CVSCVS HEALTH CORPORATION
Options Analysis Report•RETAIL-DRUG STORES AND PROPRIETARY STORES
Market Cap $99.1B|NYSE
● 2026-04-17$77.30
BULLISH
Analysis: 2026-04-16 EOD data
1Y +18.6%YTD -3.5%7D -2.6%
Options Vol
14,062
30D
Implied Move
±10.0%
IV Rank
16%
CVS Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.2
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 44.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.03x — IV ≤ HV
Sector Relative≤50%
Sector percentile 39% — below sector median
Term Structure
<1.1xFront/Back 1.14x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 34.4% — normal range
Spread-Adjusted Value
<80%Effective IV 48.4% (ATM 34.4% + spread 7.0% + bias) — excellent value
Execution Efficiency
<3.0%Total drag 10.45% (spread 7.02% + slippage 3.43%) — high friction
Vega Efficiency
≥5.0Vega efficiency 37.08 (vega 26.027 / spread 7.02%) — efficient
Sentiment
Bullish or bearish?
7.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Moderate signal (Conviction: +19%, Raw: +21%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +19% (bullish) — Raw: +21%
OI Skew Magnitude
≥15%|OI skew| 19.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +48.5%, OI skew +19.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 15%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -10%, ATM: +19%, OTM: +30% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 20% — very bullish vs sector
Activity
Unusual activity?
3.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 3.2% — 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 +3.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 51% — neutral vs sector
Trade Quality
≥30%Large trade volume 15% — mixed
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction +19 (bullish) — mixed
Liquidity
Can I trade efficiently?
5.4
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 7.0% — wide
Adequate OI
≥10,000OI 434,946 — deep
Active Volume
≥500Volume 14,062/day — active
Reasonable Cost
≤$0.50$0.35 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 42% — neutral vs sector
Order Book Depth
≥100 contractsDepth 516.7 contracts (bid:311.1 ask:205.6) — deep
Execution Quality
<1.0%Avg slippage 3.43% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +13.6% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 45% — neutral
Event Detection
≥10pts kinkIV kink 2.9pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1549.21 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 19d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +19% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 45 (ITM 20% + inst 15%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls6.9
bullishIV cheap, bullish flow
Long Puts5.4
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.5
bullishIV too cheap, bullish flow
Covered Call4.0
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.