Static Code Analyzer for T-SQL – MS SQL Server.

Static Code Analyzer for T-SQL – MS SQL Server.
Plugs into MS SSMS and can also be run from command line.

It reports useful clues which you can turn/on off to your liking. 
http://sqlcodeguard.com/index-database-issues.html

It will spot declared but unused variables, but it appears it doesn’t do code coverage or execution path to spot stuff like variables being used without being initialized.

http://sqlcodeguard.com/

Price: Free

   

http://sqlcodeguard.com