SYKStryker Corporation
Options Analysis Report•SURGICAL & MEDICAL INSTRUMENTS & APPARATUS
Market Cap $131.5B|NYSE
● 2026-04-17$343.32
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +1.1%YTD -1.4%7D +1.2%
Options Vol
1,302
30D
Implied Move
±8.7%
IV Rank
33%
SYK Options Overview
IV is low. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
6.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 17.8% — cheap vs history
IV/HV Ratio
<1.05xIV/HV 1.49x — IV premium over HV
Sector Relative≤50%
Sector percentile 7% — below sector median
Term Structure
<1.1xFront/Back 1.10x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 28.1% — normal range
Spread-Adjusted Value
<80%Effective IV 54.4% (ATM 28.1% + spread 13.2% + bias) — good value
Execution Efficiency
<3.0%Total drag 22.89% (spread 13.15% + slippage 9.74%) — high friction
Vega Efficiency
≥5.0Vega efficiency 5.14 (vega 6.758 / spread 13.15%) — acceptable
Sentiment
Bullish or bearish?
6.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +8%, Raw: -7%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +8% (neutral) — Raw: -7%
OI Skew Magnitude
≥15%|OI skew| 8.8% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +43.2%, OI skew +8.8% — aligned
Conviction Quality
≥2/3 conditions0-DTE 51%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -82%, ATM: -45%, OTM: +7% — strong bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 25% — very bullish vs sector
Activity
Unusual activity?
4.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 1.1x avg — normal
Turnover Rate
≥15%Vol/OI 4.8% — 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 +5.0% (5d) — building
Sector Relative≥60%
Sector activity percentile 75% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 35% — patient
Flow Conviction
≥30Conviction +8 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.2% — wide
Adequate OI
≥10,000OI 27,257 — adequate
Active Volume
≥500Volume 1,302/day — adequate
Reasonable Cost
≤$0.50$0.66 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 12% — much tighter than sector
Order Book Depth
≥100 contractsDepth 29.299999999999997 contracts (bid:14.1 ask:15.2) — thin
Execution Quality
<1.0%Avg slippage 9.74% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +10.2% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 18% — buyer opportunity
Event Detection
≥10pts kinkIV kink 3.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 6.77 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 13d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +8% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.3
bullishIV cheap, bullish flow
Long Puts5.1
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV too cheap, bullish flow
Covered Call3.9
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.