CVSCVS HEALTH CORPORATION
Options Analysis Report•RETAIL-DRUG STORES AND PROPRIETARY STORES
Market Cap $124.0B|NYSE
● 2026-05-15$97.15
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +60.7%YTD +21.2%7D +7.3%
Options Vol
24,369
30D
Implied Move
±7.8%
IV Rank
8%
CVS Options Overview
IV is low with unusual activity. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
9.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks8/9 checks passed
IV Rank
≤35%IV Rank 26.2% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 0.78x — IV ≤ HV
Sector Relative≤50%
Sector percentile 16% — below sector median
Term Structure
<1.1xFront/Back 0.91x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 29.3% — normal range
Spread-Adjusted Value
<80%Effective IV 47.5% (ATM 29.3% + spread 9.1% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 15.20% (spread 9.10% + slippage 6.10%) — high friction
Vega Efficiency
≥5.0Vega efficiency 42.93 (vega 39.065 / spread 9.10%) — efficient
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: -5%, Raw: -1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -5% (neutral) — Raw: -1%
OI Skew Magnitude
≥15%|OI skew| 14.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +34.8%, OI skew +14.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 21%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -8%, ATM: +4%, OTM: -1% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 27% — very bullish vs sector
Activity
Unusual activity?
4.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 6.0% — 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 +9.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 73% — active vs sector
Trade Quality
≥30%Large trade volume 26% — mixed
Execution Urgency
≥60%Aggressive execution 29% — patient
Flow Conviction
≥30Conviction -5 (bearish) — mixed
Liquidity
Can I trade efficiently?
5.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 9.1% — wide
Adequate OI
≥10,000OI 404,025 — deep
Active Volume
≥500Volume 24,369/day — active
Reasonable Cost
≤$0.50$0.45 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 19% — much tighter than sector
Order Book Depth
≥100 contractsDepth 332.9 contracts (bid:146.9 ask:186.0) — adequate
Execution Quality
<1.0%Avg slippage 6.10% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -9.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 26% — buyer opportunity
Event Detection
≥10pts kinkIV kink -0.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2045.28 — 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 -5% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 56 (ITM 20% + inst 26%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls7.3
bullishIV cheap, bullish flow
Long Puts6.3
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.