ELVElevance Health, Inc.
Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $86.2B|NYSE
● 2026-05-15$396.71
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +1.7%YTD +12.0%7D +4.9%
Options Vol
727
30D
Implied Move
±8.6%
IV Rank
12%
ELV Options Overview
Mixed signals. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
7.5
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 46.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.16x — IV premium over HV
Sector Relative≤50%
Sector percentile 46% — below sector median
Term Structure
<1.1xFront/Back 0.90x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 33.8% — normal range
Spread-Adjusted Value
<80%Effective IV 56.2% (ATM 33.8% + spread 11.2% + bias) — good value
Execution Efficiency
<3.0%Total drag 15.70% (spread 11.21% + slippage 4.49%) — high friction
Vega Efficiency
≥5.0Vega efficiency 104.95 (vega 117.647 / spread 11.21%) — efficient
Sentiment
Bullish or bearish?
6.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: -9%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -9% (neutral) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 22.6% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +41.4%, OI skew +22.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 20%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -18%, ATM: -1%, OTM: -12% — bearish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 24% — very bullish 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 0.4x avg — normal
Turnover Rate
≥15%Vol/OI 1.9% — 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 +6.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 36% — below sector avg
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 30% — patient
Flow Conviction
≥30Conviction -9 (bearish) — mixed
Liquidity
Can I trade efficiently?
3.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 11.2% — wide
Adequate OI
≥10,000OI 37,643 — adequate
Active Volume
≥500Volume 727/day — adequate
Reasonable Cost
≤$0.50$0.56 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 47% — neutral vs sector
Order Book Depth
≥100 contractsDepth 51.0 contracts (bid:23.9 ask:27.1) — thin
Execution Quality
<1.0%Avg slippage 4.49% — poor
Timing
Is now a good time?
7.0
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -10.3% — contango
IV Percentile Clarity
<30 or >70IV percentile 46% — neutral
Event Detection
≥10pts kinkIV kink -1.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1099.51 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -9% @ 54% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.4
bullishIV cheap, bullish flow
Long Puts5.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, bullish flow
Covered Call3.9
bearishIV too cheap, bullish flow
For educational purposes only. Not investment advice.