WATWaters Corp
Options Analysis Report•LABORATORY ANALYTICAL INSTRUMENTS
Market Cap $32.2B|NYSE
● 2026-04-17$327.77
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +3.6%YTD -14.2%7D +2.4%
Options Vol
186
30D
Implied Move
±11.3%
IV Rank
11%
WAT Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.9
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 54.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.45x — IV premium over HV
Sector Relative≤50%
Sector percentile 52% — above sector median
Term Structure
<1.1xFront/Back 1.07x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 37.3% — normal range
Spread-Adjusted Value
<80%Effective IV 124.4% (ATM 37.3% + spread 43.5% + bias) — expensive
Execution Efficiency
<3.0%Total drag 64.51% (spread 43.53% + slippage 20.98%) — high friction
Vega Efficiency
≥5.0Vega efficiency 22.10 (vega 96.202 / spread 43.53%) — efficient
Sentiment
Bullish or bearish?
3.5
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bearish - Strong signal (Conviction: -77%, Raw: -68%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -77% (strong bearish) — Raw: -68%
OI Skew Magnitude
≥15%|OI skew| 3.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +94.6%, OI skew +3.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 12%, 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: +48%, OTM: -88% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 0% — very bullish vs sector
Activity
Unusual activity?
5.5
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks4/9 checks passed
Volume Surge
≥1.5xVolume 1.9x avg — elevated
Turnover Rate
≥15%Vol/OI 4.2% — 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 +2.9% (5d) — building
Sector Relative≥60%
Sector activity percentile 69% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 69% — urgent
Flow Conviction
≥30Conviction -77 (bearish) — strong conviction
Liquidity
Can I trade efficiently?
2.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks0/8 checks passed
Tradeable Spread
≤5.0%Spread 43.5% — wide
Adequate OI
≥10,000OI 4,392 — thin
Active Volume
≥500Volume 186/day — thin
Reasonable Cost
≤$0.50$2.18 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 54% — neutral vs sector
Order Book Depth
≥100 contractsDepth 44.4 contracts (bid:28.4 ask:16.0) — thin
Execution Quality
<1.0%Avg slippage 20.98% — poor
Timing
Is now a good time?
7.4
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +7.3% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 55% — neutral
Event Detection
≥10pts kinkIV kink 2.2pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 988.72 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: Earnings in 18d (low risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -77% @ 88% consistency — STRONG directional (bearish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.4
bullishIV fair, bearish flow
Long Puts5.5
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.4
bullishIV fair, bearish flow
Covered Call5.4
bearishIV fair, bearish flow
For educational purposes only. Not investment advice.