Options/BMY

BMYBristol-Myers Squibb Co.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $136.8B|NYSE

● 2026-08-28$66.95

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +42.8%YTD +25.2%7D -0.1%

Options Vol

9,729

30D

Implied Move

±7.2%

IV Rank

BMY Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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BMY Gamma Walls

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BMY Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where BMY sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.37) — downside puts carry 0.9 IV points LESS than at-the-money, and near-dated vol is priced 15% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.28): it is trading 4% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.37/ 10cheap

Basis: cross_sectional

Fragility

4.28/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

8.0

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 39.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.10x — IV premium over HV

Sector Relative≤50%

Sector percentile 28% — below sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 28.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 46.7% (ATM 28.6% + spread 9.0% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 13.86% (spread 9.03% + slippage 4.83%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 5.72 (vega 5.169 / spread 9.03%) — acceptable

Sentiment

Bullish or bearish?

5.9

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +8%, Raw: +7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +8% (neutral) — Raw: +7%

OI Skew Magnitude

≥15%

|OI skew| 6.5% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +13.7%, OI skew +6.5% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 20%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +1%, ATM: +7%, OTM: +8% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 49% — neutral vs sector

Activity

Unusual activity?

1.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 1.4% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change -9.1% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 25% — below sector avg

Trade Quality

≥30%

Large trade volume 5% — mostly retail

Execution Urgency

≥60%

Aggressive execution 30% — patient

Flow Conviction

≥30

Conviction +8 (bullish) — mixed

Liquidity

Can I trade efficiently?

5.3

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks5/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.0% — wide

Adequate OI

≥10,000

OI 701,073 — deep

Active Volume

≥500

Volume 9,729/day — active

Reasonable Cost

≤$0.50

$0.45 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 29% — tighter than sector

Order Book Depth

≥100 contracts

Depth 292.20000000000005 contracts (bid:132.8 ask:159.4) — adequate

Execution Quality

<1.0%

Avg slippage 4.83% — poor

Timing

Is now a good time?

7.2

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -15.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 39% — neutral

Event Detection

≥10pts kink

IV kink -1.7pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 97.35 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +8% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 35 (ITM 20% + inst 5%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV cheap, mixed flow

Long Puts6.1

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.8

bullishIV too cheap, mixed flow

Covered Call4.1

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.