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NVSNovartis AG

Options Analysis Report
Market Cap $292.3B|NYSE
● 2026-08-31$153.81
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +21.5%YTD +11.0%7D -2.7%
7,305
30D
±10.0%
17%

NVS Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

5.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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NVS Gamma Walls

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Value

Is IV priced right?

6.7
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 43.1% — elevated vs history

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 15% — below sector median

<1.1x

Front/Back 1.25x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 28.9% — normal range

<80%

Effective IV 41.2% (ATM 28.9% + spread 6.2% + bias) — excellent value

<3.0%

Total drag 8.32% (spread 6.15% + slippage 2.17%) — high friction

≥5.0

Vega efficiency 23.88 (vega 14.686 / spread 6.15%) — efficient

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +2%, Raw: -2%)
|net sentiment| ≥25%

Conviction-weighted: +2% (neutral) — Raw: -2%

≥15%

|OI skew| 41.6% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +21.0%, OI skew -41.6% — divergent (opposite)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -72%, ATM: +30%, OTM: -12% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 49% — neutral vs sector

Activity

Unusual activity?

5.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 1.8x avg — elevated

≥15%

Vol/OI 5.8% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +10.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 83% — very active vs sector

≥30%

Large trade volume 12% — mostly retail

≥60%

Aggressive execution 62% — urgent

≥30

Conviction +2 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.8
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 6.2% — wide

≥10,000

OI 126,037 — deep

≥500

Volume 7,305/day — active

≤$0.50

$0.31 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 65% — wider than sector

≥100 contracts

Depth 78.6 contracts (bid:44.4 ask:34.2) — thin

<1.0%

Avg slippage 2.17% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope +25.1% — backwardation

<30 or >70

IV percentile 43% — neutral

≥10pts kink

IV kink 4.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 119.89 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +2% @ 51% consistency — unclear

≥40 composite score

Score 42 (ITM 20% + inst 12%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on NVS

NVS gamma wallsNVS max painNVS IV rankNVS options flow