Skew Magnitude
≥15%|OI skew| 44.9% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -27.6%, OI skew +44.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 21%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +100%, ATM: -4%, OTM: +9% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 85% — very bearish vs sector
Activity
Unusual activity?
2.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 1.0% — 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 +2.0% (5d) — stable
Sector Relative≥60%
Sector activity percentile 5% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 41% — patient
Flow Conviction
≥30Conviction +9 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 11.4% — wide
Adequate OI
≥10,000OI 37,660 — adequate
Active Volume
≥500Volume 384/day — thin
Reasonable Cost
≤$0.50$0.57 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 55% — neutral vs sector
Order Book Depth
≥100 contractsDepth 73.6 contracts (bid:40.0 ask:33.6) — thin
Execution Quality
<1.0%Avg slippage 3.04% — poor
Timing
Is now a good time?
5.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 64% — neutral
Event Detection
≥10pts kinkIV kink 2.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 581.80 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)HIGH RISK: Earnings in 3d (HIGH RISK)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +9% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV fair, mixed flow
Covered Call4.7
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.