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CVSCVS HEALTH CORPORATION

Options Analysis Report•RETAIL-DRUG STORES AND PROPRIETARY STORES
Market Cap $119.0B|NYSE
● 2026-08-31$93.06
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +25.6%YTD +16.1%7D -1.1%
13,604
30D
±7.3%
3%

CVS Options Overview

Mixed signals. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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CVS Gamma Walls

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Value

Is IV priced right?

8.8
ExpensiveCheap

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

levels.

Risk Checks8/9 checks passed
≤35%

IV Rank 33.3% — cheap vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 20% — below sector median

<1.1x

Front/Back 0.78x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 26.3% — normal range

<80%

Effective IV 43.9% (ATM 26.3% + spread 8.8% + bias) — excellent value

<3.0%

Total drag 13.75% (spread 8.80% + slippage 4.95%) — high friction

≥5.0

Vega efficiency 9.73 (vega 8.562 / spread 8.80%) — efficient

Sentiment

Bullish or bearish?

4.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +7%, Raw: +8%)
|net sentiment| ≥25%

Conviction-weighted: +7% (neutral) — Raw: +8%

≥15%

|OI skew| 4.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew -24.1%, OI skew +4.0% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -13%, ATM: -9%, OTM: +25% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

4.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 4.4% — normal turnover

≥2 days

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

≥5%

OI change +5.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 69% — active vs sector

≥30%

Large trade volume 49% — institutional presence

≥60%

Aggressive execution 21% — patient

≥30

Conviction +7 (bullish) — mixed

Liquidity

Can I trade efficiently?

5.1
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks5/8 checks passed
≤5.0%

Spread 8.8% — wide

≥10,000

OI 308,912 — deep

≥500

Volume 13,604/day — active

≤$0.50

$0.44 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 24% — tighter than sector

≥100 contracts

Depth 219.9 contracts (bid:110.2 ask:109.7) — adequate

<1.0%

Avg slippage 4.95% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -22.3% — contango

<30 or >70

IV percentile 33% — neutral

≥10pts kink

IV kink -4.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 137.43 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +7% @ 54% consistency — unclear

≥40 composite score

Score 79 (ITM 20% + inst 49%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls6.4
bullishIV cheap, mixed flow
Long Puts6.8
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.0
bullishIV too cheap, mixed flow
Covered Call4.4
bearishIV too cheap, mixed 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.

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