BAXBaxter International Inc.
Options Analysis Report•SURGICAL & MEDICAL INSTRUMENTS & APPARATUS
Market Cap $9.7B|NYSE
● 2026-04-17$18.71
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -34.4%YTD -4.1%7D +9.1%
Options Vol
2,846
30D
Implied Move
±18.3%
IV Rank
53%
BAX Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
2.2
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 93.8% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.51x — IV premium over HV
Sector Relative≤50%
Sector percentile 95% — above sector median
Term Structure
<1.1xFront/Back 0.69x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 61.2% — normal range
Spread-Adjusted Value
<80%Effective IV 95.4% (ATM 61.2% + spread 17.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 21.14% (spread 17.10% + slippage 4.04%) — high friction
Vega Efficiency
≥5.0Vega efficiency 0.62 (vega 1.055 / spread 17.10%) — spread drag
Sentiment
Bullish or bearish?
5.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -9%, Raw: +9%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -9% (neutral) — Raw: +9%
OI Skew Magnitude
≥15%|OI skew| 20.7% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +0.4%, OI skew +20.7% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 16%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -25%, ATM: +45%, OTM: +6% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 56% — bearish vs sector
Activity
Unusual activity?
3.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 2.7% — 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 +14.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 47% — neutral vs sector
Trade Quality
≥30%Large trade volume 37% — institutional presence
Execution Urgency
≥60%Aggressive execution 20% — patient
Flow Conviction
≥30Conviction -9 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 17.1% — wide
Adequate OI
≥10,000OI 106,130 — deep
Active Volume
≥500Volume 2,846/day — adequate
Reasonable Cost
≤$0.50$0.86 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 95% — much wider than sector
Order Book Depth
≥100 contractsDepth 566.3 contracts (bid:450.4 ask:115.9) — deep
Execution Quality
<1.0%Avg slippage 4.04% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -31.5% — contango
IV Percentile Clarity
<30 or >70IV percentile 94% — seller opportunity
Event Detection
≥10pts kinkIV kink -22.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 39.36 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 13d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -9% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 67 (ITM 20% + inst 37%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls4.1
bullishIV expensive, mixed flow
Long Puts4.0
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.8
bullishIV rich premium, mixed flow
Covered Call5.7
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.