ZBHZimmer Biomet Holdings, Inc.
Options Analysis Report•ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES
Market Cap $18.3B|NYSE
● 2026-04-17$94.78
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -1.4%YTD +5.3%7D +1.8%
Options Vol
68
30D
Implied Move
±9.8%
IV Rank
30%
ZBH Options Overview
Mixed signals. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.7
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 36.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.54x — IV premium over HV
Sector Relative≤50%
Sector percentile 27% — below sector median
Term Structure
<1.1xFront/Back 1.14x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 32.4% — normal range
Spread-Adjusted Value
<80%Effective IV 62.1% (ATM 32.4% + spread 14.8% + bias) — good value
Execution Efficiency
<3.0%Total drag 20.46% (spread 14.85% + slippage 5.61%) — high friction
Vega Efficiency
≥5.0Vega efficiency 1.32 (vega 1.967 / spread 14.85%) — spread drag
Sentiment
Bullish or bearish?
6.1
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +49%, Raw: +40%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +49% (strong bullish) — Raw: +40%
OI Skew Magnitude
≥15%|OI skew| 16.2% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -20.6%, OI skew +16.2% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 3%, 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: +0%, OTM: +38% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 76% — very bearish vs sector
Activity
Unusual activity?
2.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 0.8% — 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 +2.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 12% — quiet vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 48% — patient
Flow Conviction
≥30Conviction +49 (bullish) — moderate
Liquidity
Can I trade efficiently?
3.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks1/8 checks passed
Tradeable Spread
≤5.0%Spread 14.8% — wide
Adequate OI
≥10,000OI 8,885 — thin
Active Volume
≥500Volume 68/day — thin
Reasonable Cost
≤$0.50$0.74 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 31% — tighter than sector
Order Book Depth
≥100 contractsDepth 76.69999999999999 contracts (bid:30.9 ask:45.8) — thin
Execution Quality
<1.0%Avg slippage 5.61% — 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 +13.6% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 36% — neutral
Event Detection
≥10pts kinkIV kink 3.6pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 5.59 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 11d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +49% @ 74% consistency — STRONG directional (bullish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.7
bullishIV fair, bullish flow
Long Puts4.9
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.2
bullishIV fair, bullish flow
Covered Call4.4
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.