ESTAEstablishment Labs Holdings Inc.
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $2.0B|NASDAQ
● 2026-04-17$67.08
BULLISH
Analysis: 2026-04-16 EOD data
1Y +128.1%YTD -2.6%7D +11.4%
Options Vol
182
30D
Implied Move
±25.4%
IV Rank
39%
ESTA Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks1/9 checks passed
IV Rank
≤35%IV Rank 85.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.37x — IV premium over HV
Sector Relative≤50%
Sector percentile 58% — above sector median
Term Structure
<1.1xFront/Back 1.27x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 80.0% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 148.1% (ATM 80.0% + spread 34.0% + bias) — expensive
Execution Efficiency
<3.0%Total drag 38.19% (spread 34.03% + slippage 4.16%) — high friction
Vega Efficiency
≥5.0Vega efficiency 4.35 (vega 14.819 / spread 34.03%) — spread drag
Sentiment
Bullish or bearish?
6.3
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -3%, Raw: -1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -3% (neutral) — Raw: -1%
OI Skew Magnitude
≥15%|OI skew| 6.4% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +96.7%, OI skew +6.4% — aligned
Conviction Quality
≥2/3 conditions0-DTE 46%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +1%, ATM: -5%, OTM: +100% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 7% — very bullish vs sector
Activity
Unusual activity?
1.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.1x avg — normal
Turnover Rate
≥15%Vol/OI 0.5% — 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 +2.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 19% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 14% — patient
Flow Conviction
≥30Conviction -3 (bearish) — mixed
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 34.0% — wide
Adequate OI
≥10,000OI 39,405 — adequate
Active Volume
≥500Volume 182/day — thin
Reasonable Cost
≤$0.50$1.70 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 83% — much wider than sector
Order Book Depth
≥100 contractsDepth 87.89999999999999 contracts (bid:23.3 ask:64.6) — thin
Execution Quality
<1.0%Avg slippage 4.16% — poor
Timing
Is now a good time?
7.5
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +26.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 85% — seller opportunity
Event Detection
≥10pts kinkIV kink 18.8pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 339.89 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -3% @ 51% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.9
bullishIV expensive, bullish flow
Long Puts4.0
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.1
bullishIV rich premium, bullish flow
Covered Call5.0
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.