MCKMcKesson Corporation
Options Analysis Report•WHOLESALE-DRUGS, PROPRIETARIES & DRUGGISTS' SUNDRIES
Market Cap $106.1B|NYSE
● 2026-04-17$866.38
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +26.9%YTD +5.2%7D +0.1%
Options Vol
342
30D
Implied Move
±9.0%
IV Rank
21%
MCK Options Overview
IV is low. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.0
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks7/9 checks passed
IV Rank
≤35%IV Rank 25.9% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.57x — IV premium over HV
Sector Relative≤50%
Sector percentile 16% — below sector median
Term Structure
<1.1xFront/Back 1.08x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 30.1% — normal range
Spread-Adjusted Value
<80%Effective IV 50.5% (ATM 30.1% + spread 10.2% + bias) — good value
Execution Efficiency
<3.0%Total drag 21.18% (spread 10.20% + slippage 10.98%) — high friction
Vega Efficiency
≥5.0Vega efficiency 272.36 (vega 277.803 / spread 10.20%) — efficient
Sentiment
Bullish or bearish?
4.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -0%, Raw: -9%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -0% (neutral) — Raw: -9%
OI Skew Magnitude
≥15%|OI skew| 2.4% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -19.3%, OI skew +2.4% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 21%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +100%, ATM: -10%, OTM: -9% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 75% — very bearish vs sector
Activity
Unusual activity?
2.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 1.7% — 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 +4.1% (5d) — building
Sector Relative≥60%
Sector activity percentile 34% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 57% — patient
Flow Conviction
≥30Conviction -0 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 10.2% — wide
Adequate OI
≥10,000OI 20,157 — adequate
Active Volume
≥500Volume 342/day — thin
Reasonable Cost
≤$0.50$0.51 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 20% — tighter than sector
Order Book Depth
≥100 contractsDepth 23.7 contracts (bid:10.1 ask:13.6) — thin
Execution Quality
<1.0%Avg slippage 10.98% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +7.9% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 26% — buyer opportunity
Event Detection
≥10pts kinkIV kink 2.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1361.11 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 20d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -0% @ 50% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.5
bullishIV cheap, mixed flow
Long Puts6.1
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.1
bullishIV too cheap, mixed flow
Covered Call4.8
bearishIV too cheap, mixed flow
For educational purposes only. Not investment advice.