The tape is telling a clear story right now. ET is hovering right at the $17.00 psychological pivot. With the next monthly expiration coming up on February 20, 2026, and a dividend distribution estimated for early February, here is the technical and derivative breakdown to refine your entry.
Current Market Snapshot (Jan 12, 2026)
Spot Price: $17.05 - $17.08
Imv (Implied Volatility): ~15% – 18% (Relatively low, favoring option buyers or "Wheel" sellers)
Most Active Strike: The $17.00 Strike is the clear "battleground," with over 39,000 contracts in Open Interest for the January monthly and significant building interest for February.
The $17.00 Strike: "At-The-Money" Greeks
If you are looking at the February 20, 2026 expiration, here is how the Greeks are currently stacking up for the $17.00 strike:
| Greek | Call ($17.00) | Put ($17.00) | What it means for you |
| Delta | 0.52 | -0.48 | The market sees a 50/50 toss-up on whether we close above $17 by Feb expiration. |
| Theta | -0.01 | -0.01 | Time decay is minimal right now, losing about $1 per contract per day. |
| Vega | 0.02 | 0.02 | Low sensitivity to volatility spikes. ET is a "slow and steady" mover. |
| Gamma | 0.35 | 0.38 | High "bumpiness" at this price; small moves in the stock will cause large swings in option value. |
Refined Trading Plans
1. The "Aggressive Entry" (Selling the $17 Put)
If you want to own ET but think it might retest the $16.80 support before the next leg up:
Trade: Sell the Feb 20 $17.00 Put for a credit of roughly $0.35 - $0.40.
The "Shark" Logic: You are essentially bidding for the stock at a net price of $16.60. If the stock stays above $17, you pocket the premium (a ~2.3% return on capital in 40 days). If it drops, you get assigned at a price that yields nearly 8.2% on the dividend.
2. The "Dividend Capture" (Buy-Write)
With the $0.3325 dividend expected around Feb 6th, the Feb options are priced for it.
Trade: Buy shares at $17.05 and sell the Feb 20 $18.00 Call.
The "Shark" Logic: You capture the $0.33 dividend plus the option premium of ~$0.15. If ET hits $18, you get called away for a total return of ~7.5% in under 6 weeks.
3. The "Lottery Ticket" (High OI Alert)
Notice the massive Open Interest (58,000+) at the $20.00 Call strike. This is "Smart Money" or "Hedge" positioning.
Trade: If we break $17.50 on high volume, look at the March $18 Calls. They are currently "cheap" because ET is viewed as a slow mover, but a breakout above the 52-week high ($21.45) would send these deep into the money quickly.
Shark Caution: The "Ex-Dividend" Risk
Since the dividend is roughly $0.33, expect the stock price to "drop" by that amount on the ex-dividend date (likely early February). If you are selling Puts, this drop is your friend (easier assignment); if you are long Calls, this drop hurts your Delta.
