TRGPTarga Resources Corp.
Options Analysis Report•NATURAL GAS TRANSMISSION
Market Cap $50.6B|NYSE
● 2026-04-17$235.50
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +43.1%YTD +26.1%7D -3.1%
Options Vol
94
30D
Implied Move
±9.5%
IV Rank
15%
TRGP Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 33.3% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.38x — IV premium over HV
Sector Relative≤50%
Sector percentile 23% — 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 31.9% — normal range
Spread-Adjusted Value
<80%Effective IV 51.4% (ATM 31.9% + spread 9.8% + bias) — good value
Execution Efficiency
<3.0%Total drag 15.91% (spread 9.76% + slippage 6.15%) — high friction
Vega Efficiency
≥5.0Vega efficiency 62.92 (vega 61.411 / spread 9.76%) — efficient
Sentiment
Bullish or bearish?
4.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -67%, Raw: -67%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -67% (strong bearish) — Raw: -67%
OI Skew Magnitude
≥15%|OI skew| 53.4% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +25.5%, OI skew +53.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 15%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -14%, ATM: -70%, OTM: -72% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 43% — bullish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.1x avg — normal
Turnover Rate
≥15%Vol/OI 0.5% — 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 +15.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 4% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 46% — patient
Flow Conviction
≥30Conviction -67 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 9.8% — wide
Adequate OI
≥10,000OI 17,410 — adequate
Active Volume
≥500Volume 94/day — thin
Reasonable Cost
≤$0.50$0.49 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 26% — tighter than sector
Order Book Depth
≥100 contractsDepth 60.4 contracts (bid:29.2 ask:31.2) — thin
Execution Quality
<1.0%Avg slippage 6.15% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.1% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 33% — neutral
Event Detection
≥10pts kinkIV kink 2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 896.51 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -67% @ 83% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts6.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.2
bullishIV too cheap, mixed flow
Covered Call4.9
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.