STESTERIS plc
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $22.1B|NYSE
● 2026-04-17$225.79
BEARISH
Analysis: 2026-04-16 EOD data
1Y +3.2%YTD -9.7%7D +1.4%
Options Vol
12
30D
Implied Move
±8.3%
IV Rank
15%
STE Options Overview
IV is low with bearish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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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
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 20.8% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.84x — IV premium over HV
Sector Relative≤50%
Sector percentile 9% — below sector median
Term Structure
<1.1xFront/Back 1.13x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 28.7% — normal range
Spread-Adjusted Value
<80%Effective IV 72.1% (ATM 28.7% + spread 21.7% + bias) — fair
Execution Efficiency
<3.0%Total drag 26.75% (spread 21.70% + slippage 5.05%) — high friction
Vega Efficiency
≥5.0Vega efficiency 2.12 (vega 4.593 / spread 21.70%) — spread drag
Sentiment
Bullish or bearish?
1.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -80%, Raw: -56%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -80% (strong bearish) — Raw: -56%
OI Skew Magnitude
≥15%|OI skew| 18.5% — put-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -16.7%, OI skew -18.5% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +0%, ATM: -100%, OTM: +33% — strong bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 71% — very bearish vs sector
Activity
Unusual activity?
2.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.0x avg — normal
Turnover Rate
≥15%Vol/OI 0.6% — 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 +81.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 10% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 17% — patient
Flow Conviction
≥30Conviction -80 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
2.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 21.7% — wide
Adequate OI
≥10,000OI 1,971 — thin
Active Volume
≥500Volume 12/day — thin
Reasonable Cost
≤$0.50$1.08 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 14% — much tighter than sector
Order Book Depth
≥100 contractsDepth 19.0 contracts (bid:9.8 ask:9.2) — thin
Execution Quality
<1.0%Avg slippage 5.05% — 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 +13.4% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 21% — buyer opportunity
Event Detection
≥10pts kinkIV kink 3.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 5.83 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 26d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -80% @ 88% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.3
bullishIV cheap, bearish flow
Long Puts7.7
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.0
bullishIV too cheap, bearish flow
Covered Call5.7
bearishIV too cheap, bearish flow
For educational purposes only. Not investment advice.