Options/ISRG

ISRGIntuitive Surgical Inc.

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

Market Cap $127.3B|NASDAQ

● 2026-09-11$360.46

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -20.9%YTD -35.9%7D -1.7%

Options Vol

12,117

30D

Implied Move

±10.0%

IV Rank

13%

ISRG Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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ISRG Gamma Walls

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Value

Is IV priced right?

5.4

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 68.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.22x — IV premium over HV

Sector Relative≤50%

Sector percentile 75% — above sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 39.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 61.2% (ATM 39.1% + spread 11.0% + bias) — good value

Execution Efficiency

<3.0%

Total drag 17.17% (spread 11.04% + slippage 6.13%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 36.73 (vega 40.551 / spread 11.04%) — efficient

Sentiment

Bullish or bearish?

5.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Weak signal (Conviction: +11%, Raw: +6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +11% (bullish) — Raw: +6%

OI Skew Magnitude

≥15%

|OI skew| 8.6% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +3.1%, OI skew +8.6% — weak (same direction)

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +24%, ATM: -8%, OTM: +5% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 56% — bearish vs sector

Activity

Unusual activity?

5.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 2.0x avg — elevated

Turnover Rate

≥15%

Vol/OI 8.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +8.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

Trade Quality

≥30%

Large trade volume 42% — institutional presence

Execution Urgency

≥60%

Aggressive execution 22% — patient

Flow Conviction

≥30

Conviction +11 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.0% — wide

Adequate OI

≥10,000

OI 145,551 — deep

Active Volume

≥500

Volume 12,117/day — active

Reasonable Cost

≤$0.50

$0.55 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

Order Book Depth

≥100 contracts

Depth 58.900000000000006 contracts (bid:28.6 ask:30.3) — thin

Execution Quality

<1.0%

Avg slippage 6.13% — 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 -11.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 69% — neutral

Event Detection

≥10pts kink

IV kink -3.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 157.05 — favors income trades

Expiration Distribution

≥3 expirations

5 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 +11% @ 55% consistency — unclear

Smart Money Timing

≥40 composite score

Score 72 (ITM 20% + inst 42%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.4

bullishIV fair, mixed flow

Long Puts5.0

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV fair, mixed flow

Covered Call4.7

bearishIV fair, mixed 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 ISRG

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