Options/BAX

BAXBaxter International Inc.

Options Analysis Report•SURGICAL & MEDICAL INSTRUMENTS & APPARATUS

Market Cap $13.5B|NYSE

● 2026-08-31$26.13

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +8.1%YTD +34.0%7D -1.4%

Options Vol

2,307

30D

Implied Move

±10.4%

IV Rank

BAX Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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BAX Gamma Walls

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BAX Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where BAX sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.96) — implied vol sits in the 0th percentile of its own past year, and options are pricing vol 15% below what the stock has actually been realizing, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads resilient (2.5): it is trading 19% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.96/ 10cheap

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

5.4

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 66.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.92x — IV ≤ HV

Sector Relative≤50%

Sector percentile 73% — above sector median

Term Structure

<1.1x

Front/Back 1.33x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 34.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 66.5% (ATM 34.1% + spread 16.2% + bias) — fair

Execution Efficiency

<3.0%

Total drag 23.05% (spread 16.21% + slippage 6.84%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.76 (vega 2.856 / spread 16.21%) — spread drag

Sentiment

Bullish or bearish?

3.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -87%, Raw: -85%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -87% (strong bearish) — Raw: -85%

OI Skew Magnitude

≥15%

|OI skew| 33.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +74.9%, OI skew +33.9% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -12%, ATM: -86%, OTM: -89% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 12% — very bullish vs sector

Activity

Unusual activity?

3.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 2.3% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +7.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 46% — neutral vs sector

Trade Quality

≥30%

Large trade volume 20% — mixed

Execution Urgency

≥60%

Aggressive execution 32% — patient

Flow Conviction

≥30

Conviction -87 (bearish) — strong conviction

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 16.2% — wide

Adequate OI

≥10,000

OI 101,485 — deep

Active Volume

≥500

Volume 2,307/day — adequate

Reasonable Cost

≤$0.50

$0.81 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 75% — wider than sector

Order Book Depth

≥100 contracts

Depth 233.8 contracts (bid:137.1 ask:96.7) — adequate

Execution Quality

<1.0%

Avg slippage 6.84% — poor

Timing

Is now a good time?

7.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +32.9% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 67% — neutral

Event Detection

≥10pts kink

IV kink 7.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 238.03 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -87% @ 94% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 50 (ITM 20% + inst 20%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.7

bullishIV fair, bearish flow

Long Puts5.8

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put4.4

bullishIV fair, bearish flow

Covered Call5.5

bearishIV fair, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on BAX

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