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ELVElevance Health, Inc.

Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $85.5B|NYSE
● 2026-08-28$394.43
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +22.4%YTD +11.3%7D -1.5%
795
30D
±7.8%
4%

ELV Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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ELV Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 54.1% — elevated vs history

<1.05x

IV/HV 1.40x — IV premium over HV

Sector Relative≤50%

Sector percentile 59% — above sector median

<1.1x

Front/Back 0.83x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 32.1% — normal range

<80%

Effective IV 57.2% (ATM 32.1% + spread 12.5% + bias) — good value

<3.0%

Total drag 17.83% (spread 12.53% + slippage 5.30%) — high friction

≥5.0

Vega efficiency 31.16 (vega 39.047 / spread 12.53%) — efficient

Sentiment

Bullish or bearish?

5.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -27%, Raw: -24%)
|net sentiment| ≥25%

Conviction-weighted: -27% (bearish) — Raw: -24%

≥15%

|OI skew| 11.3% — balanced

Same sign, |vol skew| ≥10%

Vol skew +23.3%, OI skew +11.3% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +50%, ATM: +22%, OTM: -27% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 46% — neutral vs sector

Activity

Unusual activity?

3.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 1.0x avg — normal

≥15%

Vol/OI 2.5% — normal turnover

≥2 days

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

≥5%

OI change -11.6% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 58% — neutral vs sector

≥30%

Large trade volume 13% — mostly retail

≥60%

Aggressive execution 38% — patient

≥30

Conviction -27 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 12.5% — wide

≥10,000

OI 31,607 — adequate

≥500

Volume 795/day — adequate

≤$0.50

$0.63 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 59% — neutral vs sector

≥100 contracts

Depth 30.299999999999997 contracts (bid:18.7 ask:11.6) — thin

<1.0%

Avg slippage 5.30% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -16.6% — contango

<30 or >70

IV percentile 54% — neutral

≥10pts kink

IV kink -5.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 162.22 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -27% @ 64% consistency — moderate (bearish)

≥40 composite score

Score 43 (ITM 20% + inst 13%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, mixed flow
Long Puts5.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, mixed flow
Covered Call4.5
bearishIV too cheap, mixed 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.

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