TRVThe Travelers Companies, Inc.
Options Analysis Report•FIRE, MARINE & CASUALTY INSURANCE
Market Cap $64.0B|NYSE
● 2026-04-17$300.81
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +20.5%YTD +5.5%7D +1.2%
Options Vol
1,548
30D
Implied Move
±6.6%
IV Rank
31%
TRV Options Overview
IV is low. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.2
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 5.9% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.33x — IV premium over HV
Sector Relative≤50%
Sector percentile 5% — below sector median
Term Structure
<1.1xFront/Back 0.95x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 24.1% — normal range
Spread-Adjusted Value
<80%Effective IV 68.9% (ATM 24.1% + spread 22.4% + bias) — fair
Execution Efficiency
<3.0%Total drag 40.64% (spread 22.40% + slippage 18.24%) — high friction
Vega Efficiency
≥5.0Vega efficiency 44.99 (vega 100.782 / spread 22.40%) — efficient
Sentiment
Bullish or bearish?
5.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +6%, Raw: +12%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +6% (neutral) — Raw: +12%
OI Skew Magnitude
≥15%|OI skew| 4.4% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +13.0%, OI skew +4.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 46%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +29%, ATM: -7%, OTM: +26% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 45% — bullish vs sector
Activity
Unusual activity?
6.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks5/9 checks passed
Volume Surge
≥1.5xVolume 3.5x avg — hot
Turnover Rate
≥15%Vol/OI 15.5% — high turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days2 day(s) elevated — sustained
OI Build
≥5%OI change +18.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 94% — very active vs sector
Trade Quality
≥30%Large trade volume 6% — mostly retail
Execution Urgency
≥60%Aggressive execution 39% — patient
Flow Conviction
≥30Conviction +6 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 22.4% — wide
Adequate OI
≥10,000OI 9,999 — thin
Active Volume
≥500Volume 1,548/day — adequate
Reasonable Cost
≤$0.50$1.12 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 9% — much tighter than sector
Order Book Depth
≥100 contractsDepth 55.400000000000006 contracts (bid:22.7 ask:32.7) — thin
Execution Quality
<1.0%Avg slippage 18.24% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.6% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 6% — buyer opportunity
Event Detection
≥10pts kinkIV kink -0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1829.07 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 36 (ITM 20% + inst 6%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.1
bullishIV cheap, mixed flow
Long Puts5.6
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.1
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.