ELVElevance Health, Inc.
ELV Options Overview
Mixed signals. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
ELV Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 58.1% — elevated vs history
IV/HV 1.35x — IV premium over HV
Sector percentile 66% — above sector median
Front/Back 0.81x — contango
Put/Call IV 1.16x — elevated
ATM IV 31.9% — normal range
Effective IV 77.8% (ATM 31.9% + spread 22.9% + bias) — fair
Total drag 33.34% (spread 22.93% + slippage 10.41%) — high friction
Vega efficiency 16.00 (vega 36.691 / spread 22.93%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -28% (bearish) — Raw: -27%
|OI skew| 12.2% — balanced
Vol skew +66.0%, OI skew +12.2% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +0%, ATM: +16%, OTM: -33% — neutral (ITM/ATM divergent)
Sector P/C percentile 19% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.7x avg — normal
Vol/OI 1.7% — normal turnover
1 day(s) elevated — may be one-day event
OI change +6.3% (5d) — building
Sector activity percentile 25% — below sector avg
Large trade volume 0% — mostly retail
Aggressive execution 28% — patient
Conviction -28 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 22.9% — wide
OI 31,954 — adequate
Volume 530/day — adequate
$1.15 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 68% — wider than sector
Depth 24.200000000000003 contracts (bid:13.9 ask:10.3) — thin
Avg slippage 10.41% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -19.5% — contango
IV percentile 58% — neutral
IV kink -4.9pts — no clear event
θ/ν ratio 152.43 — favors income trades
4 liquid expirations — flexible
safe window: No events detected
Spread ratio 1.00x — stable
Flow -28% @ 64% consistency — moderate (bearish)
Score 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
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.