BAXBaxter International Inc.
Options Analysis Report•SURGICAL & MEDICAL INSTRUMENTS & APPARATUS
Market Cap $9.2B|NYSE
● 2026-05-15$17.78
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -42.7%YTD -8.8%7D -1.2%
Options Vol
820
30D
Implied Move
±12.9%
IV Rank
18%
BAX Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 77.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.08x — IV premium over HV
Sector Relative≤50%
Sector percentile 82% — above sector median
Term Structure
<1.1xFront/Back 0.92x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 47.3% — normal range
Spread-Adjusted Value
<80%Effective IV 107.7% (ATM 47.3% + spread 30.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 33.78% (spread 30.19% + slippage 3.59%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.63 (vega 4.927 / spread 30.19%) — spread drag
Sentiment
Bullish or bearish?
5.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -8%, Raw: -11%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -8% (neutral) — Raw: -11%
OI Skew Magnitude
≥15%|OI skew| 27.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +4.9%, OI skew +27.0% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 41%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -39%, ATM: +21%, OTM: -1% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 61% — bearish vs sector
Activity
Unusual activity?
1.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.2x avg — normal
Turnover Rate
≥15%Vol/OI 0.8% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +0.4% (5d) — stable
Sector Relative≥60%
Sector activity percentile 10% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 11% — patient
Flow Conviction
≥30Conviction -8 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 30.2% — wide
Adequate OI
≥10,000OI 100,290 — deep
Active Volume
≥500Volume 820/day — adequate
Reasonable Cost
≤$0.50$1.51 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 83% — much wider than sector
Order Book Depth
≥100 contractsDepth 280.9 contracts (bid:148.3 ask:132.6) — adequate
Execution Quality
<1.0%Avg slippage 3.59% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -7.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 78% — seller opportunity
Event Detection
≥10pts kinkIV kink 2.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 684.28 — favors income trades
Expiration Distribution
≥3 expirations5 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 -8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.9
bullishIV fair, mixed flow
Long Puts4.8
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, mixed flow
Covered Call5.0
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.