Options/ESTA

ESTAEstablishment Labs Holdings Inc.

Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES

Market Cap $2.1B|NASDAQ

● 2026-09-11$71.39

VERY BULLISH

Analysis: 2026-09-10 EOD data

1Y +88.8%YTD +3.7%7D -3.9%

Options Vol

30D

Implied Move

±8.6%

IV Rank

13%

ESTA Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

Loading score history...

ESTA Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

5.5

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 79.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 55% — above sector median

Term Structure

<1.1x

Front/Back 1.03x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 57.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 190.9% (ATM 57.6% + spread 66.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 76.47% (spread 66.67% + slippage 9.80%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.31 (vega 8.709 / spread 66.67%) — spread drag

Sentiment

Bullish or bearish?

10.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +100%, Raw: +100%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +100% (strong bullish) — Raw: +100%

OI Skew Magnitude

≥15%

|OI skew| 37.5% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +37.5% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +0%, ATM: +0%, OTM: +100% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

2.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.0x avg — normal

Turnover Rate

≥15%

Vol/OI 0.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +19.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 14% — quiet vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 0% — patient

Flow Conviction

≥30

Conviction +100 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

2.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks0/8 checks passed

Tradeable Spread

≤5.0%

Spread 66.7% — wide

Adequate OI

≥10,000

OI 6,944 — thin

Active Volume

≥500

Volume 15/day — thin

Reasonable Cost

≤$0.50

$3.33 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

Order Book Depth

≥100 contracts

Depth 25.0 contracts (bid:12.0 ask:13.0) — thin

Execution Quality

<1.0%

Avg slippage 9.80% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +3.3% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 79% — seller opportunity

Event Detection

≥10pts kink

IV kink 3.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 118.65 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +100% @ 100% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls7.7

bullishIV fair, bullish flow

Long Puts3.2

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put6.3

bullishIV fair, bullish flow

Covered Call2.8

bearishIV fair, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on ESTA

ESTA gamma walls ESTA option chain ESTA max pain ESTA expected move ESTA IV rank ESTA put/call ratio ESTA options flow