TEVATeva Pharmaceutical Industries Limited American Depositary Shares
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $41.1B|NYSE
● 2026-05-15$35.31
BEARISH
Analysis: 2026-05-14 EOD data
1Y +109.3%YTD +14.1%7D -1.2%
Options Vol
22,207
30D
Implied Move
±13.9%
IV Rank
38%
TEVA Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks3/9 checks passed
IV Rank
≤35%IV Rank 64.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.12x — IV premium over HV
Sector Relative≤50%
Sector percentile 38% — below sector median
Term Structure
<1.1xFront/Back 1.39x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 52.0% — normal range
Spread-Adjusted Value
<80%Effective IV 91.3% (ATM 52.0% + spread 19.6% + bias) — expensive
Execution Efficiency
<3.0%Total drag 30.99% (spread 19.65% + slippage 11.34%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.73 (vega 7.332 / spread 19.65%) — spread drag
Sentiment
Bullish or bearish?
3.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Moderate signal (Conviction: -32%, Raw: -36%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -32% (strong bearish) — Raw: -36%
OI Skew Magnitude
≥15%|OI skew| 33.8% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -45.6%, OI skew +33.8% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 31%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -16%, ATM: +30%, OTM: -54% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 87% — very bearish vs sector
Activity
Unusual activity?
5.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 1.8x avg — elevated
Turnover Rate
≥15%Vol/OI 4.3% — 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 -0.9% (5d) — stable
Sector Relative≥60%
Sector activity percentile 72% — active vs sector
Trade Quality
≥30%Large trade volume 44% — institutional presence
Execution Urgency
≥60%Aggressive execution 53% — patient
Flow Conviction
≥30Conviction -32 (bearish) — moderate
Liquidity
Can I trade efficiently?
3.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 19.6% — wide
Adequate OI
≥10,000OI 517,274 — deep
Active Volume
≥500Volume 22,207/day — active
Reasonable Cost
≤$0.50$0.98 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 74% — wider than sector
Order Book Depth
≥100 contractsDepth 430.1 contracts (bid:137.5 ask:292.6) — adequate
Execution Quality
<1.0%Avg slippage 11.34% — poor
Timing
Is now a good time?
8.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +38.9% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 64% — neutral
Event Detection
≥10pts kinkIV kink 15.7pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 523.73 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -32% @ 66% consistency — moderate (bearish)
Smart Money Timing
≥40 composite scoreScore 74 (ITM 20% + inst 44%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls4.6
bullishIV fair, bearish flow
Long Puts5.8
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV fair, bearish flow
Covered Call5.8
bearishIV fair, bearish flow
For educational purposes only. Not investment advice.