CNCCentene Corporation
Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $18.8B|NYSE
● 2026-04-17$38.17
BULLISH
Analysis: 2026-04-16 EOD data
1Y -34.2%YTD -8.6%7D +2.3%
Options Vol
5,203
30D
Implied Move
±18.3%
IV Rank
23%
CNC Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.0
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 95.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.55x — IV premium over HV
Sector Relative≤50%
Sector percentile 96% — above sector median
Term Structure
<1.1xFront/Back 1.06x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 63.6% — normal range
Spread-Adjusted Value
<80%Effective IV 91.5% (ATM 63.6% + spread 13.9% + bias) — expensive
Execution Efficiency
<3.0%Total drag 18.35% (spread 13.95% + slippage 4.40%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.61 (vega 2.245 / spread 13.95%) — spread drag
Sentiment
Bullish or bearish?
6.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +10%, Raw: +10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +10% (bullish) — Raw: +10%
OI Skew Magnitude
≥15%|OI skew| 53.5% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +72.0%, OI skew +53.5% — aligned
Conviction Quality
≥2/3 conditions0-DTE 21%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +4%, ATM: +6%, OTM: +13% — neutral (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 8% — very bullish vs sector
Activity
Unusual activity?
2.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 1.4% — 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 +1.0% (5d) — stable
Sector Relative≥60%
Sector activity percentile 24% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 22% — patient
Flow Conviction
≥30Conviction +10 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.9% — wide
Adequate OI
≥10,000OI 366,687 — deep
Active Volume
≥500Volume 5,203/day — active
Reasonable Cost
≤$0.50$0.70 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 97% — much wider than sector
Order Book Depth
≥100 contractsDepth 522.5 contracts (bid:333.6 ask:188.9) — deep
Execution Quality
<1.0%Avg slippage 4.40% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.3% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 95% — seller opportunity
Event Detection
≥10pts kinkIV kink -1.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 31.85 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +10% @ 55% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.1
bullishIV expensive, bullish flow
Long Puts3.8
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.5
bullishIV rich premium, bullish flow
Covered Call5.0
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.