Best Options Strategy for NOV
Looking for the best options strategy for NOV Inc. (NOV)? 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 NOV option chain right now, and a simple map from your view on NOV to the strategy that fits it. Model any of them in the calculator before you trade.
About NOV
NOV Inc. (NOV) is a major company in Oil & Gas Equipment & Services. Options traders on NOV tend to watch , since these can drive large moves in the share price.
About NOV Inc.
NOV Inc. manufactures and supplies specialized equipment and products for the oil and gas industry, serving both upstream drilling and production operations. The company produces drill bits, downhole tools, and hydraulic fracturing components for well development, along with pumps and pipe systems for extracting and transporting hydrocarbons. Its portfolio extends to drilling rigs—ranging from land-based to offshore platforms—plus ancillary equipment like coiled tubing units and wireline services. Beyond conventional energy, NOV also serves the industrial and renewable energy sectors with processing equipment for separating and treating various production streams, as well as subsea systems and specialized mechanical components for midstream applications.
The company operates through two main business divisions that together generate revenue from a diverse customer base across the energy sector globally. Energy Equipment focuses on capital-intensive drilling and production machinery, where NOV sells complete rig packages, processing systems, and pumping solutions to operators and service companies. Energy Products and Services generates ongoing revenue through consumable items…
Today's top-scoring strategy for NOV
Our engine ranks defined-risk strategies on the live NOV 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 | $17 | $0.02 |
| Sell | 1× | PUT | $19 | $0.18 |
| Sell | 1× | CALL | $23 | $0.18 |
| Buy | 1× | CALL | $24 | $0.06 |
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% | |
|---|---|---|---|---|---|
| $26 | −$65 | −$61 | −$57 | −$54 | −$51 |
| $25 | −$54 | −$49 | −$46 | −$43 | −$41 |
| $24 | −$34 | −$32 | −$30 | −$30 | −$30 |
| $23 | −$9 | −$11 | −$14 | −$17 | −$20 |
| $22 | $11 | $5 | −$1 | −$8 | −$14 |
| $21 | $19 | $10 | $1 | −$8 | −$16 |
| $20 | $7 | −$2 | −$12 | −$21 | −$29 |
| $19 | −$29 | −$36 | −$42 | −$48 | −$53 |
| $18 | −$86 | −$85 | −$85 | −$85 | −$85 |
| $17 | −$139 | −$132 | −$126 | −$122 | −$118 |
| $16 | −$165 | −$160 | −$155 | −$150 | −$145 |
Illustrative example at NOV's latest available price, computed with the same engine as the tool. Live option fills and the real IV skew refresh during US market hours.
Implied volatility
NOV is currently trading with moderate implied volatility, broadly in line with other large-cap stocks. On the options we scanned that was around 32% implied volatility, and higher implied volatility means richer premiums and wider expected moves.
Options on NOV currently price in about 32% implied volatility, versus roughly 30% 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 ±$2.05 (±10%) in NOV by 2026-10-16 — a range of roughly $18.88 to $22.98. Strikes inside that band hold most of the premium and see most of the action.
Across strikes, downside puts on NOV 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.
Earnings & IV crush
NOV's next earnings report is due around October 26, 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
NOV pays a dividend of about 1.7% 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
- $7.6B
- Beta (vs market)
- 0.94
- 52-week range
- $12.29–$21.93 (90% up the range)
- Short interest
- 12.9% of float · 7.7 days to cover
With 12.9% of NOV's float sold short, squeeze and gap risk are elevated — one reason its options can stay expensive.
How to choose an options strategy for NOV
Start with your outlook on NOV, 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 NOV 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 NOV in the free calculator →
Frequently asked questions
What is the best options strategy for NOV?
It depends on your outlook. Bullish traders often use a long call or bull call spread on NOV; 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 NOV options liquid enough to trade?
NOV Inc. (NOV) 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 NOV options?
Buying a single NOV 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 NOV or any security. Do your own research.
What does NOV Inc. do?
NOV Inc. (NOV) operates in the Oil & Gas Equipment & Services industry. The "About NOV Inc." section above gives a fuller picture of what the company does and how it earns money.
Does NOV Inc. pay a dividend?
Yes — NOV Inc. currently pays a dividend yielding about 1.7%. 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 NOV Inc. next report earnings?
NOV Inc.'s next earnings are expected around October 26, 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 NOV
Comparing NOV with similar names can help you choose the best options strategy:
Company information
- Headquarters
- 10353 Richmond Avenue, Houston, TX, 77042-4103, United States
- Industry
- Oil & Gas Equipment & Services
- Employees
- 31,605
- CEO
- Mr. Jose A. Bayardo
- Phone
- 346 223 3000
- Website
- www.nov.com
- Investor relations
- www.nov.com/investor/investorrelations.aspx
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