Options/THC

THCTenet Healthcare Corporation New

Options Analysis Report•SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC

Market Cap $21.5B|NYSE

● 2026-08-31$266.80

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +43.9%YTD +33.8%7D -4.2%

Options Vol

1,144

30D

Implied Move

±10.0%

IV Rank

10%

THC Options Overview

bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

Loading score history...

THC Gamma Walls

Loading gamma walls...

THC Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where THC sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.04) — downside puts carry 0.6 IV points LESS than at-the-money, and options are pricing vol 36% below what the stock has actually been realizing, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads neutral (4.06): it is trading 4% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.04/ 10cheap

Basis: cross_sectional

Fragility

4.06/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.2

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 65.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.43x — IV premium over HV

Sector Relative≤50%

Sector percentile 36% — below sector median

Term Structure

<1.1x

Front/Back 0.82x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 41.2% — normal range

Spread-Adjusted Value

<80%

Effective IV 66.1% (ATM 41.2% + spread 12.5% + bias) — fair

Execution Efficiency

<3.0%

Total drag 17.05% (spread 12.47% + slippage 4.58%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 52.37 (vega 65.302 / spread 12.47%) — efficient

Sentiment

Bullish or bearish?

6.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +55%, Raw: +57%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +55% (strong bullish) — Raw: +57%

OI Skew Magnitude

≥15%

|OI skew| 2.5% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -79.5%, OI skew +2.5% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-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: +43%, OTM: +57% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 95% — very bearish vs sector

Activity

Unusual activity?

5.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 1.2x avg — normal

Turnover Rate

≥15%

Vol/OI 6.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +10.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 84% — very active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 51% — patient

Flow Conviction

≥30

Conviction +55 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.5% — wide

Adequate OI

≥10,000

OI 18,566 — adequate

Active Volume

≥500

Volume 1,144/day — adequate

Reasonable Cost

≤$0.50

$0.62 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 73% — wider than sector

Order Book Depth

≥100 contracts

Depth 53.2 contracts (bid:43.5 ask:9.7) — thin

Execution Quality

<1.0%

Avg slippage 4.58% — poor

Timing

Is now a good time?

7.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -18.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 65% — neutral

Event Detection

≥10pts kink

IV kink -6.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 602.42 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +55% @ 78% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.9

bullishIV cheap, bullish flow

Long Puts5.2

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.0

bullishIV too cheap, bullish flow

Covered Call4.3

bearishIV too cheap, bullish 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 THC

THC gamma walls THC max pain THC IV rank THC options flow