ISRGIntuitive Surgical Inc.
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $151.6B|NASDAQ
● 2026-05-15$428.06
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -23.6%YTD -23.8%7D -4.9%
Options Vol
5,163
30D
Implied Move
±9.1%
IV Rank
13%
ISRG Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.4
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.82x — IV ≤ HV
Sector Relative≤50%
Sector percentile 49% — below sector median
Term Structure
<1.1xFront/Back 0.90x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 34.7% — normal range
Spread-Adjusted Value
<80%Effective IV 62.3% (ATM 34.7% + spread 13.8% + bias) — good value
Execution Efficiency
<3.0%Total drag 22.73% (spread 13.82% + slippage 8.91%) — high friction
Vega Efficiency
≥5.0Vega efficiency 62.43 (vega 86.278 / spread 13.82%) — efficient
Sentiment
Bullish or bearish?
4.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -9%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -9% (neutral) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 8.1% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -13.9%, OI skew +8.1% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 28%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -43%, ATM: +10%, OTM: -9% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 68% — bearish vs sector
Activity
Unusual activity?
3.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 4.4% — 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 +15.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 64% — active vs sector
Trade Quality
≥30%Large trade volume 9% — mostly retail
Execution Urgency
≥60%Aggressive execution 30% — patient
Flow Conviction
≥30Conviction -9 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 13.8% — wide
Adequate OI
≥10,000OI 117,351 — deep
Active Volume
≥500Volume 5,163/day — active
Reasonable Cost
≤$0.50$0.69 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 51% — neutral vs sector
Order Book Depth
≥100 contractsDepth 41.2 contracts (bid:22.2 ask:19.0) — thin
Execution Quality
<1.0%Avg slippage 8.91% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -9.6% — contango
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink -0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 479.32 — 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 -9% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 39 (ITM 20% + inst 9%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.7
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.0
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.