CAHCardinal Health, Inc.
Options Analysis Report•WHOLESALE-DRUGS, PROPRIETARIES & DRUGGISTS' SUNDRIES
Market Cap $50.4B|NYSE
● 2026-04-17$213.99
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +63.1%YTD +4.0%7D -0.7%
Options Vol
632
30D
Implied Move
±11.8%
IV Rank
31%
CAH Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.7
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 45.9% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 2.04x — IV premium over HV
Sector Relative≤50%
Sector percentile 43% — below sector median
Term Structure
<1.1xFront/Back 0.83x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 34.5% — normal range
Spread-Adjusted Value
<80%Effective IV 53.5% (ATM 34.5% + spread 9.5% + bias) — good value
Execution Efficiency
<3.0%Total drag 15.64% (spread 9.52% + slippage 6.12%) — high friction
Vega Efficiency
≥5.0Vega efficiency 70.41 (vega 67.028 / spread 9.52%) — efficient
Sentiment
Bullish or bearish?
5.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +6%, Raw: +14%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +6% (neutral) — Raw: +14%
OI Skew Magnitude
≥15%|OI skew| 10.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -11.7%, OI skew +10.8% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 25%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -74%, ATM: -12%, OTM: +37% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 66% — bearish vs sector
Activity
Unusual activity?
2.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 1.7% — 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 +4.8% (5d) — building
Sector Relative≥60%
Sector activity percentile 36% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 42% — patient
Flow Conviction
≥30Conviction +6 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 9.5% — wide
Adequate OI
≥10,000OI 36,923 — adequate
Active Volume
≥500Volume 632/day — adequate
Reasonable Cost
≤$0.50$0.48 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 46% — neutral vs sector
Order Book Depth
≥100 contractsDepth 52.2 contracts (bid:22.8 ask:29.4) — thin
Execution Quality
<1.0%Avg slippage 6.12% — poor
Timing
Is now a good time?
6.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -17.0% — contango
IV Percentile Clarity
<30 or >70IV percentile 46% — neutral
Event Detection
≥10pts kinkIV kink -8.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1296.49 — 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 +6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.