Best Options Strategy for CVI
Looking for the best options strategy for CVR Energy, Inc. (CVI)? There is no single answer — the right play depends on your outlook, your risk tolerance and current implied volatility. Below, our free engine shows the highest-scoring defined-risk strategy on the live CVI option chain right now, and a simple map from your view on CVI to the strategy that fits it. Model any of them in the calculator before you trade.
About CVI
CVR Energy, Inc. (CVI) is a major company in Oil & Gas Refining & Marketing. Options traders on CVI tend to watch , since these can drive large moves in the share price.
Today's top-scoring strategy for CVI
Our engine ranks defined-risk strategies on the live CVI chain by probability of profit and risk/reward, then surfaces the best-scoring one. It is an educational illustration, not advice.
| Action | Qty | Type | Strike | Premium |
|---|---|---|---|---|
| Buy | 1× | PUT | $35 | $0.35 |
| Sell | 1× | PUT | $45 | $2.00 |
| Sell | 1× | CALL | $50 | $3.55 |
| Buy | 1× | CALL | $50 | $3.55 |
Simulation
Forward simulation of 6,000 lognormal price paths to expiration — not a historical backtest.
Strategy analysis
Greeks vs price
Price × volatility (today)
| −30% | −15% | IV | +15% | +30% | |
|---|---|---|---|---|---|
| $62 | $163 | $156 | $144 | $127 | $105 |
| $59 | $160 | $149 | $132 | $110 | $84 |
| $57 | $154 | $137 | $114 | $86 | $57 |
| $55 | $141 | $116 | $87 | $54 | $22 |
| $52 | $117 | $84 | $48 | $12 | −$22 |
| $50 | $76 | $35 | −$5 | −$42 | −$76 |
| $47 | $9 | −$35 | −$75 | −$110 | −$140 |
| $45 | −$90 | −$129 | −$163 | −$191 | −$216 |
| $42 | −$221 | −$246 | −$267 | −$285 | −$301 |
| $40 | −$375 | −$379 | −$383 | −$388 | −$393 |
| $37 | −$532 | −$515 | −$502 | −$493 | −$487 |
Live scan from 2026-09-10 · quotes delayed ~15 minutes
Historical backtest: how a Iron Butterfly on CVI would have performed
We approximated a Iron Butterfly on CVI, entered repeatedly over the past year (92 historical entries, each held to expiration) with Black-Scholes-modelled entry premiums. Here is how that would have played out on real CVI price history — an educational backtest, not a prediction of future returns.
Approximate: entry premiums are modelled with Black-Scholes from trailing realised volatility, held to expiration and settled against the real historical close. Real fills, implied volatility and slippage differ — treat it as directional context, not exact returns.
Implied volatility
CVI is currently trading with high implied volatility, which makes its options expensive — and attractive to sell. On the options we scanned that was around 62% implied volatility, and higher implied volatility means richer premiums and wider expected moves.
Options on CVI currently price in about 62% implied volatility, versus roughly 65% the stock has actually realised over the past month. The two are roughly in line, so neither buying nor selling premium has a clear volatility edge here.
Off that volatility, the options market is pricing a move of about ±$9.62 (±19%) in CVI by 2026-10-16 — a range of roughly $39.94 to $59.18. Strikes inside that band hold most of the premium and see most of the action.
Across strikes, downside puts on CVI trade at a higher implied volatility than upside calls — the market is paying up for crash protection. That skew favours selling put spreads or buying calls over symmetric trades.
CVI options chain highlights: open interest, volume and skew
The live CVI options chain shows a put/call open-interest ratio of 1.3 (balanced), with at-the-money implied volatility near 62%. Open interest clusters at the $50 call — a common resistance "wall" — and the $35 put, a support "wall": the strikes option writers are most exposed to into expiration.
Snapshot of open interest, volume and implied volatility for the nearest scanned expiration — context, not a trading signal.
Liquidity and tradeability
CVI options are thinly traded, with wide bid-ask spreads around 14.3% near the money that eat into any edge — favour simple single-leg or tight defined-risk trades, and always use limit orders.
Earnings & IV crush
CVI's next earnings report is due around October 28, 2026. Options that expire after it price in a binary move, so their implied volatility is elevated and usually collapses right after the announcement — an "IV crush". If your expiration falls before this date, the trade sidesteps the event.
Dividend and assignment risk
CVI pays a dividend of about 0.9% a year, so short or covered calls on it carry early-assignment risk around each ex-dividend date — in-the-money calls are most exposed just before the stock goes ex-dividend.
Key figures
- Market cap
- $4.8B
- Beta (vs market)
- 0.84
- 52-week range
- $19.62–$47.85 (100% up the range)
- Short interest
- 20.1% of float · 6.0 days to cover
With 20.1% of CVI's float sold short, squeeze and gap risk are elevated — one reason its options can stay expensive.
Other strong setups for CVI
If your view on CVI differs, these also scored well in the latest scan:
How to choose an options strategy for CVI
Start with your outlook on CVI, then match it to a defined-risk structure. Here are the most common choices and when each makes sense:
Bullish
Buy a call for leverage with capped risk, or a bull call spread to lower the cost and breakeven when you have a target price.
Long Call → Bull Call Spread →Bearish
Buy a put to profit from a decline with defined risk, or a bear put spread to cheapen the trade when you expect a measured move down.
Long Put → Bear Put Spread →Neutral
Sell an iron condor to collect premium while CVI stays between two strikes, or write a covered call against shares you already own.
Iron Condor → Covered Call →⧉ Embed this free calculator on your site →
How we pick the best strategy
For each ticker we pull the live option chain, build every supported strategy around the at-the-money strikes, and score them on probability of profit, risk/reward and capital efficiency — favouring defined-risk structures where the maximum loss is known up front. Methodology →
Open CVI in the free calculator →
Frequently asked questions
What is the best options strategy for CVI?
It depends on your outlook. Bullish traders often use a long call or bull call spread on CVI; bearish traders a long put or bear put spread; neutral traders an iron condor or covered call. Our live scan above shows the current highest-scoring defined-risk play.
Are CVI options liquid enough to trade?
CVR Energy, Inc. (CVI) is among the most actively-traded US options, which usually means tight bid/ask spreads and plenty of strikes and expirations — though you should always check the open interest and spread on the exact contract.
How much money do I need to trade CVI options?
Buying a single CVI call or put can cost as little as the premium (often one to a few hundred dollars), while income strategies like a cash-secured put need enough capital to buy 100 shares if assigned.
Is this financial advice?
No. Everything here is educational and uses delayed, third-party data. It is not a recommendation to trade CVI or any security. Do your own research.
What does CVR Energy, Inc. do?
CVR Energy, Inc. (CVI) operates in the Oil & Gas Refining & Marketing industry. The "About CVR Energy, Inc." section above gives a fuller picture of what the company does and how it earns money.
Does CVR Energy, Inc. pay a dividend?
Yes — CVR Energy, Inc. currently pays a dividend yielding about 0.9%. If you hold the shares (for example to write a covered call), the ex-dividend date can trigger early assignment, so check it beforehand.
When does CVR Energy, Inc. next report earnings?
CVR Energy, Inc.'s next earnings are expected around October 28, 2026. Implied volatility usually climbs into the report and drops sharply afterwards (IV crush) — important for any options position held over the date.
Price trend
Tickers related to CVI
Comparing CVI with similar names can help you choose the best options strategy:
Company information
- Headquarters
- 2277 Plaza Drive, Suite 500, Sugar Land, TX, 77479, United States
- Industry
- Oil & Gas Refining & Marketing
- Employees
- 1,532
- CEO
- Mr. Dane J. Neumann CPA
- Phone
- 281 207 3200
- Website
- www.cvrenergy.com
- Investor relations
- phx.corporate-ir.net/phoenix.zhtml?c=203637&p=irol-IRHome
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