CVX Chevron (CVX) options provide exposure to integrated oil & gas with a strong dividend, moderate volatility, and energy sector dynamics similar to XOM.

CVX and XOM are the two largest U.S. energy companies and often trade in tandem. CVX tends to have slightly lower volume but similar options characteristics.

CVX Options Characteristics

Avg Daily Volume

150K+ contracts

Typical Spread

$0.03-0.08

Typical IV Rank

18-38%

Expirations

Weekly, Monthly, Quarterly, LEAPS

Price Range

$140-170

Correlation

High correlation with crude oil (USO), XOM, and XLE

Best Strategies for CVX

Covered Calls

Premium income plus 3%+ dividend

Cash-Secured Puts

Enter energy position at discounted price

Bull Put Spreads

Bullish energy with defined risk

Iron Condors

Range-bound income between oil catalysts

Collar Strategy

Protect gains during oil price uncertainty

Energy Income Play

Chevron's dividend growth track record and energy exposure make it a staple for income traders. Options strategies layered on top of the dividend create attractive total returns.

CVX Options FAQ

Should I trade CVX or XOM options?

XOM has higher volume and tighter spreads. CVX has similar dynamics but slightly lower liquidity. If you already hold CVX shares, use covered calls. For pure options plays, XOM typically offers better execution.

What drives Chevron options volatility?

Oil prices are the primary driver. OPEC decisions, geopolitical events, EIA inventory reports, and earnings all create IV spikes. CVX IV tends to move in lockstep with XOM and the energy sector.