IBMInternational Business Machines Corporation
Options Analysis Report•COMPUTER & OFFICE EQUIPMENT
Market Cap $237.9B|NYSE
● 2026-04-17$253.47
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +7.3%YTD -13.0%7D +9.8%
Options Vol
34,207
30D
Implied Move
±14.0%
IV Rank
55%
IBM Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.3
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 72.2% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.33x — IV premium over HV
Sector Relative≤50%
Sector percentile 36% — below sector median
Term Structure
<1.1xFront/Back 1.67x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 42.9% — normal range
Spread-Adjusted Value
<80%Effective IV 53.0% (ATM 42.9% + spread 5.1% + bias) — good value
Execution Efficiency
<3.0%Total drag 8.92% (spread 5.07% + slippage 3.85%) — high friction
Vega Efficiency
≥5.0Vega efficiency 29.10 (vega 14.753 / spread 5.07%) — efficient
Sentiment
Bullish or bearish?
6.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +3%, Raw: +3%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +3% (neutral) — Raw: +3%
OI Skew Magnitude
≥15%|OI skew| 11.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +18.6%, OI skew +11.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 47%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -30%, ATM: +5%, OTM: +20% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 60% — bearish vs sector
Activity
Unusual activity?
5.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 1.2x avg — normal
Turnover Rate
≥15%Vol/OI 10.2% — 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 +6.5% (5d) — building
Sector Relative≥60%
Sector activity percentile 70% — active vs sector
Trade Quality
≥30%Large trade volume 31% — institutional presence
Execution Urgency
≥60%Aggressive execution 32% — patient
Flow Conviction
≥30Conviction +3 (bullish) — mixed
Liquidity
Can I trade efficiently?
6.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks5/8 checks passed
Tradeable Spread
≤5.0%Spread 5.1% — wide
Adequate OI
≥10,000OI 335,256 — deep
Active Volume
≥500Volume 34,207/day — active
Reasonable Cost
≤$0.50$0.25 to cross — cheap
Strike Coverage
≥5 strikes2 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 38% — tighter than sector
Order Book Depth
≥100 contractsDepth 160.8 contracts (bid:81.0 ask:79.8) — adequate
Execution Quality
<1.0%Avg slippage 3.85% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +66.8% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 72% — seller opportunity
Event Detection
≥10pts kinkIV kink 21.3pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 25.19 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 5d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +3% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 61 (ITM 20% + inst 31%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.7
bullishIV fair, bullish flow
Long Puts4.9
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put6.2
bullishIV fair, bullish flow
Covered Call5.5
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.