ALGNAlign Technology Inc
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $13.6B|NASDAQ
● 2026-04-17$190.07
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +10.4%YTD +21.8%7D +9.8%
Options Vol
802
30D
Implied Move
±18.7%
IV Rank
21%
ALGN Options Overview
IV is elevated with bearish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.8
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 88.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.24x — IV premium over HV
Sector Relative≤50%
Sector percentile 89% — above sector median
Term Structure
<1.1xFront/Back 0.88x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 55.1% — normal range
Spread-Adjusted Value
<80%Effective IV 111.7% (ATM 55.1% + spread 28.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 43.53% (spread 28.28% + slippage 15.25%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.73 (vega 10.536 / spread 28.28%) — spread drag
Sentiment
Bullish or bearish?
3.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: +5%, Raw: +11%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +5% (neutral) — Raw: +11%
OI Skew Magnitude
≥15%|OI skew| 12.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -51.9%, OI skew -12.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 11%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -46%, ATM: -24%, OTM: +18% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 88% — very bearish vs sector
Activity
Unusual activity?
2.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 2.4% — 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 +3.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 42% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction +5 (bullish) — mixed
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 28.3% — wide
Adequate OI
≥10,000OI 33,292 — adequate
Active Volume
≥500Volume 802/day — adequate
Reasonable Cost
≤$0.50$1.41 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 90% — much wider than sector
Order Book Depth
≥100 contractsDepth 41.7 contracts (bid:20.0 ask:21.7) — thin
Execution Quality
<1.0%Avg slippage 15.25% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -11.9% — contango
IV Percentile Clarity
<30 or >70IV percentile 88% — seller opportunity
Event Detection
≥10pts kinkIV kink -11.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 37.60 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +5% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.1
bullishIV expensive, bearish flow
Long Puts5.0
bearishIV expensive, bearish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV rich premium, bearish flow
Covered Call5.7
bearishIV rich premium, bearish flow
For educational purposes only. Not investment advice.