ZBHZimmer Biomet Holdings, Inc.
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $16.0B|NYSE
● 2026-05-15$82.65
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -14.6%YTD -8.2%7D +0.4%
Options Vol
168
30D
Implied Move
±8.6%
IV Rank
26%
ZBH Options Overview
bearish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 50.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 0.86x — contango
Skew Normal
<1.25xPut/Call IV 1.00x — normal
Absolute IV
<80%ATM IV 0.0% — normal range
Spread-Adjusted Value
<80%Effective IV 39.5% (ATM 0.0% + spread 19.7% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 25.21% (spread 19.73% + slippage 5.48%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.00 (vega 0.000 / spread 19.73%) — spread drag
Sentiment
Bullish or bearish?
4.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +14%, Raw: -1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +14% (bullish) — Raw: -1%
OI Skew Magnitude
≥15%|OI skew| 16.0% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -69.0%, OI skew +16.0% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 9%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +100%, ATM: +92%, OTM: -34% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 90% — very bearish vs sector
Activity
Unusual activity?
2.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 1.5% — 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 +7.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 25% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 33% — patient
Flow Conviction
≥30Conviction +14 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.3
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 19.7% — wide
Adequate OI
≥10,000OI 11,465 — adequate
Active Volume
≥500Volume 168/day — thin
Reasonable Cost
≤$0.50$0.99 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 0% — much tighter than sector
Order Book Depth
≥100 contractsDepth 108.69999999999999 contracts (bid:67.8 ask:40.9) — adequate
Execution Quality
<1.0%Avg slippage 5.48% — poor
Timing
Is now a good time?
6.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks4/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -13.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 50% — neutral
Event Detection
≥10pts kinkIV kink -2.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1.00 — favors mixed
Expiration Distribution
≥3 expirations3 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 +14% @ 57% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.