HIMSHims & Hers Health, Inc.
Options Analysis Report•SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE
Market Cap $7.9B|NYSE
● 2026-08-21$33.78
NEUTRAL
Analysis: 2026-08-20 EOD data
1Y -21.4%YTD +1.1%7D +18.1%
Options Vol
143,180
30D
Implied Move
±21.2%
IV Rank
17%
HIMS Options Overview
IV is elevated with unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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HIMS Gamma Walls
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Value
Is IV priced right?
5.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 88.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.65x — IV ≤ HV
Sector Relative≤50%
Sector percentile 71% — above sector median
Term Structure
<1.1xFront/Back 0.97x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 77.2% — normal range
Spread-Adjusted Value
<80%Effective IV 98.1% (ATM 77.2% + spread 10.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 15.01% (spread 10.47% + slippage 4.54%) — high friction
Vega Efficiency
≥5.0Vega efficiency 3.41 (vega 3.571 / spread 10.47%) — 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 - Moderate signal (Conviction: -6%, Raw: -6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -6% (neutral) — Raw: -6%
OI Skew Magnitude
≥15%|OI skew| 22.3% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +42.3%, OI skew +22.3% — aligned
Conviction Quality
≥2/3 conditions0-DTE 44%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +5%, ATM: -3%, OTM: -8% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 48% — neutral vs sector
Activity
Unusual activity?
5.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/8 checks passed
Volume Surge
≥1.5xVolume 1.4x avg — normal
Turnover Rate
≥15%Vol/OI 15.4% — high turnover
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change -3.1% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 94% — very active vs sector
Trade Quality
≥30%Large trade volume 26% — mixed
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction -6 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 10.5% — wide
Adequate OI
≥10,000OI 928,801 — deep
Active Volume
≥500Volume 143,180/day — active
Reasonable Cost
≤$0.50$0.52 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 88% — much wider than sector
Order Book Depth
≥100 contractsDepth 407.4 contracts (bid:201.4 ask:206.0) — adequate
Execution Quality
<1.0%Avg slippage 4.54% — poor
Timing
Is now a good time?
7.1
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -3.1% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 88% — seller opportunity
Event Detection
≥10pts kinkIV kink -2.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 72.87 — favors income trades
Expiration Distribution
≥3 expirations5 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 -6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 56 (ITM 20% + inst 26%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV fair, bullish flow
Long Puts5.0
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, bullish flow
Covered Call4.7
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.