ELVElevance Health, Inc.
Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $71.0B|NYSE
● 2026-04-17$323.05
BULLISH
Analysis: 2026-04-16 EOD data
1Y -20.6%YTD -8.8%7D +3.7%
Options Vol
1,167
30D
Implied Move
±12.1%
IV Rank
25%
ELV Options Overview
bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 54.4% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.51x — IV premium over HV
Sector Relative≤50%
Sector percentile 50% — below sector median
Term Structure
<1.1xFront/Back 1.19x — 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 57.5% (ATM 37.3% + spread 10.1% + bias) — good value
Execution Efficiency
<3.0%Total drag 16.74% (spread 10.09% + slippage 6.65%) — high friction
Vega Efficiency
≥5.0Vega efficiency 156.94 (vega 158.352 / spread 10.09%) — efficient
Sentiment
Bullish or bearish?
7.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +31%, Raw: +29%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +31% (strong bullish) — Raw: +29%
OI Skew Magnitude
≥15%|OI skew| 20.2% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +45.7%, OI skew +20.2% — aligned
Conviction Quality
≥2/3 conditions0-DTE 39%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +20%, ATM: +6%, OTM: +35% — bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 22% — very bullish vs sector
Activity
Unusual activity?
3.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 3.4% — 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 -16.3% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 54% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 28% — patient
Flow Conviction
≥30Conviction +31 (bullish) — moderate
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 10.1% — wide
Adequate OI
≥10,000OI 34,878 — adequate
Active Volume
≥500Volume 1,167/day — adequate
Reasonable Cost
≤$0.50$0.50 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 53% — neutral vs sector
Order Book Depth
≥100 contractsDepth 36.4 contracts (bid:17.0 ask:19.4) — thin
Execution Quality
<1.0%Avg slippage 6.65% — poor
Timing
Is now a good time?
6.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks5/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +18.6% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 54% — neutral
Event Detection
≥10pts kinkIV kink 6.3pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 2993.43 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 5d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +31% @ 66% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls6.1
bullishIV fair, bullish flow
Long Puts4.3
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call3.9
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.