ISRGIntuitive Surgical Inc.
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $166.6B|NASDAQ
● 2026-04-17$469.21
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +0.2%YTD -16.5%7D +4.1%
Options Vol
8,597
30D
Implied Move
±13.2%
IV Rank
22%
ISRG Options Overview
Mixed signals. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.9
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 66.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.67x — IV premium over HV
Sector Relative≤50%
Sector percentile 68% — above sector median
Term Structure
<1.1xFront/Back 1.68x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 40.2% — normal range
Spread-Adjusted Value
<80%Effective IV 64.2% (ATM 40.2% + spread 12.0% + bias) — good value
Execution Efficiency
<3.0%Total drag 18.40% (spread 12.02% + slippage 6.38%) — high friction
Vega Efficiency
≥5.0Vega efficiency 98.41 (vega 118.287 / spread 12.02%) — efficient
Sentiment
Bullish or bearish?
4.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -7%, Raw: -9%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -7% (neutral) — Raw: -9%
OI Skew Magnitude
≥15%|OI skew| 3.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -9.0%, OI skew +3.8% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 31%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +33%, ATM: -4%, OTM: -26% — bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 61% — 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 1.9x avg — elevated
Turnover Rate
≥15%Vol/OI 9.5% — 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 +7.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 92% — very active vs sector
Trade Quality
≥30%Large trade volume 10% — mostly retail
Execution Urgency
≥60%Aggressive execution 27% — patient
Flow Conviction
≥30Conviction -7 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 12.0% — wide
Adequate OI
≥10,000OI 90,492 — deep
Active Volume
≥500Volume 8,597/day — active
Reasonable Cost
≤$0.50$0.60 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 69% — wider than sector
Order Book Depth
≥100 contractsDepth 77.4 contracts (bid:38.7 ask:38.7) — thin
Execution Quality
<1.0%Avg slippage 6.38% — poor
Timing
Is now a good time?
6.6
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +68.0% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 66% — neutral
Event Detection
≥10pts kinkIV kink 21.1pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 772.11 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 4d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -7% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 40 (ITM 20% + inst 10%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls4.5
bullishIV expensive, mixed flow
Long Puts4.8
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV rich premium, mixed flow
Covered Call5.4
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.