BMYBristol-Myers Squibb Co.
Options Analysis Report•PHARMACEUTICAL PREPARATIONS
Market Cap $122.9B|NYSE
● 2026-04-17$60.17
BULLISH
Analysis: 2026-04-16 EOD data
1Y +22.9%YTD +12.6%7D +2.6%
Options Vol
20,892
30D
Implied Move
±10.1%
IV Rank
33%
BMY Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 30.1% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.09x — IV premium over HV
Sector Relative≤50%
Sector percentile 20% — below sector median
Term Structure
<1.1xFront/Back 0.87x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 31.0% — normal range
Spread-Adjusted Value
<80%Effective IV 54.0% (ATM 31.0% + spread 11.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 20.73% (spread 11.48% + slippage 9.25%) — high friction
Vega Efficiency
≥5.0Vega efficiency 21.59 (vega 24.782 / spread 11.48%) — efficient
Sentiment
Bullish or bearish?
7.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Strong signal (Conviction: +23%, Raw: +22%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +23% (bullish) — Raw: +22%
OI Skew Magnitude
≥15%|OI skew| 7.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +40.6%, OI skew +7.7% — aligned
Conviction Quality
≥2/3 conditions0-DTE 7%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +40%, ATM: +27%, OTM: +21% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 27% — very bullish vs sector
Activity
Unusual activity?
4.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.9x avg — normal
Turnover Rate
≥15%Vol/OI 3.6% — 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 +8.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 63% — active vs sector
Trade Quality
≥30%Large trade volume 23% — mixed
Execution Urgency
≥60%Aggressive execution 60% — urgent
Flow Conviction
≥30Conviction +23 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.8
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 11.5% — wide
Adequate OI
≥10,000OI 574,274 — deep
Active Volume
≥500Volume 20,892/day — active
Reasonable Cost
≤$0.50$0.57 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 24% — tighter than sector
Order Book Depth
≥100 contractsDepth 471.9 contracts (bid:221.0 ask:250.9) — adequate
Execution Quality
<1.0%Avg slippage 9.25% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -12.8% — contango
IV Percentile Clarity
<30 or >70IV percentile 30% — neutral
Event Detection
≥10pts kinkIV kink -5.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2608.63 — favors income trades
Expiration Distribution
≥3 expirations5 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 +23% @ 62% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 53 (ITM 20% + inst 23%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls7.5
bullishIV cheap, bullish flow
Long Puts5.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV too cheap, bullish flow
Covered Call3.7
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.